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AMCON Finally Sells Keystone Bank to Consortium

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By Modupe Gbadeyanka

Asset Management Company of Nigeria (AMCON) has finally announced the new owners of Keystone Bank Limited.

In a statement issued on Monday night, AMCON said the new owners of Keystone Bank are Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf–Riverbank consortium).

“We are pleased to announce Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf–Riverbank consortium) as the new investors in relation to the acquisition of the entire issued and fully paid up ordinary shares of Keystone Bank Limited,” AMCON said.

According to the statement signed by AMCON’s Head of Corporate Communications, Mr Jude Nwauzor, the sale followed the “receipt of the necessary regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).”

The agency further said the “completion of the transaction is subject to the fulfilment of the conditions precedent as stated in the Share Sale and Purchase Agreement (SPA) executed between AMCON and the Sigma Golf–Riverbank consortium.”

Keystone Bank Limited is the last of the three banks acquired by the CBN in 2009 during the tenure of Mr Sanusi Lamido Sanusi, the present Emir of Kano.

The bank metamorphosed from Bank PHB.

The other two banks acquired then by the apex bank were Enterprise Bank and Mainstreet Bank.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Banking

Stanbic IBTC Fortifies Private Banking With Unparalleled Financial Solutions

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By Modupe Gbadeyanka

The affluent banking segment of Stanbic IBTC Bank designed for high-net-worth individuals (HNIs) has been rebranded to deliver unparalleled financial solutions.

Now known as Stanbic IBTC Private Banking, this platform offers enhanced investment returns, streamlined digital loans, exclusive benefits through the Platinum Connection Hub, and personalised support, setting a new benchmark for affluent banking in Nigeria.

At an event held in Lagos recently, the bank honoured loyal clients with exclusive rewards that reflect the prestige of its revitalised private banking services.

The event also had a prize presentation for the inaugural Save and Enjoy Promo, held under the supervision of the Advertising Regulatory Council of Nigeria (ARCON).

It sparked excitement among Stanbic IBTC Private Banking clients, with four winners receiving open business class tickets to the UK, USA, or Canada.

Five others were awarded a one-year Priority Pass, granting access to over 900 airport lounges worldwide. At the same time, 32 clients received luxury vintage travel boxes, a refined symbol of the exclusivity tied to the bank’s private banking experience.

The Deputy Chief Executive of Stanbic IBTC Bank, Bunmi Dayo-Olagunju, said the lender “is devoted to crafting financial solutions that empower our clients to create and preserve enduring legacies with elegance and precision.”

Also, the Head of Private Banking at Stanbic IBTC Bank, Layo Ilori-Olaogun, said, “Stanbic IBTC Private Bank is dedicated to empowering our clients to create lasting legacies. With dedicated relationship managers and innovative digital platforms, we deliver seamless, bespoke services that align with their ambitions.”

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Access Holdings Enters Optimisation Phase to Unlock Value for Customers, Shareholders

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By Dipo Olowookere

Customers, shareholders and other critical stakeholders of Access Holdings will soon begin to enjoy the benefit of the five-year strategic growth plan of Access Holdings Plc.

In 2022, the management of the financial service provider designed a deliberate and structured progression of scaling, optimising, and sustaining the business.

In the past few years, the organisation has embarked on an aggressive expansion, especially in its banking segment, penetrating into other African markets with acquisition of other banks.

Access Holdings seems to have slowed its scaling pace and is now entering a crucial optimisation phase, expected to unlock significant value for stakeholders as it heads toward 2027.

In this optimisation phase, the focus of Access Holdings will shift to streamlining operations, deepening digital innovation, enhancing customer experience, and improving capital productivity.

A critical part of this phase is leveraging data and technology to improve access, reduce transaction costs, and accelerate financial inclusion, particularly for women, youth, and rural communities.

The strategic growth plan of the organisation also places financial inclusion and impact at the core of its growth agenda.

By expanding digital access and scaling low-cost delivery platforms, it aims to onboard millions of previously unbanked and underserved individuals and MSMEs across Africa into the formal financial system.

This is part of a broader strategy to enhance intra-Africa trade, empower smallholder businesses, and strengthen the value chain across key sectors including agriculture, commerce, and manufacturing.

“Our approach has always been clear: scale first through strategic expansion, then optimise through consolidation, synergy realisation, and operational efficiency.

“During the scale-up phase, a considerable amount of funding is required to drive investments in people, systems, infrastructure, and acquisitions.

“But as we move deeper into the optimisation phase, we will begin to see the full benefits manifest, especially in terms of profitability, capital efficiency, and shareholder returns,” the acting chief executive of Access Holdings, Mr Bolaji Agbede, said.

“We are confident that as we approach 2027, the full impact of our strategic moves will become evident. This is about growing bigger and becoming better, faster, and more resilient,” Mr Agbede expressed optimism.

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Sterling Bank Plans $400m Capital for Expansion

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Sterling Bank

By Adedapo Adesanya

Sterling Financial Holdings Company is taking steps to raise $400 million in phases through multiple instruments and currencies as part of its expansion plans.

The move is also part of its broader strategy to expand operations and meet new regulatory requirements set by the Central Bank of Nigeria (CBN).

According to Bloomberg, the chief executive of Sterling Bank, Mr Abubakar Suleiman, confirmed the development in a phone interview on Wednesday.

The financial institution will use the proceeds for “long-term ambition to strengthen capital, deepen market presence and support sustainable growth,” Mr Suleiman said.

The capital raise will involve multiple currencies and be executed in stages, adding that separately, the bank is preparing to launch a public share offer within the current quarter to raise N100 billion.

Mr Suleiman described this as the final leg of its recapitalisation programme.

So far, Sterling Bank has secured N89.75 billion from earlier rights issues and private placements. With a remaining gap of N2.2 billion, the bank is intensifying efforts to close the shortfall by the end of the year.

Recall that Nigerian banks have less than a year to meet new capital requirements introduced by the CBN under the governorship of Mr Yemi Cardoso, part of a wider push to make Nigeria a $1 trillion economy by 2030.

The directive, which set a March 2026 deadline, mandates banks to bolster their capital bases in response to prolonged macroeconomic instability, including high inflation, weak economic growth, and repeated currency devaluations.

Bloomberg said while Mr Suleiman did not provide specifics, he disclosed that Sterling Bank plans to diversify beyond its two banking subsidiaries.

The company recently increased the capital base of its non-interest arm, The Alternative Bank, to meet the N20 billion regulatory requirement for standalone banks.

The company’s expansion plans, which align with its holding company structure adopted in recent years, mark another strategic response to an evolving regulatory landscape reshaping Nigeria’s financial services sector.

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