By Modupe Gbadeyanka

Sigma Golf Nigeria and Mr Umaru Modibbo are no longer the owners of Keystone Bank Limited, the financial institution has confirmed.

The bank has been taken over by the federal government after a judgment by the Lagos State Special Offences Court sitting in Ikeja, the state capital, on Tuesday, February 11, 2025.

The lender in a statement yesterday called for calm, assuring “our customers that the bank remains safe, healthy, strong, and resilient.”

Recall that Keystone Bank was sold to Sigma Golf in 2017 by the Asset Management Corporation of Nigeria (AMCON). The sale of the company raised dust because of the amount involved, which many said was too small.

The Economic and Financial Crimes Commission (EFCC) waded into the matter, approaching the court for a reversal of the acquisition.

On Tuesday, the court in Lagos ordered the forfeiture of the shares of Keystone Bank previously held by the shareholders, mainly Sigma Gold and Mr Umaru Modibbo, in favour of the Federal Government of Nigeria.

In the statement, the bank disclosed that, “The implication of this judgment is that Keystone Bank Limited is now fully owned by the Federal Government of Nigeria.”

“This development marks a significant milestone in our journey, reinforcing our stability and paving the way for a seamless recapitalization process. With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability.

“Keystone Bank continues to strengthen its balance sheet while delivering exceptional value to its teeming stakeholders. The bank maintains a strong financial position, consistently fulfilling all its obligations and adhering to all regulatory requirements,” it added.

Recall that on January 10, 2024, the Central Bank of Nigeria (CBN) announced the dissolution of the previous board and management of Keystone Bank, Polaris Bank, and Union Bank of Nigeria for corporate governance breaches.

The banking sector regulator followed this action with the appointment of a new board and management for the three organisations.

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has announced an upward review of the transaction fees for automated teller machines (ATMs) for the first time in almost six years.

In a circular signed by its Acting Director of Financial Policy and Regulation Department, Mr John Onojah, at the apex bank said the revised charges will take effect from March 1.

The regulator said the move would address rising operational costs and enhance efficiency in the banking sector.

The last review of ATM transaction charges happened in 2019 when the CBN reduced the withdrawal fees from N65 to N35.

The latest increase means Nigerians will pay more for more ATM transactions when they use another bank’s ATM.

The apex bank said the review is in line with Section 10.7 of the ‘CBN guide to charges by banks, other financial and non-bank financial institutions (2020)’.

“In response to rising costs and the need to improve the efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020. (the Guide),” the CBN said.

“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service.

“Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025.”

According to the new policy, customers withdrawing from their bank’s ATMs (on-us transactions) will continue to enjoy free withdrawals.

However, a N100 fee per N20,000 withdrawal will be applied at on-site ATMs (those located at bank branches).

For withdrawals at ATMs of other banks (Not-on-Us transactions), an off-site withdrawal will attract a N100 fee plus a surcharge of up to N450 per N20,000 withdrawal.

The CBN clarified that the surcharge is the income of the “ATM deployer/acquirer and must be disclosed to consumers at the point of withdrawal”.

For international withdrawals using debit or credit cards, the CBN said banks and financial institutions are now permitted to apply “a cost-recovery charge equivalent to the exact amount charged by the international acquirer”.

“Furthermore, the three free monthly withdrawals allowed for Remote-On-Us (other bank’s customers/Not-On-Us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply,” the CBN statement added.

The apex bank urged all financial institutions to comply with the new directives before the implementation date.

By Adedapo Adesanya

Nigerian financial services institution, Access Bank Plc, has pledged to carry on the value and visions of its late chief executive, Mr Herbert Wigwe, who died one year ago in a helicopter crash in the United States.

Mr Wigwe, his wife Doreen, and son, Chizi alongside Mr Abimbola Ogunbanjo, the former group chairman of Nigerian Exchange (NGX) Group Plc also died in the crash in 2024.

The chopper, a Eurocopter EC 130, crashed near Nipton on February 9, 2024, on the edge of the Mojave Desert Preserve, when heading to Las Vegas where the victims were going to watch the Super Bowl.

The ill-fated helicopter left Access Bank without its visionary leader and the Herbert Wigwe family without their parents and brother and the Ogunbanjo’s without their patriarch.

In a post on X, formerly Twitter, the institution said, “Today marks one year since the world stood still for us. On this day, we lost Herbert, Doreen, and Chizi—three remarkable souls who left an indelible mark on our lives and our hearts.

“One year later, we still feel the void, but we also feel the weight of their legacy—one that challenges us to be better, do better, and strive for greatness.

“As we reflect, we carry forward the values they instilled and honor their memories by walking the path they paved for us.”

Access Corporation is headquartered in Lagos, Nigeria and operates through a network of more than 600 branches and service outlets, spanning three continents, 18 countries, and 50+ million customers managed by over 28,000 employees. Access Bank, the corporation’s banking business, is one of Africa’s largest retail banks by customer base and total assets.

For eight years until May 2022, Mr Wigwe led Access Bank Plc as its chief executive through an extraordinary growth period. Some of the accolades accorded him included Banker of the Year, 2020 by Leadership Awards; African Banker of the Year, 2021 by African Banker Award; and Best Banking CEO, 2021 by Global Brands Magazine Awards.