Banking
Uncertainty Grips Keystone Bank Workers, Embark on Job Hunt
By Modupe Gbadeyanka
The fear and uncertainty surrounding the sale of Keystone Bank Limited has created anxiety among its employees as many of them now look out for new jobs in order not to be caught unawares, investigation by Daily Times has revealed.
Earlier in the week, the biggest of the three nationalized lenders after 2009 financial crisis, Keystone Bank Limited, was announced to have been sold by the Asset Management Company of Nigeria (AMCON) to some unknown local investors at undisclosed amount.
In a statement made available to newsmen, AMCON referred to the new owners of the bank as a consortium of local investors called Sigma Golf Nigeria Limited and Riverbank Investment Resources.
But the manager of bad assets failed to inform the general public on the total amount payable for the sales of the bank and the initial amount paid.
Also, the statement did not disclose the sale price or any financial details, as well as the faces behind the investment firms buying the bank.
However, our investigations showed that the some employees of the bank have been on the lookout for better job opportunities with other lenders as their fate remain uncertain, as the new owners are set to take over.
One of the staff of the bank, who spoke to our correspondent on condition of anonymity, disclosed that some of them who do not want to be without job suddenly have started to look for jobs since the announcement was made.
“I have submitted my CV to a couple of banks and I hope to secure a job with any of them”, the source disclosed.
The three lenders that were nationalized in 2011, Afribank, Spring Bank and Bank PHB, were recapitalised by AMCON and changed their names to Mainstreet Bank, Enterprise Bank and Keystone Bank.
Two of the banks have since been sold.
AMCON was set up in 2010 to absorb non-performing loans in exchange for government bonds, after the central bank injected $4 billion to rescue nine lenders from collapse seven years ago.
It is worthy of note that before the end of 2015, the Corporation had completed the sale of Mainstreet Bank purchased by Skye Bank Plc, while Heritage Bank bought Enterprise Bank.
In view of this, there had been anxiety over the sale of Keystone Bank, but AMCON at the beginning of 2015 said the sale of the bank would commence during the second quarter of the year but failed to carry out the sale till the recent announcement.
Recall that AMCON had during the last quarter of 2014 completed the sale of Enterprise Bank and Mainstreet Bank to Heritage Bank and Skye Bank Plc, respectively for a combined sum of N181.1 billion, after bidding processes that lasted for several months.
Heritage Bank won the bid to acquire Enterprise bank for N56.1 billion, while Skye Bank was announced as the winner for Mainstreet bank with a bid of N125 billion.
While Heritage Bank won the bid for Enterprise Bank, Fidelity Bank emerged the reserved bidder after a bidding process that involved over 20 buyers.
Cedar One Investment Partners Limited and Fidelity Bank emerged as the first and second reserve bidders respectively for Mainstreet bank.
However, all the aforementioned processes and measures were put in place when the two other bridged banks were sold, unlike now that Keystone bank is being sold.
https://dailytimes.ng/news/keystone-bank-staff-job-hunt-amid-sale-uncertainty/
By Modupe Gbadeyanka
The Nigeria Revenue Service (NRS) has denied reports that customers performing financial transactions would pay a Value Added Tax (VAT) of 7.5 per cent from January 19, 2026.
Information about this emanated from messages sent out to customers of a financial institution, informing them of the new development in compliance of Nigeria’s new tax laws, especially the Nigeria Tax Act 2025.
It was claimed that Nigerians, as part of efforts of the government to generate more funds from taxes, would begin to pay VAT for the use of banking services like USSD and others.
But reacting in a statement signed by its management on Thursday, January 15, 2026, the tax collecting agency emphasised that the VAT collection for such services was not new.
It stressed that customers have always paid taxes for electronic money transfers and others, as this is charged on the fee, not from the main amount of the transaction.
“The Nigeria Revenue Service wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT has been newly introduced on banking services, fees, commissions, or electronic money transfers. This claim is categorically incorrect.
“VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime. The Nigeria Tax Act did not introduce VAT on banking charges, nor (sic) did it impose new tax obligation on customers in this regard.
“The Nigeria Revenue Service urges members of the public and all stakeholders to disregard misinformation and to rely exclusively on official communications for accurate, authoritative, and up-to-date tax information,” the statement read.
Business Post reports that what this basically means is that if a customer sends N10,000 and the bank charges N50 for the service, a 7.5 per cent VAT on the N50, which is N3.75, would be paid by the sender, not N750, which is 7.5 per cent of N10,000.
By Adedapo Adesanya
Nigerian-born payments company, Paystack, has announced its entry into the banking sector with the launch of Paystack Microfinance Bank (Paystack MFB) after the acquisition of Ladder Microfinance Bank.
The bank continues Paystack’s push into consumer products and adds a banking layer to its business-focused payment product, coming ten years after the company was founded with the goal of simplifying payments for businesses using modern technology.
In Nigeria alone, the company says its systems process trillions of Naira every month, supporting more than 300,000 businesses and millions of customers. According to Paystack, this growth highlighted a broader need beyond payments, prompting the decision to build a more comprehensive financial offering.
Paystack MFB will begin lending to businesses before expanding to consumers. It will also offer banking-as-a-service (BaaS) products to companies building financial products and treasury management products.
The company explained that while payments are a critical part of the financial journey, businesses and individuals increasingly require a full financial operating system. This includes the ability to store money securely, move funds easily, gain clarity from financial data, and access tools that support long-term growth. Developers, Paystack added, also need reliable, secure, and compliant infrastructure to build new financial solutions efficiently.
To address these needs, Paystack said it has established Paystack Microfinance Bank as a separate and independent entity from Paystack Payments Limited.
The new microfinance bank operates with its own license, governance structure, and product roadmap, although it will work closely with its sister company.
“By adding Paystack MFB to our family of brands, we’re finding the right balance through combining the rapid innovation of a tech-first platform with the stability of traditional banking,” said Ms Amandine Lobelle, Paystack’s chief operating officer.
Last year, it launched its controversial consumer payments app Zap, and now it is taking a step further with the company securing regulatory backing to become a deposit-taking institution. According to a statement, the bank will be guided by the same principles that shaped Paystack’s early success, including reliability, simplicity, transparency, and trust.
Paystack MFB has begun operations with a small group of early members and plans a gradual rollout to more businesses and individuals. The company also announced the opening of a waitlist for interested users and confirmed it is recruiting a dedicated team to help build its long-term banking infrastructure.
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has helped First Bank of Nigeria to recover the sum of N802.4 million from a suspect, Mr Kingsley Eghosa Ojo, who unlawfully took possession of over N1.3 billion belonging to the bank.
The funds were handed over the financial institution by the Benin Zonal Directorate of the anti-money laundering agency on Monday, January 12, 2026, a statement on Tuesday confirmed.
First Bank approached the EFCC for the recovery of the money through a petition, claiming that the suspect received the money into his account after system glitches.
The commission in its investigation; discovered that the suspect, upon the receipt of the money, transferred a good measure of it to the bank accounts of his mother, Mrs Itohan Ojo and that of his sister, Ms Edith Okoro Osaretin, and committed part of the money to completion of his building project and the funding of a new flamboyant lifestyle.
With the recovery of the money from the identified bank accounts, the EFCC handed it over in drafts to First Bank.
While handing over the lender, the acting Director for the Directorate, Mr Sa’ad Hanafi Sa’ad, stressed his organisation would continue to discharge its mandate effectively in the overall interests of society.
“The EFCC Establishment Act empowers us to trace and recover proceeds of crime and restitute the victim. In this case, First Bank was the victim and that is exactly what we have done.
“We will continue to discharge our duties to ensure that fraudsters do not benefit from fraud and that economic and financial crimes are nipped in the bud,” he said.
In his response, the Business Manager for First Bank in Benin City, Mr Olalere Sunday Ajayi, who received the drafts on behalf of the bank, commended the EFCC for the swiftness and the professionalism it brought to bear in the handling of the matter and expressed the bank’s gratitude to the commission.
He described the EFCC as one of Nigeria’s most effective and reliable institutions.
Meanwhile, Mr Kingsley and all other suspects in the matter have been charged to court for stealing by the EFCC.
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