Donatus Eleko
Keystone Bank’s journey is a compelling narrative of resilience, strategic transformation, and a relentless pursuit of excellence in the Nigerian banking landscape.
From its origins to its current standing, the bank has navigated challenges, adapted to evolving market dynamics, and emerged as a strong and reliable financial institution.
In fact, since the intervention of the Central Bank of Nigeria (CBN) on January 10, 2024, the bank has experienced an extraordinary upward trajectory, evolving into one of the most resilient financial institutions in the country.
Remarkably, a pivotal recent legal development in the bank has further strengthened the position of the financial institution.
On February 11, 2025, the Lagos State Special Offences Court gave a judgement regarding the former shareholders of Keystone Bank: Sigma Golf Nigeria Limited and Alhaji Umaru Modibbo.
Following the intervention of the CBN in January 2024, the federal government had filed charges against the two shareholders for the alleged conversion of N20 billion belonging to the Asset Management Corporation of Nigeria (AMCON).
At the court’s sitting on February 11, 2025, the court ordered the forfeiture of 6.2 billion units of their ordinary shares of Keystone Bank, valued at N1.00 each, to the federal government. This means the federal government now fully owns the bank.
The significant milestone paves the way for a seamless recapitalisation process for the bank. In addition, the complete transition of ownership to the federal government will enable Keystone Bank to continue its path of growth, increased profitability, and enhanced service delivery to its customers and stakeholders.
Keystone Bank Limited was granted a commercial banking licence by the Central Bank of Nigeria (CBN) on August 5, 2011. The bank acquired all the assets, deposit liabilities and certain other liabilities of the erstwhile Bank PHB Plc from the Nigeria Deposit Insurance Corporation (NDIC) following the revocation by the CBN, of the Banking License of Bank PHB Plc.
Shortly after the grant of the commercial banking licence to Keystone Bank, AMCON acquired and held the shares of the bank until March 2017, when it sold it to Sigma Golf-Riverbank Consortium (which comprised Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited).
Keystone Bank has maintained a strong financial position, and has consistently met its obligations. The bank has continued to build on its successes, strengthening its balance sheet and delivering exceptional value to its teeming stakeholders.
Within a short period, the bank’s monthly account openings skyrocketed by a staggering 150 percent. This robust growth in new accounts demonstrates not only the bank’s appeal to existing customers but also its ability to attract new clients with innovative banking solutions. The boost in customer engagement is a testament to the bank’s growing reputation for reliability and trustworthiness.
In addition to its financial milestones, Keystone Bank has also made remarkable strides in its corporate social responsibility initiatives. Collaborating with various state governments, the bank launched the Keystone Bank Educational Support Initiative, aimed at positively impacting the educational sector across Nigeria.
In the first phase, the bank successfully executed projects in 12 states: Lagos, Zamfara, Ekiti, Anambra, Katsina, Kaduna, Ebonyi, Akwa Ibom, Rivers, Kano, Benue, and Borno. The bank’s commitment to education and community development has earned praise from both local and state officials.
As Keystone Bank continues to flourish, customers and shareholders alike can rest assured that the bank remains safe, healthy, strong, and resilient. With its leadership firmly in place and a commitment to excellence, the bank is poised to navigate the future with renewed confidence and strength.
Keystone Bank has shown that through strategic transformation, visionary leadership, and a strong focus on social responsibility, it has solidified its position as a key player in Nigeria’s banking sector. The journey from January 2024 to today highlights not just survival, but an exciting evolution that promises even greater success in the years to come.
The bank has embraced transformation, moving from strength to strength, with remarkable achievements in both financial performance and corporate social responsibility (CSR).
A significant landmark for Keystone Bank has been the impressive turnaround in its financial performance. The remarkable achievement underscores the effectiveness of the new leadership and the strategic decisions implemented to revitalise the bank’s operations. Led by the bank’s Chief Executive Officer, Mr. Hassan Imam, alongside the executive management team, backed by a solid Board of Directors, has not only restored profitability but has positioned the bank for sustained success in the competitive Nigerian banking landscape. The transformation is a testament to the leadership’s bold vision, decisive action, and unrelenting commitment to driving growth.
As part of efforts to maintain its healthy relation with its customers, Keystone Bank Limited recently hosted an exclusive dinner event to celebrate and appreciate loyal customers for their unwavering support throughout the year 2024. The event, themed ‘Celebrating Partnership’ took place in Lagos.
At the event, Imam had appreciated the bank’s customers, stakeholders and the staff for their commitments and resilience in making Keystone Bank a leading financial institution in the country.
“We have developed several products that have also been approved by the CBN. Monthly account opening has increased by over 150 percent.
“In addition, under our Corporate Social Responsibility, working with the state governments, we set up the Keystone Bank Educational Support Initiative for the educational sector.
“In the first phase, we executed projects in 12 states: Lagos, Zamfara, Ekiti, Anambra, Katsina, Kaduna, Ebonyi, Akwa Ibom, Rivers, Kano, Benue and Borno States,” he said.
Lagos State Governor, Mr. Babajide Sanwo-Olu and his Zamfara State counterpart, Dr. Dauda Lawal, who were among several dignitaries at the event, expressed gratitude to Keystone Bank for its meaningful CSR initiatives in their states.
Governor Lawal, in particular, lauded Keystone Bank as the first financial institution to visit Zamfara State and implement impactful CSR programmes.
Both governors praised the visionary leadership of the bank’s CEO, Hassan Imam, for spearheading the remarkable transformation of the bank in such a short period.
They further reaffirmed their commitment to continuing their partnership with the bank, recognising its positive impact in their states and communities.
The Keystone Bank brand is built on meeting and exceeding customer expectations by providing simple, convenient banking service at all times.
As a financial service provider with an obligation to comply with international best practices, Keystone Bank Limited has continued to ensure that its business operations and activities comply with applicable national environmental and social regulations.
Its commitment to exceptional service extends beyond providing traditional banking services. It includes giving back to the communities in which it operates to make a lasting difference through its four main corporate social responsibility pillars: Health, Education, Women & Youth Empowerment and Employee Volunteer Scheme not neglecting the environment in which we operate.
Demonstrating its commitment to CSR is a deliberate strategy for Keystone Bank that aligns its business values, purpose and trust with the social and economic needs of stakeholders, whilst entrenching responsible and ethical business policies and practices in all our activities.
Keystone Bank’s story is an inspiring example of how an organisation can overcome challenges, adapt to change, and achieve remarkable success. The bank’s journey is a testament to the power of resilience, strategic thinking, and a commitment to customer-centricity. As Keystone Bank continues to innovate and evolve, it is poised to play an even greater role in shaping the future of banking in Nigeria.
