Keystone Bank Seeks Approval to Sell KBL Insurance Stake

Keystone Bank Limited is pursuing regulatory approval to sell its 66.54% stake in KBL Insurance Limited to Bethel V Limited, an investment vehicle established by insurance and investment professionals. This acquisition is contingent upon approval from the Federal Competition and Consumer Protection Commission (FCCPC) due to the change of control it represents for KBL Insurance.

Bethel V Limited was incorporated in January 2026, focusing on investment activities, business acquisitions, and financial management consultancy in Nigeria. KBL Insurance, a subsidiary of Keystone Bank and licensed by NAICOM, recently completed a recapitalization exercise.

The parties have negotiated a Share Purchase Agreement, which will be finalized upon obtaining the necessary regulatory approvals. They assert that the acquisition will not negatively impact employees and will enhance competition in Nigeria's general insurance market.

This proposed acquisition follows a year-long recapitalization exercise aimed at strengthening insurers' financial capacity and encouraging strategic transactions within the sector.