Keystone Bank to Sell 66.54% Stake in KBL Insurance

Keystone Bank Limited is pursuing regulatory approval to divest its 66.54% stake in KBL Insurance Limited to Bethel V Limited, a newly established investment company formed by insurance and investment professionals. This transaction, disclosed by the Federal Competition and Consumer Protection Commission (FCCPC), will transfer control of KBL Insurance from Keystone Bank to Bethel V.

The acquisition follows Nigeria's recent insurance industry recapitalisation aimed at strengthening financial capacity and attracting investment. Bethel V Limited, incorporated in January 2026, focuses on investment activities and financial management consultancy.

A Share Purchase Agreement (SPA) has been negotiated and will be finalized upon receiving necessary approvals. The FCCPC stated that the acquisition would allow Bethel V to contribute to the growth of Nigeria's insurance sector and support the goal of building a $1 trillion economy.

The parties anticipate that the ownership change will enhance competition in the insurance market without negatively impacting employees or competition levels.