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AMCON Sells Keystone Bank to Nigerian Investors, Marking a New Era in Domestic Banking Ownership

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The Asset Management Corporation of Nigeria (AMCON) has officially completed the sale of Keystone Bank Limited to a group of Nigerian investors, a development widely regarded as a major milestone in the country’s financial and banking sector. The transaction represents a significant step in the Federal Government’s long-standing efforts to reduce direct involvement in commercial banking while promoting indigenous ownership and private sector participation. Keystone Bank, one of Nigeria’s mid-tier commercial banks, had been under AMCON’s control since 2017 following regulatory intervention by the Central Bank of Nigeria (CBN). The takeover was part of broader measures aimed at stabilizing the financial system after governance and capital adequacy challenges threatened the bank’s operations. Since then, AMCON has overseen the bank’s restructuring, recapitalization, and operational reforms, paving the way for its eventual divestment. A Strategic Exit for AMCON AMCON was established i...

Step Down For Tinubu, Adamu Garba Advises Peter Obi

 


Ex-presidential aspirant of the Young Progressives Party, Adamu Garba, has told the presidential candidate of the Labour Party, Peter Obi, to step down for the APC presidential candidate, Bola Tinubu, ahead of the forthcoming 2023 presidential election.

Garba said this in a tweet on Thursday night, following pictures that circulated on social media of Obi’s Port Harcourt rally with the location half full.

The APC chieftain further accused Obi of isolating the South-East at the centre, describing Obi’s Port Harcourt rally as disappointing.

Garba tweeted, “Peter Obi’s disappointing rally in Port Harcourt today should serve as a perfect breakfast from his aspiration.

“He should immediately step down and endorse the real and truly prepared Presidential Candidate; Asiwaju Bola Ahmed Tinubu & stop isolating Southeast from the center,” Garba said.

However, when asked the position he (Peter Obi) would be given if he accepts to step down for Tinubu, Garba opined: “He’ll be assigned to monitor Alaka bridge & keep counting daily container traffic to and from Apapa ports. That’ll fit him because he loves containers too much.”

Recall that  Mr Garba left APC in May, after raising N83 million to buy the presidential nomination form of the ruling party but decamped to the YPP where he contested the primaries of the party but lost.

In July 2022, Ex-presidential aspirant of the Young Progressives Party,  rejoined the All Progressives Congress (APC).

Mr Garba, a social media influencer, announced his return to the ruling party. “Yes, I am fully back to APC. I could do more harm to my country, Nigeria if I did not support a combination of a great strategist and a great tactician on a single ticket.

“It is BAT/Hashim that should take over all polling units in Nigeria come 2023. RE-DECAMPED!” he tweeted.

However,the politician said he left the APC because the leadership of the party was promoting anti-democratic policies that sought to exclude youths and people with progressive ideology from inclusive politics. 

He said, “What informed my decision were certain steps the party had taken over time that seem to betray the tenets of democracy. A situation where people went for a convention and it turned out to be an enthronement.

“At the same time, we young people in the party are completely alienated. The more you bring new ideas, new solutions and suggest changes, the more you are perceived as an enemy and somebody that should be thrown out of the window.

“The other reason is the over-monetisation of the system of the political process. It is a threat to our future as young people. We have ‘monetised’ everything, from health care to education, roads and even the office that is supposed to deliver the goods. That’s one thing that made me conclude that the party really doesn’t represent the future.”

But two months after he jumped ship, Garba took to his official Twitter account to announce his return to the ruling party.



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