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  • Why Keystone vs AGROPRO judgment matters for everyday customers

    Why Keystone vs AGROPRO judgment matters for everyday customers

    • A cautionary tale about fiduciary duty, customer rights, and the limits of banking power in Nigeria.
    • By Franklyn Ginger-Eke

    Can a bank withhold your money simply because it suspects you owe someone else? A recent Court of Appeal decision says no, and the ruling could reshape how Nigerian banks treat their customers.

    On Friday, May 9, 2025, the Court of Appeal delivered a significant ruling in a dispute between Keystone Bank and one of its customers, AGROPRO LTD, over the unlawful withholding of funds. The case, though underreported, holds serious implications for the rights of Nigerian bank customers and the responsibilities of financial institutions.

    Not many Nigerians were aware of this legal tussle, which began in 2021, but it bears highlighting, especially for customers navigating the country’s banking system.

    At the heart of the matter was Keystone Bank’s refusal to release N202.8 million belonging to Agricultural Productivity Company LTD (AGROPRO LTD), a move both the trial court and the Court of Appeal found unlawful.

    The case offers a stark reminder of the weighty responsibility banks bear in honouring their fiduciary duties to customers.

    In this case, AGROPRO LTD invested N200 million in a fixed deposit with Keystone Bank. Upon maturity, the bank refused to release the funds, citing a supposed obligation under the Anchor Borrowers Scheme – a completely separate transaction.

    The courts ultimately ruled that the bank’s actions were unlawful, as there was no court order authorising the withholding of the customer’s funds.

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    This episode underscores a fundamental principle of banking: the fiduciary duty banks owe to their customers. Banks are custodians of public trust, and they are obligated to manage customer funds prudently, act in good faith, and honour customer instructions.

    Any deviation from this duty, such as unilaterally withholding deposits or acting as a recovery agent without legal backing, constitutes a serious breach with far-reaching implications.

    Such misconduct not only causes financial harm and erodes customer confidence but also undermines the integrity of the banking system itself.

    It invites regulatory backlash, threatens institutional reputations, and weakens public trust – an essential pillar of any functional financial system.

    The Keystone Bank case demonstrates the dangers of financial institutions overstepping their authority.

    Banks are not recovery agents and have no right to act as judges in disputes or to impose punishments on customers without court orders.

    When they do, they risk triggering a chain reaction of distrust that reverberates through the entire financial ecosystem.

    The consequences of such overreach extend far beyond a single institution. When banks flout legal boundaries, it invites tighter regulation, fuels public distrust, and suppresses economic activity – consequences that weaken the financial system as a whole.

    For customers, this case carries another important lesson: the need to be proactive in defending their rights. AGROPRO LTD’s persistence and willingness to seek legal redress proved decisive.

    Many Nigerians, faced with similar injustices, have thrown their arms up in despair and walked away. That should not be the norm.

    By asserting their rights, customers not only protect their individual interests but also strengthen the financial system.

    Challenging unfair practices and seeking redress creates pressure for accountability and serves as a vital check on institutional excesses.

    In doing so, customers fulfil a civic duty that benefits the broader economy.

    Customers should also be encouraged to escalate their concerns to regulatory bodies such as the Central Bank of Nigeria.

    These agencies are charged with providing oversight and consumer protection. When used effectively, they can offer timely redress and ensure fair banking practices.

    By engaging with them, customers help create a more transparent and equitable banking environment.

    Finally, banks must invest in user-friendly complaint resolution systems that make it easy for customers to report issues and track responses.

    It is almost certain that this case could have been resolved without litigation if the bank had meaningfully engaged the customer and addressed the concerns in good faith.

    As we move forward, banks must remember that their long-term success lies not in dominating customers but in serving them with integrity, transparency, and respect for the rule of law. A trustworthy and responsive banking system is not just good business – it is a public good.

    • Ginger-Eke is a public affairs and strategic communication consultant. He is the founder and chief strategist of The Rainbow Strategy, a public affairs and strategic communication firm based in Abuja.

  • CBN appoints new managers for dissolved Union, Keystone, Polaris banks

    CBN appoints new managers for dissolved Union, Keystone, Polaris banks

    Hours after it announced the dissolution of the boards and managements of three banks yesterday, the Central Bank of Nigeria (CBN) has named new executives to oversee the operations of Union, Keystone and Polaris banks.

    The apex bank acted to maintain the stability and continuity of the affected institutions in the face of the restructuring.

    It said the appointments take immediate effect.

    In a statement issued in the early hours of today, CBN Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, announced the appointments.

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    She named: Yetunde Oni as Union Bank’s Managing Director/Chief Executive Officer and Mannir Ubali Ringim as Executive Director.

    Keystone Bank has Hassa Imam as Managing Director/Chief Executive Officer and Chioma A. Many as its Executive Director Polaris Bank had its Managing Director/Chief Executive Officer as Lawal Mudathir Omokayode Akintola and Chris Onyeka Ofikulu as Executive Director.

    The statement reads: “The appointments take immediate effect,” Ms. Sidi-Ali added, emphasizing the CBN’s commitment to immediate action and minimising disruption.

    She said “This move to reinstate leadership in the affected banks demonstrates the CBN’s prioritisation of maintaining confidence and stability in the financial system.”

  • Why CBN sacked boards of Union, Keystone, Polaris banks

    Why CBN sacked boards of Union, Keystone, Polaris banks

    The Central Bank of Nigeria (CBN) moved yesterday to protect the financial system. It sacked the boards and managements of three banks – Union, Keystone and Polaris.

    It announced the dissolution in a statement by its Acting Director, Corporate Communications, Mrs. Hakama Sidi-Ali.

    The apex bank said the action was necessitated by the “non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020.”

    The CBN statement chronicled the infractions of the Deposit Money Banks (DMBs), ranging from “regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others.”

    The specific details of the banks’ non-compliance were not given by the apex bank.

    But, regulatory non-compliance could involve issues like capital adequacy ratios, loan-to-deposit ratios, or risk management practices falling below acceptable standards.

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    Corporate governance failures could encompass mismanagement of funds, conflicts of interest, or lack of transparency.

    Disregarding licensing conditions could involve exceeding authorised activities or operating outside permitted geographical areas.

    And involvement in activities that pose a threat to financial stability could mean anything from reckless lending practices to money laundering or even outright fraud.

    Provisions of Section 12(c), (f), (g), and (h) of the Banks and Other Financial Institutions Act (BOFIA), 2020, Section 12(c)  prohibits directors, managers, and officers of banks from having personal interest in any advance, loan, or credit facility granted by the bank. They must declare any such interest to the bank.  Additionally, they are prohibited from granting loans or credit facilities without authorization and proper security as per the bank’s rules and regulations.

    Violating this section is an offense punishable by a fine of ¦ 100,000 or imprisonment for three years and any gains or benefits gained through such contravention will be forfeited to the Federal Government.

    Section 12(f) requires banks to comply with all applicable laws, regulations, and directives issued by the CBN. Failure to comply with this section can result in regulatory sanctions, including fines, limitations on operations, or even revocation of the bank’s license.

    Section 12(g) sets restrictions on the types of investments banks can make.

    It allows them to invest in: Government securities with maturity not exceeding 25 years and publicly offered for sale; securities of the Federal Government on behalf of internal funds like staff pension funds; foreign currencies and bills of exchange maturing within 184 days; securities of freely convertible governments or international financial institutions of which Nigeria is a member.

    Others are: redeemable bonds for regularising currency exchange exercises and exceeding these investment limits without proper authorisation could be considered non-compliance.

    Section 12(h) empowers the CBN to issue additional directives to banks as it deems necessary for the purposes of the Act. Disregarding any such directives could also be considered a violation of Section 12(f).

    An official of the CBN, who spoke to The Nation about the development, said: “These are serious accusations, and the CBN’s swift response demonstrates its commitment to maintaining a safe, sound, and robust financial system in Nigeria.

    “The CBN’s action sends a strong message to all financial institutions in Nigeria that it will not tolerate any behavior that jeopardises the integrity and stability of the financial system. This is particularly important in the current economic climate, where Nigeria, like many other countries, is facing significant headwinds due to global factors and domestic challenges.

    “A strong and stable financial system is essential for weathering these storms and supporting economic growth, and the CBN’s decisive action shows it is committed to protecting Nigerians’ financial security.”

    The CBN statement, however, promised to protect the funds of Nigerians in the affected banks.

    It reads: “The CBN assures the public of the safety and security of depositors’ funds and remains resolute in fulfilling its mandate to uphold a safe, sound and robust financial system in Nigeria. Our banking system remains strong and resilient.”

    On what to expect, the bank official further said: “In the coming days and weeks, we can expect more information to emerge about the specific reasons for the CBN’s action and the steps it will take to ensure a smooth transition for the affected banks.”

    These developments followed a report submitted to President Bola Ahmed Tinubu by the Special Investigator on the Central Bank of Nigeria (CBN) and Related Entities, Jim Obazee.

    The report raised concerns about the acquisition of Union Bank of Nigeria by Titan Trust Bank (TTB) and implicated individuals such as Mr. Tunde Lemo, Mr. Cornelius Vink, and Rahul Savara.

    The report recommended that the Nigerian government take over the banks due to the inability of their shareholders to prove the legitimacy of their ownership.

    In response, Mr. Lemo rejected the accusations and requested seven days to provide the necessary documents to prove ownership.

    Failure to do so, according to Lemo, would result in the forfeiture of Titan Trust Bank and Union Bank of Nigeria to the Federal Government.

    The dissolution of the boards and managements of Union, Keystone and Polaris banks marks an important step by the CBN towards maintaining a sound and secure financial system in Nigeria.

    The details regarding the banks’ non-compliance and the subsequent actions taken to ensure a smooth transition are expect to unfold in the coming weeks.

  • CBN sacks boards of Union, Titan, Keystone, Polaris banks

    CBN sacks boards of Union, Titan, Keystone, Polaris banks

    The Central Bank of Nigeria has, with immediate effect, sacked the entire Board of Directors of Polaris, Titan, Union and Keystone Banks.

    This action, according to a press release signed by Mrs. Hakama Sidi-Ali, Acting Director, Corporate Communications, was necessitated by the “non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020.”

    The press release further details the banks’ infractions, stating they range from “regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others.”

    The specific details of the banks’ non-compliance remain unclear, but the potential implications are concerning. Regulatory non-compliance could involve issues like capital adequacy ratios, loan-to-deposit ratios, or risk management practices falling below regulatory standards.

    Corporate governance failures could encompass mismanagement of funds, conflicts of interest, or lack of transparency. Disregarding licensing conditions could involve exceeding authorized activities or operating outside permitted geographical areas. And involvement in activities that pose a threat to financial stability could encompass anything from reckless lending practices to money laundering or even outright fraud.
    Provisions of Section 12(c), (f), (g), and (h) of the Banks and Other Financial Institutions Act, 2020
    Section 12(c). Prohibits directors, managers, and officers of banks from having personal interest in any advance, loan, or credit facility granted by the bank. They must declare any such interest to the bank. Additionally, they are prohibited from granting loans or credit facilities without authorization and proper security as per the bank’s rules and regulations. Violating this section is an offense punishable by a fine of ₦100,000 or imprisonment for 3 years, and any gains or benefits gained through such contravention will be forfeited to the Federal Government.

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    Section 12(f): Requires banks to comply with all applicable laws, regulations, and directives issued by the CBN. Failure to comply with this section can result in regulatory sanctions, including fines, limitations on operations, or even revocation of the bank’s license.

    Section 12(g): Sets restrictions on the types of investments banks can make. It allows them to invest in: Government securities with maturity not exceeding 25 years and publicly offered for sale. Securities of the Federal Government on behalf of internal funds like staff pension funds. Foreign currencies and bills of exchange maturing within 184 days. Securities of freely convertible governments or international financial institutions of which Nigeria is a member. Redeemable bonds for regularizing currency exchange exercises. Exceeding these investment limits without proper authorization could be considered non-compliance.

    Section 12(h): Empowers the CBN to issue additional directives to banks as it deems necessary for the purposes of the Act. Disregarding any such directives issued by the CBN could also be considered a violation of Section 12(f).

    An official of the CBN who spoke to The Nation about the development said “these are serious accusations, and the CBN’s swift response demonstrates its commitment to maintaining a safe, sound, and robust financial system in Nigeria”.

    “The CBN’s action sends a strong message to all financial institutions in Nigeria that it will not tolerate any behavior that jeopardizes the integrity and stability of the financial system. This is particularly important in the current economic climate, where Nigeria, like many other countries, is facing significant headwinds due to global factors and domestic challenges” he said.

    He added that “a strong and stable financial system is essential for weathering these storms and supporting economic growth, and the CBN’s decisive action shows it is committed to protecting Nigerians’ financial security”.

    The press release also assured the public of the safety and security of depositors’ funds and vowed to “take all necessary steps to ensure that depositors of Union Bank, Keystone Bank, and Polaris Bank are not left worse off due to these events”.

    “In the coming days and weeks, we can expect more information to emerge about the specific reasons for the CBN’s action and the steps it will take to ensure a smooth transition for the affected banks” the CBN official said.

    These developments followed a report submitted to President Bola Tinubu by the Special Investigator on the Central Bank of Nigeria (CBN) and Related Entities, Jim Obazee. The report raised concerns about the acquisition of Union Bank of Nigeria by Titan Trust Bank (TTB) and implicated individuals such as Mr. Tunde Lemo, Mr. Cornelius Vink, and Rahul Savara. The report recommended that the Nigerian government take over the banks due to the inability of the shareholders to prove the legitimacy of their ownership.

    In response, Mr. Lemo rejected the accusations and requested seven days to provide the necessary documents to prove ownership. Failure to do so, according to Lemo, would result in the forfeit of Titan Trust Bank and Union Bank of Nigeria to the Federal Government.

    The dissolution of the Boards and Managements of Union Bank, Keystone Bank, and Polaris Bank marks an important step by the CBN towards maintaining a sound and secure financial system in Nigeria. The details regarding the banks’ non-compliance and the subsequent actions taken to ensure a smooth transition will be closely watched in the coming weeks.

  • 12 killed as gunmen rob banks in Edo

    Twelve persons including a policeman have been killed by armed robbers who attacked a police station and invaded two banks in Igarra, headquarters of Akoko-Edo local government area.

    Two persons who were detained at the police station in Akoko-Edo for minor offences were also killed by the robbers.

    Witnesses said the robbers first attacked the police station which is about 1.2 kilometre from the banks to demobilise the the policemen on duty.

    The robbers were said to have burnt the official vehicle of the newly posted Area Commander and killed a policeman in the process.

    Three other persons near the police station were reportedly hit by stray bullets.

    Four persons were killed within the premises of the two banks as witnesses claimed the robbers could not get access to the vault of the banks.

    A youth who gave Ofei Obende said policemen posted to the bank tried to resist the robbers but were overpowered by their heavy firepower.

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    Secretary to the paramount ruler of the community, Otaru of Igarra, Elder Folorunsho Dania confirmed the incident saying, “This is a serious case, armed robbers have besieged Igarra. So many lives killed, ten dead persons have been counted.

    “The police station was set ablaze, the Area Commander’s new car set ablaze because we have an area commander now. Close to the police station, three people were killed and in the banks too; Keystone and Unity Banks many persons were killed and the banks raided.

    “It is a calamity. In all, ten lives have gone. They could not access the strong room of the banks. The people that were killed in bank were outside the bank premises. Four persons killed within the bank premises, a policeman killed in the police station then a stone throw from the police station, three persons were killed. I am right at the police station.“

  • Keystone Bank partners NIPOST, launches Agency Banking

    One of Nigeria’s most reliable financial institutions, Keystone Bank Limited has launched ‘KeyServ’ (An Agency Banking Proposition) to serve customers outside its conventional brick & Mortar mode of banking.

    The initiative in partnership with the Nigerian Postal Service (NIPOST) and i-OneC (A FinTech Firm) is in line with the Central Bank of Nigeria (CBN) Financial System Strategy (FSS2020) goals to increase Financial Inclusion uptake in Nigeria.

    According to the Group Managing Director/ Chief Executive Officer of Keystone Bank Limited Mr. Obeahon Ohiwerei: “Enabling Financial Inclusion is our core area of focus and we have partnered with other industry players to deploy Digital Financial Solutions/ Platforms for improved access to finance; leveraging data to improve the product offerings, personalised & predictive customer service, and uncovering new customer segments”.

    “The recent reports on adult Nigerians (according to EFInA) that are financially excluded is 40.1million (41.6% of 96.4million adults).”
    “To this end, we are partnering with NIPOST and i-OneC to offer financial inclusion services to un(der)banked Nigerians especially in the rural and less urban areas.”

    “Under this partnership, KeyServ (Keystone Agency Banking Services) offers services such as Account Opening, Bills Payment, Cash-In, Cash-Out, ATM Services, Fund Transfers, Balance Enquiries, ATM cash withdrawals, Mini Statements and a whole lot more.”

    “One landmark feature of KeyServ (Keystone Agency Banking Services) is that it offers affordable access to financial services than the traditional banking methods” the MD/CEO also reiterated.

    Also, speaking at the launch, the ED Corporate Banking & South, Keystone Bank, Yemi Odusanya, added that “with this scheme, customers, especially in the rural areas will enjoy unfettered access to banking services.

    “As at today, we have about 106 approved agents across the country and already, the services are available at Sabongida-Ora (Evbiobe)-Edo State, Sabon Gari (Kano), Mirinjibi (Kaduna), Barnawa (Kaduna), Yaba (Lagos) and Ikoyi (Lagos)”.

    “It’s simply convenient, affordable and several NIPOST locations nationwide have been earmarked to feature actively in this initiative.”
    “Nigerians now have the opportunity to take full advantage of this partnership to enjoy the bouquet of Financial Services across the country.” Odusanya concluded.

  • Keystone, Silverbird host children

    Keystone Bank Limited and Silverbird Group have hosted children at the Silverbird Galleria in Lagos State and in Abuja.

     

    The event, which took place on Children’s Day, was part of a series of activities Keystone Bank was involved to uplift children, while highlighting their roles as the future of the society.

    The bank had partnered Junior Achievement Nigeria (JAN) to host about 500 primary school pupils.

    The Acting Managing Director of Keystone Bank, Hafiz Bakare, said: “The saying that children are the leaders of tomorrow may have become cliché for many, however the saying has never been more pertinent for us, especially as we look to a better future for Nigeria.

    ‘’This is why in addition to the several financial literacy programmes which we run in primary and secondary schools across Nigeria, we also have the Keystone Bank Future Account which is meant to give children an early start towards saving and financial discipline”.

    Bakare also explained that one of the reasons for partnering with the Silverbird group for this event was the fact that beyond work and learning, children also need to express themselves through recreation and fun activities.

    “To balance our activities in giving children learning opportunities in financial education, we also realise that children need to have fun for a more balanced outlook,” he said.

     

    Keystone Bank’s Future Account comprises the Kids Account for children from zero to 10 years and the Teens Account for adolescents from 11 to 17 Accounts are operated by their parents or guardians on behalf of the children and can be taken over by the children once they become adults.

  • Keystone, Silverbird host children

    Keystone, Silverbird host children

    Keystone Bank Limited and Silverbird Group have hosted children at the Silverbird Galleria in Lagos State and in Abuja.

    The event, which took place on Children’s Day, was part of a series of activities Keystone Bank was involved to uplift children, while highlighting their roles as the future of the society.

    The bank had partnered Junior Achievement Nigeria (JAN) to host about 500 primary school pupils.

    The Acting Managing Director of Keystone Bank, Hafiz Bakare, said: “The saying that children are the leaders of tomorrow may have become cliché for many, however the saying has never been more pertinent for us, especially as we look to a better future for Nigeria.

    ‘’This is why in addition to the several financial literacy programmes which we run in primary and secondary schools across Nigeria, we also have the Keystone Bank Future Account which is meant to give children an early start towards saving and financial discipline”.

    Bakare also explained that one of the reasons for partnering with the Silverbird group for this event was the fact that beyond work and learning, children also need to express themselves through recreation and fun activities.

    “To balance our activities in giving children learning opportunities in financial education, we also realise that children need to have fun for a more balanced outlook,” he said.

    Keystone Bank’s Future Account comprises the Kids Account for children from zero to 10 years and the Teens Account for adolescents from 11 to 17 Accounts are operated by their parents or guardians on behalf of the children and can be taken over by the children once they become adults.

  • Consortium acquires Keystone

    Consortium acquires Keystone

    The Sigma Golf – Riverbank consortium was yesterday declared the new owners of Keystone Bank Limited.
    Sigma Golf – Riverbank consortium is made up of Sigma Golf Nigeria Limited and Riverbank Investment Resources, both entities set up by local investors.
    The Asset Management Corporation of Nigeria (AMCON), which announced the acquisition, said it followed the receipt of the regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
    Details of the deal were not immediately clear last night. The bank’s assets are estimated at N318 billion. It has two international units.
    Citigroup Inc.’s Nigerian unit and FBNQuest, a unit of FBN Holdings Ltd., served as AMCON’s advisers on the sale.
    A statement yesterday said: “The Asset Management Corporation of Nigeria is pleased to announce Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf – Riverbank consortium) as the new investors in relation to the acquisition of the entire issued and fully paid up ordinary shares of Keystone Bank Limited.”
    It added that the completion of the transaction was subject to the fulfillment of the conditions precedent as stated in the Share Sale and Purchase Agreement executed between AMCON and the Sigma Golf – Riverbank consortium.
    “This process started with interest shown by 18 parties cutting across local and international investors. The emergence of the Sigma Golf – Riverbank consortium resulted from a rigorous and competitive bidding process, which was coordinated for AMCON by Citibank Nigeria Limited and its affiliates and FBN Capital (Joint Financial Advisers), and Banwo & Ighodalo and Crosswrock Law (Joint Legal Advisers),” AMCON said.
    Keystone Bank was incorporated by the NDIC on August 3, 2011. AMCON subsequently capitalized Keystone Bank and appointed a Board of Directors and Executive Management team to lead the Bank.
    As at April 2016, Keystone Bank had staff strength of 1,753 employees, network of 154 branches, 9 cash centres and 315 Automated Teller Machines.
    Keystone Bank Limited is the last of the three bridged lenders bought by the AMCON after the CBN found the lender’s capital adequacy position below regulatory standard.
    The other two – Enterprise Bank Limited and Mainstreet Bank Limited – were acquired by Heritage Bank Limited and Skye Bank Plc.

  • Sterling Bank dumps Keystone acquisition plan

    Sterling Bank dumps Keystone acquisition plan

    Sterling Bank Plc has withdrawn its bid to buy Keystone Bank Limited over the price sought for the lender rescued bridge bank.

    “We felt we wouldn’t get it at the price we are willing to pay,” Abubakar Suleiman, the Chief Financial Officer for Sterling Bamk, told Bloomberg, adding: “Keystone also didn’t fit in with the lender’s “current strategy.” He, however, did not give more details.

    Keystone Bank Limited is the last of the three bridged lenders bought by the Asset Management Corporation of Nigeria (AMCON), set up by the government to buy bad loans after a debt crisis in 2009 threatened to cause the industry to collapse.

    Keystone has assets of N318 billion ($1.1 billion) and operates two international units, according to Amcon, which appointed Citigroup Inc.’s Nigerian unit and FBNQuest, a unit of FBN Holdings Ltd., as advisers on the sale.

    “Sterling Bank will focus on growing its existing businesses, unless “another opportunity comes for inorganic expansion,’’ Suleiman said. According to him, the lender plans to raise N65 billion in Tier 2 capital with 20 per cent of the first tranche of N35 billion of bonds to be sold this month.

    “The bank expects loans to rise by 20 per cent this year following the devaluation of the naira,” Suleiman said. That compares with an earlier projection of less than 10 per cent.

    Sterling Bank Chief Executive Officer (CEO), Yemi Adeola, had at a meeting with journalists in Lagos late last year, said six commercial banks are likely to seek mergers and acquisitions this year. The mergers, he predicted, are triggered by the shock created in their assets and balance sheet sizes in the face of declining oil prices.

    Adeola said he envisaged possible shrinking in the number of local banks this year. “There are already moves suggesting that trend,” he said, but did not name any bank. The bank chief said two international banks were discussing with local lenders on possible acquisition.

    Adeola said the Nigerian banking industry was the most regulated sector in the country, thereby affecting banks’ performance.  “To say that everything will be rosy in 2016 will be deceiving ourselves. I think if the opportunities arise for banks to pursue further consolidation, we could see two or three,” he said.