Keystone Bank seeks to sell majority stake in KBL Insurance

Keystone Bank Limited is seeking regulatory approval to sell its 66.54% stake in KBL Insurance Limited to Bethel V Limited. Bethel V Limited is a newly incorporated investment company, established in January 2026, comprised of insurance and investment professionals.

The transaction is currently subject to approval from the Federal Competition and Consumer Protection Commission (FCCPC) because it involves a change of control for the general insurer. KBL Insurance is a National Insurance Commission (NAICOM)-licensed company and was among the firms that successfully completed Nigeria’s recent insurance industry recapitalization exercise.

Both parties have negotiated a Share Purchase Agreement (SPA), which will be signed and finalized once the necessary regulatory clearances are obtained. The FCCPC noted that the acquisition presents an opportunity for the buyer to contribute to the growth of the Nigerian insurance sector and support the nation’s economic goals. The parties expect the change in ownership to enhance competition within the general insurance market without negatively impacting employees.