Keystone Bank Limited has agreed terms to sell its 66.54% stake in KBL Insurance Limited, a NAICOM-licensed general insurer, to Bethel V Limited, an investment vehicle incorporated in January 2026 by insurance and investment professionals. The parties have negotiated a share purchase agreement to be signed and completed after regulatory approvals.
Because the sale transfers control, it requires FCCPC approval under sections 92(1), 92(2)(b) and 93(1) of the Federal Competition and Consumer Protection Act. KBL Insurance met the recently concluded insurance recapitalisation requirement. The price was not disclosed.
