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Keystone Bank Struggles for Survival, Sells Off Property + How Major branch was converted to worship centre

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Despite several attempts to stay on top the myriad crises trying to stunt its growth, Keystone Bank is still struggling for life.
Sadly, the once-vibrant financial institution has become a shadow of its former self. A visit to most of the branches scattered across Lagos revealed a bank with low patronage. The once-bubbling Ogba branch in Lagos has become a shadow of its old self. Even customers avoided the ATM like an accursed child everybody is afraid to identify with.
Interestingly, a visit to its popular branch on Agege Road clearly revealed that the bank is only waiting for an undertaker to perform its obituary. Why? The multi-million naira property belonging to the bank has been converted to a worship centre.

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The planned sale of Keystone Bank Limited, by the Asset Management Company of Nigeria (AMCON), may upset the relative calm that has attended the nation’s banking industry for some time. This is made more complex by the uncertainties that the proposed sale has generated, as anxiety mounts within and outside the bank among employees and other stakeholders over what appears a jigsaw puzzle the exercise would be confronted with.
Keystone is one of the three nationalised banks that emerged from the carcass of their progenitor establishments following the liquidation of the latter in the aftermath of the 2009 bank reform. The other two nationalised lenders, Enterprise Bank and Mainstreet Bank, were sold to Heritage Bank and Skye Banks respectively by AMCON in the fourth quarter of 2014 for a combined sum of N181.1bn, after bidding processes that lasted several months..
Heritage Bank won the bid to acquire Enterprise Bank for N56.1bn, while Skye Bank was announced as the winner for Mainstreet Bank with a bid of N125bn. The banks were formerly Bank PHB (now Keystone Bank); Afribank (later Mainstreet Bank) and Spring Bank (later Enterprise Bank). The progenitor establishments were nationalised in August 2011 after they failed to meet the recapitalisation requirements as stipulated by the CBN then under Malam Sanusi Lamido Sanusi as Central Bank governor.
Their nationalisation triggered controvery and series of litigations that are yet to settle, creating deep wounds in the minds of those who found themselves on the loser side, while the operators were also rattled by the outcome of the development. In the process, some interest groups, mainly shareholders of the former Bank PHB (now Keystone Bank), headed for the courts to stop AMCON from selling the bank, which they claim was wrongfully taken from them by the Central Bank under Sanusi. While the controversy and resultant litigation raged, AMCON embarked on the process of selling Keystone in line with its mandate, which led to the transfer of ownership of the two other nationalised banks.
Some shareholders of the defunct Bank PHB Plc that headed for a Federal High Court in Lagos included Benedicta Oyiana, Ifeyinwa Oyiana, Chioma Onyiana, Okoli Dumebi and Felix Onyiana. Others were Pius Okonji, Okonji Obiageli, Ndiwa Uwaonye and Allwell-Brown. The plaintiffs are claiming that they were not duly compensated when the bank’s assets were transferred to Keystone Bank Plc. They are demanding N38.6bn from the defendants, being “fair compensation” to them for the value of their investment in the defunct Bank PHB Plc.
They are also praying the court to award N20bn as damages against the defendants in their favour, to cover for the loss of value on their investments in the defunct bank. They further sought an order of the court setting aside what they described as “unlawful nationalisation, compulsory acquisition and expropriation of their investments in Bank PHB”.
In their papers before the court, they contested the validity of a letter dated August 5, 2011, written by the NDIC to the Managing Director of Bank PHB, informing him that the bank’s assets and liabilities had been transferred to Keystone Bank. According to them, such a transfer amounted to an illegality when the NDIC did not make any arrangement for their compensation prior to the move. But AMCON appears set to commence the sale of Keystone Bank in the second quarter of the year. In January, the bad debt manager announced that it would put this into effect soon after the general elections earlier scheduled for February (now shifted to March and April).

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Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

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Dangote crashes Diesel price to N1,000 per litre

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Dangote reacts to EFCC’s visit to its Headquarters

Dangote crashes Diesel price to N1,000 per litre

 

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In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from 1200 to 1,000 naira per litre.

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While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600 per litre.

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This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.

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Coalition of Civil Society for Good Governance, Others Are Purveyors of falsehood Says AAS Legal Team As Jesam Micheal Exposes Their Sponsors (Video)

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Coalition of Civil Society for Good Governance, Others Are Purveyors of falsehood Says AAS Legal Team As Jesam Micheal Exposes Their Sponsors (Video)

 

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The lawyers of Afriq Arbitrage System, Barr. Obeten and Barr. Henry have called out the Coalition of Civil Society for Good Governance led by Comrade Okpanachi Jacob as Purveyors of falsehood.

 

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This is not unconnected to their ungodly collaboration with individuals like Prince Humble Eteng, Michael Okoh, Okoi Daniels, Engineer Awajioma who have been slammed with a ten million dollar Lawsuit for nefarious activities to injure the longstanding reputation the organisation has maintained on charges bothering on cyber bullying, attempt to life and property, lies and unlawful incitement and instigation against the CEO of the company , Jesam Micheal, his family and organisation.

 

In a global conference on Tuesday, April 16th, 2024, the legal representatives described their actions as inappropriate, unfounded and a campaign of calumny to malign the integrity of the organisation and management.

 

 

According to Barr. Obeten the matter is in court and the security agencies have picked Abayomi Olusesan who has admitted to committing the heinous crime of stealing investors funds to the tune of $87m. So why accuse the CEO, Jesam Micheal of defrauding the company of the said amount?

 

Speaking further, Barr Henry reiterated their stand to take legal actions against the group for being biassed despite knowing the truth and for misleading the general public by allowing themselves to be used by agents of falsehood.

 

In conclusion, the CEO of Afriq Arbitrage System, Jesam Micheal wondered why a reputable group like CCSGG could be used by Prince Humble Eteng, Michael Okoh and others. He showcased the official court documents which confirmed that Abayomi admitted stealing the investors fund to the tune of $87m which he said was also captured in video evidence. He revealed that some of the properties he bought with part of the money has been collected, remaining the main money which he promised to return to the company. However, after being granted bail, he reneged on his promises and was picked up again by the relevant authorities.

Sadly, his cohorts, Prince Humble who is not even an investors connived with MICHEAL OKOH, PRINCE HUMBLE ETENG,OKOI DENOCK, TOCHUKWU NWOYE, DINGCHI YARLING, Engineer Awajioma and Others to fabricate all sorts of lies against Jesam and AAS.

 

” We will not take the laws into our hands but they should be ready to face the wrath of the law of the land. These are the same people who dragged us to the security agencies and when we got there with facts they ran away and became fugitives, Out of frustrations, they devised a kangaroo world press conference to disseminate all manners of fabricated lies and deceits”

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Afriq Arbitrage System Slams $10 million Lawsuit Against Micheal Okoh, Prince Humble Eteng, Hajj Ibrahim, Engineer Awajioma and Others (Video)

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Jesam Micheal, the Rise of the Moon Among Stars, A Game Changer By Femi Oyewale 

Afriq Arbitrage System Slams $10 million Lawsuit Against Micheal Okoh, Prince Humble Eteng, Hajj Ibrahim, Engineer Awajioma and Others (Video)

 

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The board of directors of Afriq Arbitrage Systems after an emergency meeting condemned in strong terms the attitudes of Prince Humble Eteng, Michael Okoh, Okoi Daniels, Engineer Awajioma and others about their nefarious activities to injure the longstanding reputation the organisation has maintained and in a final resolution, resolved that the above parties be sued for defamation and has slammed a ten million dollar lawsuit with a suit number w/2011/2024 against them at the High court of the Federal capital territory in the Abuja judicial division on Monday, April 15th, 2024 on charges bothering on cyber bullying, attempt to life and property, lies and unlawful incitement and instigation against the CEO of the company , Jesam Micheal, his family and organisation.

 

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In the lawsuit through the legal representation of Jesam Michael and AAS by Barrister Ovat the service required the defendants to appear In court within 14 days, else judgement will be issued against them in absentia.

 

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It would be recalled that few days after series of cyber bullying against the CEO of Afriq Arbitrage System, Jesam Micheal and his Family by MICHEAL OKOH, PRINCE HUMBLE ETENG,OKOI DENOCK in collaboration with one TOCHUKWU NWOYE, DINGCHI YARLING, Godwin, Benjamin Uwanga and Findins, Jesam escaped assassination attempt as gunmen numbering over ten, armed with sophisticated weapons invaded his lounge in Lagos seeking for him.

 

Afriq Arbiritage System, Slams $10 million Lawsuit Against Micheal Okoh, Prince Humble Eteng, Hajj Ibrahim, Engineer Awajioma and Others (Video)

 

Information available to us revealed that when the hardened criminals invaded the lounge on Friday, April 5th, 2024 where Jesam was billed to address his workers, they were demanding for him and when they learnt he couldn’t make the meeting as expected, they descended on the staff and customers threatening to kill them in his stead. They also went away with the company’s properties such as laptops, equipment and gadgets of staffers and customers.

 

Micheal Okoh who has been ranting on Social media against the CEO of Afriq Arbiritage System has been exposed along with Prince Humble Eteng, Okoi Denock as partners in crime with Abayomi oluwasesan who is in prison for defrauding the financial platform to the tune of $87 million dollars

 

According to reports, Micheal Okoh is an investor in AAS who has benefited from the scheme and has withdrawn over three thousand dollars which he never disclosed to his gullible followers until the evidence was uncovered and exposed to the community.

 

Aside from that, information revealed that Micheal Okoh, Prince Humble And Okoi Denock have been working in tandem with Abayomi in plotting the loot from AAS and threatening the life of Jesam Michael and his family. In a series of life threatening messages the plotters swear to eliminate him and his family for standing on the path of truth, justice and for arresting Abayomi in recovering the loot. Also, these revelations are not unconnected to the fact that these people engineered Abayomi not to return investors money back to the community.

 

However, the long arm of the law will soon reach them as Abayomi who has willingly confessed to the heinous crime he committed to the company is arrested and taken to court where he is Remanded and Micheal Okoh and his cohorts we learnt are also on the radar of the security operatives for collaboration and cyber bullying.

 

 

 

Sadly, the threat to life of the CEO and his family by these people should not be taken lightly as just as Mr Micheal Okoh said in his video that he will bring him down, same day, gunmen were sent to invade AAS lounge on the same day he was to address his workers for the year.

 

 

According to the security officer of the company, the ugly incident has never happened before on any of their investments until this brazen threats from Mr Okoh and others.

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