Keystone Bank has announced its full ownership by the Federal Government of Nigeria, stating that this takeover will enhance stability and facilitate a smooth recapitalization process.
The announcement was made via an Instagram statement on Tuesday evening, following a ruling by the Lagos State High Court in Ikeja. The court ordered the forfeiture of shares held by the bank’s former shareholders, transferring ownership to the Federal Government.
“Keystone Bank Limited wishes to clarify media reports regarding the judgment by the Lagos State Special Offences Court on February 11, 2025, concerning the former shareholders, Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo,” the statement read.
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The court’s decision on February 11 mandated the forfeiture of the bank’s shares in favor of the Federal Government of Nigeria.
“With this clarity, we are positioned for sustained growth, stronger partnerships, and enhanced profitability. Keystone Bank continues to strengthen its balance sheet while delivering exceptional value to our stakeholders,” the bank stated, assuring customers of its financial health and regulatory compliance.
“We assure our customers that the bank remains safe, healthy, strong, and resilient,” it added.
Keystone Bank was one of three banks whose boards and management were dissolved by the Central Bank of Nigeria on January 10, 2024, leading to new leadership appointments.
