Keystone Bank has officially confirmed that the Federal Government of Nigeria has assumed full ownership of the bank, following a ruling by the Lagos State High Court, Ikeja. The development, the bank says, will enhance its stability and facilitate a seamless recapitalization process.
In a statement released on its official Instagram page on Tuesday evening, Keystone Bank disclosed that the court had ordered the forfeiture of shares previously held by its former shareholders, Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo, to the Federal Government.
“Keystone Bank Limited wishes to clarify the media report on a judgment by the Lagos State Special Offences Court, sitting in Ikeja, Lagos, on Tuesday, February 11, 2025, regarding the status of the former shareholders of the bank: Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo,” the statement read.
“At the court sitting today, February 11, 2025, the court ordered the forfeiture of the bank’s shares previously held by these shareholders in favour of the Federal Government of Nigeria,” the bank added.
Describing the ruling as a “significant milestone,” Keystone Bank stated that the development would reinforce its stability and position the institution for long-term growth.
“With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability. Keystone Bank continues to strengthen its balance sheet while delivering exceptional value to its teeming stakeholders,” the statement said.
The bank also reassured customers of its financial health and ongoing regulatory compliance.
“We assure our customers that the bank remains safe, healthy, strong, and resilient,” it emphasized.
Keystone Bank has been under scrutiny since January 10, 2024, when the Central Bank of Nigeria dissolved the boards and management of three banks, including Keystone, and appointed new leadership.
