Keystone Bank has announced that it is now fully owned by the Federal Government of Nigeria, following a ruling by the Lagos State High Court on Tuesday, 11 February 2025.
The bank confirmed that the takeover would bolster its stability and assist in the smooth process of recapitalisation.
The development comes after the court ordered the forfeiture of shares held by the bank’s former shareholders, Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo, effectively transferring ownership to the Federal Government.
Keystone Bank made the announcement via a statement on its official Instagram page.
In the statement, the bank clarified the media reports surrounding the judgment by the Lagos State Special Offences Court, sitting in Ikeja, Lagos.
The ruling, handed down on Tuesday, required the forfeiture of shares previously owned by the two shareholders, reinforcing the bank’s transition into full government ownership.
“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 explained.
“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,” it continued.
The bank emphasised that the takeover marks a significant milestone in securing its future and facilitating long-term growth. Keystone Bank reassured its customers of its financial health, underlining its commitment to regulatory compliance and stability.
“We assure our customers that the bank remains safe, healthy, strong, and resilient,” the statement added.
Keystone Bank was previously among the three banks whose boards and management were dissolved by the Central Bank of Nigeria on 10 January 2024, leading to the appointment of new leadership.
This latest development positions the bank for continued success under the full ownership and backing of the Nigerian government.
