The Federal Government has officially taken full ownership of Keystone Bank following a court ruling in Lagos on Tuesday.
A statement by the bank confirmed that the Lagos State High Court ordered the forfeiture of shares previously held by its former owners, Sigma Golf Nigeria Ltd and Alhaji Umaru Modibbo, to the Federal Government.
The move follows the Central Bank of Nigeria’s (CBN) dissolution of the bank’s previous board in January 2024 over corporate governance breaches.
Keystone Bank described the development as a “significant milestone,” ensuring a smooth recapitalisation process and strengthening its financial position.
The bank reassured customers of its stability, strong balance sheet, and continued compliance with regulatory requirements.
💡 Keystone Bank. Stronger Than Ever. 💡
Keystone Bank is entering a new era of stability and growth. Our foundation is solid, our future is bright, and our commitment to you remains stronger than ever. We move forward—together. #KeystoneBank #WeGrowTogether pic.twitter.com/aHV9XVd4T6
— Keystone Bank (@keystonebankng) February 11, 2025