The Federal Government has officially taken full ownership of Keystone Bank following a court ruling in Lagos.
In a statement released on its official X handle Tuesday evening, the bank confirmed the decision, clarifying recent media reports about the ownership dispute.
Keystone Bank stated that the Lagos State Special Offences Court in Ikeja ruled on February 11, 2025, ordering the forfeiture of shares previously held by former shareholders—Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo—to the Federal Government.
The case followed the Central Bank of Nigeria’s (CBN) decision on January 10, 2024, to dissolve the bank’s previous board and management over corporate governance violations. The CBN subsequently appointed a new leadership team to oversee the bank’s operations.
According to the statement, the Economic and Financial Crimes Commission (EFCC) had challenged the acquisition of the bank by its former owners, leading to the latest court ruling. With the judgment in place, Keystone Bank is now fully under government control.
The bank described this development as a “significant milestone” that will enable a seamless recapitalization process.
“With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability,” the statement read. “Keystone Bank remains financially strong, consistently meeting all obligations and regulatory requirements. Customers can rest assured that the bank is stable, resilient, and committed to delivering exceptional value.”
News Source: Channels TV
