By Ayomide Otitoju
The Federal Government has officially taken full ownership of Keystone Bank, following a ruling by the Lagos State Special Offences Court on Tuesday, February 11, 2025.
In a statement posted on the bank’s X handle, Keystone Bank clarified media reports surrounding the court’s decision, which involved the status of the bank’s former shareholders, Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo.
The statement noted that on January 10, 2024, the Central Bank of Nigeria (CBN) dissolved the previous board and management of Keystone Bank due to corporate governance violations, subsequently appointing a new leadership team. Following this, the Federal Government, through the Economic and Financial Crimes Commission (EFCC), initiated legal proceedings against the former shareholders, contesting their acquisition of the bank.
The court’s ruling on February 11, 2025, ordered the forfeiture of the shareholders’ stakes in Keystone Bank to the Federal Government. This decision marks a pivotal moment, officially making the bank fully government-owned.
Keystone Bank hailed the development as a “significant milestone” and emphasized that it would pave the way for a seamless recapitalization process. The bank expressed confidence in its future, noting its strong financial position and ongoing commitment to its stakeholders.
“Our foundation is solid, our future is bright, and our commitment to you remains stronger than ever,” the statement concluded, assuring customers that the bank continues to meet all regulatory requirements and remains safe, healthy, and resilient.
