Keystone Bank Confirms Full Ownership by Federal Government
Keystone Bank has confirmed that it is now fully owned by the Federal Government of Nigeria, stating that the transition will enhance its stability and facilitate a seamless recapitalization process.
In a statement released on its Instagram page Tuesday evening, the bank acknowledged the ruling by the Lagos State High Court in Ikeja, which ordered the forfeiture of shares previously held by its former shareholders, effectively transferring ownership to the government.
“Keystone Bank Limited wishes to clarify reports regarding the judgment by the Lagos State Special Offences Court, sitting in Ikeja, on Tuesday, February 11, 2025, concerning the status of the bank’s former shareholders: Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo,” the statement read.
“At today’s court sitting, the judge ordered the forfeiture of the bank’s shares previously held by these shareholders in favor of the Federal Government of Nigeria.”
The bank described the ruling as a major milestone, reinforcing its stability and positioning it for long-term success.
“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 stakeholders,” the statement added.
Keystone Bank also reassured customers of its financial health, regulatory compliance, and ongoing commitment to service excellence.
“We assure our customers that the bank remains safe, healthy, strong, and resilient.”
Keystone Bank was among three financial institutions whose boards and management were dissolved by the Central Bank of Nigeria on January 10, 2024, leading to the appointment of new leadership.
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