Keystone Bank has affirmed that it is now fully owned by the Federal Government of Nigeria, marking a significant transition aimed at enhancing the bank’s stability and facilitating a seamless recapitalization process.
In an official statement released on its Instagram page Tuesday evening, the bank acknowledged the ruling of the Lagos State High Court in Ikeja, which ordered the forfeiture of shares previously held by its former shareholders. This effectively transferred complete ownership to the Nigerian 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 milestone that reinforces its financial stability and positions 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.
Amid concerns from customers and investors, Keystone Bank reassured the public of its financial health, regulatory compliance, and commitment to maintaining 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. With this new development, the bank is expected to undergo a strategic transformation under government control, ensuring its long-term viability in Nigeria’s financial sector.
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