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Keystone Bank has officially confirmed that it is now fully owned by the Federal Government of Nigeria, following a court ruling that ordered the forfeiture of shares previously held by its former shareholders. The bank stated that the transition will bolster its stability and facilitate a seamless recapitalisation process.
In a statement released on its Instagram page on Tuesday evening, Keystone Bank clarified the outcome of the Lagos State High Court ruling in Ikeja.
“Keystone Bank Limited wishes to clarify the media report on a judgment by the Lagos State Special Offences Court, sitting in Ikeja, Lagos, on Tuesday, February 11, 2025, regarding the status of the former shareholders of the bank: Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo,” the statement read.
“At the court sitting today, February 11, 2025, the court ordered the forfeiture of the bank’s shares previously held by these shareholders in favour of the Federal Government of Nigeria,” it added.
Describing the development as a significant milestone, Keystone Bank emphasized that the transition reinforces its financial stability and strengthens its long-term growth prospects.
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“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 teeming stakeholders,” it stated.
Reassuring its customers, the bank reaffirmed its financial health and adherence to regulatory standards.
“We assure our customers that the bank remains safe, healthy, strong, and resilient,” it added.
Keystone Bank was one of the 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.
