Keystone Bank has confirmed that it is now fully owned by the Federal Government of Nigeria.
The bank disclosed this in a statement on its X account (formerly Twitter) Tuesday evening, following a ruling by the Lagos State Special Offences Court, Ikeja.
The court ordered the forfeiture of shares previously held by the bank’s former shareholders, effectively transferring ownership to the Federal Government.
In its statement, the bank confirmed this ruling, clarifying reports on status of its former shareholders.
“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 reads in part.
“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. The implication of this judgement is that Keystone Bank Limited is now fully owned by the Federal Government of Nigeria,” the statement declared.
The bank further described the development as a significant milestone, reinforcing its stability and positioning it for long-term growth.
“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.
The bank also reassured customers of its financial health and regulatory compliance.
“We assure our customers that the bank remains safe, healthy, strong, and resilient,” Keystone assured.
Keystone Bank was among the three banks whose boards and management were dissolved by the Central Bank of Nigeria on January 10, 2024, leading to the appointment of new leadership
