The Federal Government of Nigeria has officially taken full ownership of Keystone Bank following a court ruling ordering the forfeiture of shares previously held by its former shareholders.
In a statement posted on its official X handle on Tuesday, February 11, 2025, the bank clarified the ruling by the Lagos State Special Offences Court in Ikeja, which finalized the transfer of ownership.
Keystone Bank explained that the move follows the Central Bank of Nigeria’s (CBN) earlier decision on January 10, 2024, to dissolve the bank’s previous board and management over corporate governance violations. This was followed by a legal challenge from the Economic and Financial Crimes Commission (EFCC) against the former owners, Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo.
“At the sitting of the court today, February 11, 2025, the court ordered the forfeiture of the shares of the bank previously held by the shareholders in favor of the Federal Government of Nigeria. The implication of this judgment is that Keystone Bank Limited is now fully owned by the Federal Government of Nigeria,” the bank stated.
Keystone Bank described the development as a “significant milestone” that would enable a smooth recapitalization process. The bank assured customers of its continued financial stability, regulatory compliance, and commitment to delivering exceptional service.
“We assure our customers that the bank remains safe, healthy, strong, and resilient,” the statement read.
The court ruling marks a new chapter in Keystone Bank’s operations as it moves forward under government ownership.
