The Federal Government has officially taken full ownership of Keystone Bank following a court ruling on Tuesday, February 11, 2025, that ordered the forfeiture of the bank’s shares previously held by its former shareholders, Sigma Golf Nigeria Limited and Umaru H. Modibbo.
The announcement was made in a statement released by Keystone Bank on its X handle (formerly Twitter) later that evening. The statement clarified that the ruling by the Lagos State Special Offences Court in Ikeja had resolved the legal dispute over the ownership of the bank, which had been under investigation by the Economic and Financial Crimes Commission (EFCC).
The statement highlighted that in January 2024, the Central Bank of Nigeria (CBN) had dissolved the previous board and management of the bank due to corporate governance violations. Following this, the CBN appointed a new board and management to oversee the bank’s operations.
Subsequently, the EFCC filed a court action challenging the acquisition of the bank by its former owners. The court’s judgment on February 11, 2025, ruled in favor of the Federal Government, ordering the forfeiture of the shares. As a result, Keystone Bank is now fully owned by the Federal Government of Nigeria.
Keystone Bank described the development as a “significant milestone” in its journey, noting that the move paves the way for a seamless recapitalization process. The bank expressed confidence that the change in ownership would facilitate sustained growth, stronger partnerships, and enhanced profitability.
In the statement, the bank reassured its customers and stakeholders of its strong financial position, adherence to regulatory requirements, and continued commitment to providing exceptional value. “Keystone Bank remains safe, healthy, strong, and resilient,” the statement concluded.
