Keystone Bank, on Tuesday, confirmed its full ownership by the Federal Government of Nigeria, stating that the development will enhance its stability and facilitate a smooth recapitalisation process.
Keystone Bank disclosed this in a statement on its Instagram page on Tuesday evening, following a ruling by the Lagos State High Court, Ikeja.
The court ordered the forfeiture of the over 6billion ordinary shares previously held by the bank’s former shareholders, effectively transferring ownership to the Federal Government.
According to the statement, “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.
“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 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.
Keystone Bank also reassured its customers of its financial health and regulatory compliance.
“We assure our customers that the bank remains safe, healthy, strong, and resilient,” it added.
Keystone Bank was among the three banks whose boards and management were dissolved by the Central Bank of Nigeria on 10 January 2024, leading to the appointment of new leadership.
