Keystone Bank has confirmed that it is now fully owned by the Federal Government of Nigeria, stating that the transition will enhance its stability and facilitate a seamless recapitalisation process.
In a statement shared on its official Instagram page on Tuesday evening, the bank addressed recent media reports concerning a ruling by the Lagos State High Court in Ikeja. The court ordered the forfeiture of shares previously held by the bank’s former shareholders, thereby transferring full ownership to the government.
“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.
The bank described the ruling as a crucial step in strengthening its financial position and ensuring long-term stability.
“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 stakeholders,” the statement further noted.
Additionally, the bank reassured customers of its continued financial health and adherence to regulatory guidelines.
“We assure our customers that the bank remains safe, healthy, strong, and resilient,” it stated.
Keystone Bank was among 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.