BREAKING: If You Have Money In Keystone Bank, Read This Immediately As FG Takes Over Ownership
The Federal Government of Nigeria has officially taken full ownership of Keystone Bank Limited following a court ruling by the Lagos State Special Offences Court in Ikeja. The judgement, delivered on Tuesday, 11th February 2025, mandated the forfeiture of shares previously held by the former shareholders, Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo, in favour of the government.
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This development follows a series of regulatory actions initiated by the Central Bank of Nigeria (CBN). On 10th January 2024, the CBN dissolved the former Board and Management of Keystone Bank, citing corporate governance breaches. The apex bank subsequently appointed a new Board and Management to steer the institution towards stability and growth.
Following the CBN’ s intervention, the Economic and Financial Crimes Commission (EFCC) filed a court case at the Lagos State High Court, Ikeja, challenging the acquisition of Keystone Bank by the former owners. The legal dispute culminated in Tuesday’ s ruling, which effectively transferred ownership of the bank to the Federal Government of Nigeria.
A statement released by Keystone Bank on its X (formerly Twitter) handle on Tuesday evening confirmed the court’ s decision, noting that the ruling marked a significant milestone in the bank’ s journey towards stability. It read:
” Keystone Bank Limited wishes to clarify media reports of a judgement 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 court ordered the forfeiture of the shares of the Bank previously held by the shareholders in favour 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. ”
Keystone Bank emphasised that the court’ s decision paves the way for a seamless recapitalisation process, positioning the institution for sustained growth and profitability.
The statement continued: ” 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. ”
The bank reassured its customers of its strong financial position, confirming its commitment to fulfilling all financial obligations and complying with regulatory requirements.
Despite the ownership transition, Keystone Bank maintains a positive outlook. The bank affirmed its dedication to delivering quality service while reinforcing its stability and growth potential. It described the development as a ” significant milestone” that would ensure its resilience and market competitiveness.
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The statement concluded with an optimistic message: ” Keystone Bank is entering a new era of stability and growth. Our foundation is solid, our future is bright, and our commitment to you remains stronger than ever. We move forward— together. “
