The Nigerian government has officially taken full control of Keystone Bank following a court ruling.
In a statement posted on its X handle late Tuesday, the bank clarified the situation regarding its former shareholders, Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo.
The statement recalled that on January 10, 2024, the Central Bank of Nigeria (CBN) dissolved the bank’s previous board and management due to corporate governance breaches. Following this, the CBN appointed a new board and management to oversee the bank’s operations.
Subsequently, the Economic and Financial Crimes Commission (EFCC) initiated legal action at the Lagos State High Court in Ikeja, challenging the acquisition of the bank by its former owners. On February 11, 2025, the court ruled in favor of the Federal Government, ordering the forfeiture of the shares previously held by the former shareholders. As a result, Keystone Bank is now fully owned by the Nigerian government.
The bank described the development as a “significant milestone,” emphasizing that it provides clarity for a smooth recapitalization process.
“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 read.
The bank reassured customers of its strong financial standing, confirming that it continues to meet all obligations and regulatory requirements. “We assure our customers that the bank remains safe, healthy, strong, and resilient,” it added.
