By Ed Malik, A | ed@ddnewsonline.com | posted 12 february, 2025
The Federal Government of Nigeria has taken over Keystone Bank Limited.
On February 11, 2025, the Lagos State Special Offences Court ruling ordered the forfeiture of shares previously held by Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo in Keystone Bank, transferring full ownership to the Federal Government of Nigeria.
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This ruling followed a case filed by the Economic and Financial Crimes Commission (EFCC) challenging the acquisition of the bank.
Earlier in January 2024, the Central Bank of Nigeria (CBN) had dissolved Keystone Bank’s former board and management due to corporate governance violations, appointing a new leadership team to oversee its affairs.
Keystone Bank has assured its customers and stakeholders of its strong financial position, emphasizing that the recent developments pave the way for seamless recapitalization, stronger partnerships, and sustained growth. The bank remains committed to delivering exceptional value and maintaining a secure and reliable banking experience.
The statement posted on the bank’s X page read:
“Keystone Bank Limited wishes to clarify media report 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.
“Recall that on January 10, 2024, the Central Bank of Nigeria (CBN) announced the dissolution of the previous Board and Management of the Bank for corporate governance breaches. The CBN followed this action with the appointment of a new Board and Management for the Bank.
“Subsequently, the Federal Government through the EFCC filed a court action at the Lagos State High Court, Ikeja, against the former owners challenging the acquisition of the bank.
“At the sitting of the court today, February 11, 2025, 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.
“This development marks a significant milestone in our journey, reinforcing our stability and paving the way for a seamless recapitalization process. With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability.
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“Keystone Bank continues to strengthen its balance sheet while delivering exceptional value to its teeming stakeholders. The bank maintains a strong financial position, consistently fulfilling all its obligations and adhering to all regulatory requirements.
“We assure our customers that the bank remains safe, healthy, strong, and resilient.”
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