Keystone Bank Limited has confirmed its transition to full ownership by the Federal Government of Nigeria following a ruling by the Lagos State Special Offences Court, Ikeja, on February 11, 2025.
The court ordered the forfeiture of the bank’s shares previously held by its former shareholders—Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo—in favor of the government.
This development follows the Central Bank of Nigeria’s (CBN) decision on January 10, 2024, to dissolve the previous board and management of Keystone Bank due to corporate governance breaches. The CBN subsequently appointed a new board and management to stabilize the bank and strengthen its operations.
Keystone Bank described the court ruling as a “significant milestone” that reinforces its stability and positions the institution for sustained growth and enhanced profitability. With full ownership clarity, the bank is now set for a seamless recapitalization process.
“We are well-positioned for sustained growth, stronger partnerships, and enhanced profitability,” the bank said in a statement, assuring customers and stakeholders of its commitment to providing exceptional banking services.
Keystone Bank emphasized that it remains financially strong and compliant with all regulatory requirements. The bank continues to fulfill its obligations and strengthen its balance sheet while pursuing its mission to deliver value to customers and stakeholders.
“Keystone Bank remains safe, healthy, strong, and resilient,” the statement added, affirming the bank’s dedication to transparency and operational excellence as it enters this new phase.
With this restructuring, industry analysts are optimistic about the bank’s future, anticipating improved stability and strategic expansion under its new ownership structure.
