Keystone Bank Limited has confirmed that it is now fully owned by the Federal Government of Nigeria following a court ruling on February 11, 2025. The Lagos State Special Offences Court in Ikeja ordered the forfeiture of shares previously held by former shareholders Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo to the government.
Background on the Case
The legal proceedings follow the January 10, 2024, decision by the Central Bank of Nigeria (CBN) to dissolve Keystone Bank’s previous Board and Management over corporate governance breaches. The CBN also appointed a new Board and Management to oversee the bank’s operations.
Subsequently, the Economic and Financial Crimes Commission (EFCC) filed a case at the Lagos State High Court, Ikeja, challenging the acquisition of the bank by its former owners. The ruling delivered on February 11, 2025, now solidifies the Federal Government’s full ownership of Keystone Bank.
What This Means for Keystone Bank
This development marks a new chapter for Keystone Bank, providing stability and clarity in its ownership structure. The bank is now better positioned for:
• Seamless recapitalization to strengthen financial standing.
• Sustained growth and expansion in the Nigerian banking sector.
• Stronger partnerships with investors and stakeholders.
• Enhanced profitability driven by a stable governance framework.
Keystone Bank’s Commitment to Stability
Despite the ownership transition, Keystone Bank reassures its customers, partners, and stakeholders that it remains:
✔️ Financially strong – Maintaining a solid balance sheet and meeting all financial obligations.
✔️ Regulatorily compliant – Operating in line with CBN guidelines and industry best practices.
✔️ Focused on customer service – Continuing to deliver exceptional banking experiences to its clients.
Looking Ahead
Keystone Bank remains resilient and well-positioned for future growth under government ownership. With stability restored, the bank is set to strengthen operations, drive innovation, and create more value for its customers and stakeholders in the coming years.
