The Federal Government has officially taken full ownership of Keystone Bank following a court ruling.
As reported by PUNCH, in a statement posted on its official X handle on Tuesday evening, the bank addressed recent media reports regarding a judgment by the Lagos State Special Offences Court in Ikeja.
Keystone Bank clarified that the ruling concerned the former shareholders, Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo.
The statement read: “Keystone Bank Limited wishes to clarify media reports of a judgment 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.”
With this ruling, Keystone Bank is now under the complete control of the Federal Government.
