Keystone Bank Limited has announced a major update regarding its ownership structure. Following a court judgment on February 11, 2025, the Federal Government of Nigeria has taken over the bank’s ownership.
The judgment, delivered by the Lagos State Special Offences Court, ordered the forfeiture of shares previously held by the bank’s former shareholders, Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo, in favor of the Federal Government. This development marks a significant milestone in Keystone Bank’s journey, reinforcing its stability and paving the way for a seamless recapitalization process.
The Central Bank of Nigeria (CBN) had previously announced the dissolution of Keystone Bank’s previous Board and Management on January 10, 2024, because of corporate governance breaches. The CBN subsequently appointed a new Board and Management for the bank. The Federal Government, through the Economic and Financial Crimes Commission (EFCC), had also filed a court action challenging the bank’s acquisition by its former owners.
With the Federal Government now at the helm, Keystone Bank is poised for sustained growth, stronger partnerships, and enhanced profitability. The bank continues to improve on its balance sheet while delivering exceptional value to its stakeholders. Keystone Bank maintains a strong financial position, consistently fulfilling its obligations and adhering to regulatory requirements.
The management has reassured customers that Keystone Bank remains safe, healthy, strong, and resilient. This development is expected to bring about a new era of stability and growth for the bank, allowing it serve its customers better and contribute to the growth of the Nigerian economy.
What This Means for Keystone Bank's Customers
According to Keystone Bank’s statement, customers can expect a seamless banking experience, with the bank’s operations continuing uninterrupted. The bank’s management has assured customers that their deposits are safe and that the bank will continue to provide exceptional service.
The Future of Keystone Bank
The bank’s management is committed to strengthening its balance sheet, delivering exceptional value to stakeholders, and contributing to the growth of the Nigerian economy.
With the Federal Government at the helm, the bank is set for sustained growth, stronger partnerships, and enhanced profitability. Keystone Bank’s customers can hope for a seamless banking experience, and the bank’s management is committed to delivering exceptional value to stakeholders as the bank claims.
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