The management of Keystone Bank has announced that the Federal Government has fully possessed the institution, following the dissolution of the previous Board and Management of the Bank by the Central Bank of Nigeria (CBN) for corporate governance breaches, which was followed by appointment of a new Board and Management for the Bank.
“Keystone Bank Limited wishes to clarify media report 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.”
The Federal Government through the EFCC had 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.”
“Keystone Bank is entering a new era of stability and growth. Our foundation is solid, our future is bright, and our commitment to you remains stronger than ever. We move forward together."
Describing the development as a significant milestone in our journey, the bank said the move is paving the way for a seamless recapitalization process.
“With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability. 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.”
