Keystone Bank has confirmed that it is now fully owned by the Federal Government of Nigeria, following a Lagos State High Court ruling that ordered the forfeiture of shares previously held by the bank’s former shareholders.
The court’s decision effectively transferred ownership of the bank to the Federal Government.
In a statement on its Instagram page, Keystone Bank described the development as a “significant milestone” that reinforces its stability and positions it for long-term growth. The bank stated, “Keystone Bank Limited wishes to clarify the media report on 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 statement continued, “At the court sitting today, February 11, 2025, the court ordered the forfeiture of the bank’s shares previously held by these shareholders in favour of the Federal Government of Nigeria.”
The bank reassured customers of its financial health and regulatory compliance, stating, “We assure our customers that the bank remains safe, healthy, strong, and resilient.” The bank also expressed optimism about its future prospects, saying, “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.”
