The Federal Government of Nigeria has officially taken full ownership of Keystone Bank following a court ruling that ordered the forfeiture of shares previously held by its former shareholders, Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo.
Keystone Bank confirmed the development in a statement on its X handle on Tuesday evening, clarifying media reports regarding the judgment by the Lagos State Special Offences Court, which took place on February 11, 2025, in Ikeja, Lagos.
The bank highlighted that the Central Bank of Nigeria (CBN) had dissolved its previous board and management on January 10, 2024, due to corporate governance breaches, and a new leadership team was appointed. Following this, the Federal Government, through the Economic and Financial Crimes Commission (EFCC), filed a legal case at the Lagos State High Court against the former owners, challenging their acquisition of the bank.
In today’s ruling, the court ordered the forfeiture of the shares once held by Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo in favor of the Federal Government. As a result, Keystone Bank is now entirely owned by the Nigerian government.
Describing the development as a “significant milestone in our journey,” Keystone Bank emphasized that it marks an important step towards “paving the way for a seamless recapitalization process.”
The bank further stated, “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.”
