The Federal Government of Nigeria has officially taken full ownership of Keystone Bank, following a court ruling by the Lagos State Special Offences Court on Tuesday.
The decision came after the Lagos State Special Offences Court ordered the forfeiture of shares previously held by Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo.
The ruling follows the January 2024 intervention by the Central Bank of Nigeria (CBN), which dissolved the bank’s Board and Management over corporate governance breaches.
The Economic and Financial Crimes Commission (EFCC) later challenged the former owners’ acquisition of the bank in court, leading to the recent judgment.
In a statement on its X handle, Keystone Bank described the move as a “significant milestone”, stating that it paves the way for recapitalisation, stronger partnerships, and long-term stability.
The bank reassured customers that it remains financially sound and committed to delivering value while complying with regulatory requirements.
