FG Acquires Complete Control of Keystone Bank

Full Ownership of Keystone Bank Secured by FG

The Federal Government of Nigeria has assumed full ownership of Keystone Bank following a ruling by the Lagos State Special Offences Court in Ikeja. On February 11, 2025, the court ordered the forfeiture of 6.3 billion units of ordinary shares, previously held by Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo, to the government.

This development stems from actions taken by the Central Bank of Nigeria (CBN) on January 10, 2024, when it dissolved the bank’s previous board and management due to corporate governance breaches. The CBN subsequently appointed a new leadership team to oversee the bank’s operations. Following these changes, the Economic and Financial Crimes Commission (EFCC) filed a lawsuit challenging the former owners’ acquisition of the bank, leading to the recent court ruling.

In response to the judgment, Keystone Bank issued a statement emphasizing that this transition marks a significant milestone, reinforcing its stability and paving the way for a seamless recapitalization process. The bank assured its customers and stakeholders of its strong financial position, adherence to regulatory requirements, and ongoing commitment to delivering exceptional value. “We assure our customers that the bank remains safe, healthy, strong, and resilient,” the statement read.