Keystone Bank Confirms FG as New Owner

Israel Adeleke 

OPEN TELEVISION NAIJA (OTN) News reports that the Keystone Bank has confirmed that it is now fully owned by the Federal Government of Nigeria, stating that the takeover will enhance its stability and facilitate a smooth recapitalisation process.

OTN News further reports that this new development was disclosed in a statement on Keystone Bank Instagram page on Tuesday evening, following a ruling by the Lagos State High Court, Ikeja.

Furthermore, the high court ordered the forfeiture of shares previously held by the bank’s former shareholders, effectively transferring ownership to the Federal Government.

OTN News recalls that Keystone Bank was among the three banks whose boards and management were dissolved by the Central Bank of Nigeria on 10 January 2024, leading to the appointment of new leadership.

According to the statement, “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.

“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, ” it said.

However, the bank scripted the development as a significant milestone, reinforcing its stability and positioning it for long-term growth.

“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,” it stated.

The bank however, reassured customers of its financial health and regulatory compliance, saying, “We assure our customers that the bank remains safe, healthy, strong, and resilient."