Our reporter
Keystone Bank has confirmed that it is now entirely under the ownership of the Federal Government of Nigeria, following a ruling by the Lagos State High Court on Tuesday, February 11, 2025. The court’s decision ordered the forfeiture of shares previously held by the bank’s former shareholders, Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo, effectively transferring ownership to the government.
The bank issued a clarification on its official Instagram page, addressing media reports on the court ruling. “Keystone Bank Limited wishes to clarify the media report on a judgment by the Lagos State Special Offences Court, sitting in Ikeja, Lagos,” the statement said, adding that the court’s decision had formally concluded the matter of the bank’s ownership.
In its statement, Keystone Bank emphasised that the ruling represents a major step forward for the institution, which it described as being “well-positioned for sustained growth, stronger partnerships, and enhanced profitability” under the new structure. The bank also sought to reassure its customers, stating that its financial health remains robust and that it continues to operate in full compliance with regulatory requirements.
The move comes just over a year after the Central Bank of Nigeria (CBN) dissolved the boards and management of Keystone Bank and two other banks in January 2024. New leadership was appointed shortly thereafter to steer the bank’s operations.
Keystone Bank has expressed confidence that this development will bolster its stability and position it for long-term success, ensuring continued value for all stakeholders.
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Keystone Bank is entering a new era of stability and growth. Our foundation is solid, our future is bright, and our commitment to you remains stronger than ever. We move forward—together. #KeystoneBank #WeGrowTogether pic.twitter.com/aHV9XVd4T6
— Keystone Bank (@keystonebankng) February 11, 2025
