The Keystone Bank PLC has now officially announced that it is now fully owned by the Federal Government Of Nigeria, noting that the takeover will ensure its stability and ensure a seamless recapitalization process.
This assertion was made known by the bank on its Instagram page on Tuesday evening, following a ruling by the Lagos State High Court, Ikeja.
The shares previously held by the bank stakeholders were ordered by the court to be forfeited to the Federal Government thereby effectively transferring ownership to the latter.
“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,” the statement read.
“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.
In the statement released, the bank described the development as a significant milestone in a bid to reinforce its stability and position 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.
“We assure our customers that the bank remains safe, healthy, strong, and resilient,” it added.