The Federal Government of Nigeria has officially taken over Keystone Bank, following a court ruling that ordered the forfeiture of the bank’s shares previously held by Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo.
This development comes after the Central Bank of Nigeria (CBN) dissolved the bank’s previous board and management in January 2024 due to corporate governance breaches.
Keystone Bank confirmed the takeover in a statement, saying, “Keystone Bank Limited wishes to clarify media reports of a judgment by the Lagos State Special Offences Court… regarding the status of the former shareholders of the bank.“
A New Era for Keystone Bank
The bank put a positive spin on the situation, characterizing it as a “significant milestone in our journey,” paving the way for a seamless recapitalization process.
“With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability,” the bank stated on its website.
It endeavoured to reassure its customers that the bank will “consistently fulfilling all its obligations and adhering to all regulatory requirements… and that it remains safe, healthy, strong, and resilient.”
The bank promised to continue strengthening its balance sheet while delivering exceptional value to its stakeholders.
Keystone Bank offers banking services to large corporations, public institutions, small to medium enterprises (SMEs), and individuals.
With over 150 business offices and locations across Nigeria, the bank provides various products, including QuickSave, Paytime Accounts, and Growbiz Account.
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