The Federal Government has officially taken full ownership of Keystone Bank, according to a statement released by the bank on its X handle Tuesday evening.

Keystone Bank clarified media reports regarding a recent judgment by the Lagos State Special Offences Court in Ikeja, Lagos, delivered on Tuesday, February 11, 2025. The ruling addressed the status of the bank’s former shareholders, Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo.

The statement recalled that on January 10, 2024, the Central Bank of Nigeria (CBN) dissolved the bank’s previous Board and Management over corporate governance violations, subsequently appointing a new leadership team.

Following this, the Federal Government, through the Economic and Financial Crimes Commission (EFCC), initiated legal action at the Lagos State High Court in Ikeja, challenging the bank’s acquisition. In its ruling, the court ordered the forfeiture of shares previously held by the former shareholders, effectively transferring full ownership of Keystone Bank to the Federal Government.

“This judgment means that Keystone Bank Limited is now entirely owned by the Federal Government of Nigeria,” the statement confirmed.

Keystone Bank described the development as a “significant milestone”, signaling a fresh start and a path toward seamless recapitalization.

“With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability. Keystone Bank continues to reinforce its financial stability while delivering exceptional value to its stakeholders,” the statement added.

The bank reassured its customers of its strong financial position, commitment to regulatory compliance, and continued fulfillment of obligations.

“Our foundation is solid, our future is bright, and our commitment to you remains stronger than ever. We move forward—together.”