Keystone Bank has officially confirmed that it is now fully owned by the Federal Government of Nigeria, following a ruling by the Lagos State High Court in Ikeja. The court 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.
In a statement released on its official Instagram page on Tuesday, the bank emphasized that the takeover would enhance its stability and facilitate a smooth recapitalization process.
Keystone Bank described this development as a significant milestone that reinforces its financial stability and positions it for long-term growth. “With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability,” the statement read.
The bank also reassured customers of its financial strength and regulatory compliance, stating, “We assure our customers that the bank remains safe, healthy, strong, and resilient.”
Keystone Bank was among the three banks whose boards and management were dissolved by the Central Bank of Nigeria (CBN) on January 10, 2024, leading to the appointment of new leadership.
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