The Federal Government of Nigeria has taken complete control of Keystone Bank, following a court judgment on February 11, 2025. According to a statement released by the bank, the Lagos State Special Offences Court ordered the forfeiture of shares previously held by Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo in favour of the Federal Government.

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. The CBN then appointed a new Board and Management, and the Federal Government filed a court action challenging the acquisition of the bank.

Keystone Bank has described this development as a “significant milestone” that will pave the way for a seamless recapitalization process. The bank assured its customers that it remains safe, healthy, strong, and resilient, with a strong financial position and consistent fulfillment of obligations and regulatory requirements.

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