The Nigerian Government Takes Full Ownership of Keystone Bank
In a significant turn of events, the Nigerian government has officially taken full ownership of Keystone Bank following a court ruling in Lagos on Tuesday.
The Lagos State High Court ordered the forfeiture of shares previously held by its former owners, Sigma Golf Nigeria Ltd. and Alhaji Umaru Modibbo, to the Nigerian government, as confirmed by a statement from the bank.
This development comes after the Central Bank of Nigeria (CBN) dissolved the bank’s previous board in January 2024 due to corporate governance breaches.
Keystone Bank has described this as a “significant milestone,” ensuring a smooth recapitalization process and strengthening its financial position.
The bank reassured its customers of its stability, strong balance sheet, and continued compliance with regulatory requirements.
