FG assumes full management of Keystone Bank

Keystone Bank has confirmed that it’s now totally owned by the Federal Authorities of Nigeria, stating that the takeover will improve its stability and facilitate a clean recapitalisation course of.

The financial institution disclosed this in a press release on its Instagram web page on Tuesday night, following a ruling by the Lagos State Excessive Courtroom, Ikeja.

The court docket ordered the forfeiture of shares beforehand held by the financial institution’s former shareholders, successfully transferring possession to the Federal Authorities.

“Keystone Bank Restricted needs to make clear the media report on a judgment by the Lagos State Particular Offences Courtroom, sitting in Ikeja, Lagos, on Tuesday, February 11, 2025, concerning the standing of the previous shareholders of the financial institution: Sigma Golf Nigeria Restricted and Alhaji Umaru H. Modibbo,” the assertion learn.

“On the court docket sitting in the present day, February 11, 2025, the court docket ordered the forfeiture of the financial institution’s shares beforehand held by these shareholders in favour of the Federal Authorities of Nigeria, ” it stated.

The financial institution described the event as a big milestone, reinforcing its stability and positioning it for long-term development.

“With this readability, we’re well-positioned for sustained development, stronger partnerships, and enhanced profitability. Keystone Bank continues to strengthen its stability sheet whereas delivering distinctive worth to its teeming stakeholders,” it acknowledged.

The financial institution additionally reassured prospects of its monetary well being and regulatory compliance.

“We guarantee our prospects that the financial institution stays secure, wholesome, sturdy, and resilient,” it added.

Keystone Bank was among the many three banks whose boards and administration have been dissolved by the Central Bank of Nigeria on 10 January 2024, resulting in the appointment of new management.