The Federal Government of Nigeria has officially taken full ownership of Keystone Bank Limited following a court judgment that ordered the forfeiture of shares previously held by its former shareholders, Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo.

In a statement posted on its official X (formerly Twitter) handle on Tuesday, February 11, 2025, Keystone Bank confirmed the development, stating that the Lagos State Special Offences Court in Ikeja ruled in favor of the Economic and Financial Crimes Commission (EFCC), transferring ownership to the government.

The ruling follows the January 10, 2024, decision by the Central Bank of Nigeria (CBN) to dissolve the bank’s previous board and management due to corporate governance breaches.

Describing the development as a “significant milestone”, Keystone Bank assured customers and stakeholders that it remains financially strong, stable, and compliant with regulatory requirements.

“With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability,” the statement read.

The bank emphasized that it is entering a new era of stability and growth, paving the way for a seamless recapitalization process.