This information was shared in a statement on the bank's Instagram account on Tuesday evening, following a decision by the Lagos State High Court in Ikeja.
The court mandated the forfeiture of shares previously owned by the bank’s former shareholders, thereby transferring ownership to the Federal Government.
“Keystone Bank Limited wishes to clarify the media report on a judgment by the Lagos State Special Offences Court, sitting in Ikeja, Lagos, on Tuesday, February 11, 2025, regarding the status of the former shareholders of the bank: Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo,” the statement indicated.
“At the court sitting today, February 11, 2025, the court ordered the forfeiture of the bank’s shares previously held by these shareholders in favour of the Federal Government of Nigeria,” it continued.
The bank characterized this development as a pivotal moment, enhancing its stability and positioning it for future growth.
“With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability. Keystone Bank continues to strengthen its balance sheet while delivering exceptional value to its teeming stakeholders,” the statement noted.
Additionally, the bank reassured its customers regarding its financial stability and adherence to regulatory standards.
“We assure our customers that the bank remains safe, healthy, strong, and resilient,” it concluded.
Keystone Bank was one of three banks whose boards and management were dissolved by the Central Bank of Nigeria on January 10, 2024, resulting in the appointment of new leadership.