A Lagos State Special Offences Court has ordered the forfeiture of all shares previously held by Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo in Keystone Bank Limited.
This move will officially be transferring ownership to the Federal Government of Nigeria.
The ruling, delivered on Tuesday, February 11, 2025, follows a legal challenge by the Economic and Financial Crimes Commission (EFCC) regarding the acquisition of the bank by its former owners.
The development comes after the Central Bank of Nigeria (CBN), on January 10, 2024, dissolved the bank’s previous board and management over alleged corporate governance violations, subsequently appointing a new leadership team.
Confirming the court’s decision, Keystone Bank described the ruling as “a significant milestone that reinforces the institution’s stability and sets the stage for a seamless recapitalization process.”
A spokesperson for the bank stated, “With this clarity in ownership, we are now well-positioned for sustained growth, stronger partnerships, and enhanced profitability.
Our commitment to delivering exceptional value to our customers and stakeholders remains unwavering.”
The bank reassured depositors and investors of its financial strength, emphasizing that it continues to meet all regulatory requirements.
“Keystone Bank remains safe, healthy, strong, and resilient,” the statement added.