11th February, 2025
Keystone Bank Limited has addressed reports on the recent judgment by the Lagos State Special Offences Court, which ruled on the status of the bank’s former shareholders, Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo.
In a statement issued on Tuesday, the bank explained that the development follows regulatory actions taken by the Central Bank of Nigeria (CBN) to strengthen the institution and the banking sector at large.
Keystone Bank described the court’s decision as a turning point that reinforces its stability and facilitates its recapitalization process.
The bank recalled that on January 10, 2024, the CBN dissolved its previous Board and Management over corporate governance breaches, appointing a new leadership team to oversee its affairs.
This led to a legal challenge filed by the Economic and Financial Crimes Commission (EFCC) at the Lagos State High Court, Ikeja, contesting the former shareholders’ acquisition of the bank.
Delivering judgment on February 11, 2025, the court ordered the forfeiture of shares previously held by the former owners, transferring full ownership of Keystone Bank to the Federal Government of Nigeria.
Reacting to the ruling, Keystone Bank emphasized that this development cements its stability and sets the stage for a smooth recapitalization process.
“With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability,” the bank stated.
The institution assured stakeholders of its strong financial position, regulatory compliance, and commitment to delivering exceptional value to customers.
“We assure our customers that the bank remains safe, healthy, strong, and resilient,” the statement concluded.
