FIC Report (Lagos State) – The Federal Government has officially taken control of Keystone Bank following a court ruling by the Lagos State Special Offences Court.
In a statement on Tuesday, the bank confirmed the takeover, explaining that the court had ordered the forfeiture of 6.3 billion units of ordinary shares to the government at a nominal rate of one naira per share.
“At today’s sitting, February 11, 2025, the court directed that the shares previously owned by shareholders be forfeited to the Federal Government of Nigeria,” the bank stated. “This means that Keystone Bank Limited is now fully government-owned.”
This development comes after the Central Bank of Nigeria (CBN) dissolved the bank’s former board and management on January 10, 2024, citing corporate governance breaches. Following this, the CBN appointed a new leadership team to stabilize the institution.
Following this, the Economic and Financial Crimes Commission (EFCC), on behalf of the Federal Government, filed a court case at the Lagos State High Court, Ikeja, challenging the previous acquisition of the bank.
Despite these changes, Keystone Bank has reassured its customers that its operations remain stable. “We want to assure our customers that the bank is safe, strong, and resilient,” the statement added.
With the government now at the helm, the future of Keystone Bank will likely be shaped by efforts to restore confidence, maintain stability, and ensure continued financial services to its customers.
Signed
Gloria Dawodu
ACI&PRO
