The Federal Government of Nigeria has taken full ownership of Keystone Bank following a ruling by the Lagos State High Court, Ikeja.
The court ordered the forfeiture of shares previously held by Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo, the bank’s former majority shareholders.
This decision comes after the Central Bank of Nigeria (CBN) dissolved the previous Board and Management of Keystone Bank on January 10, 2024, due to corporate governance breaches.
The management of Keystone Bank has also confirmed the act in a statement published on its X handle on Tuesday evening.
It alerted customers, and other stakeholders that the financial institution is now fully owned by the Federal Government.
Keystone Bank has assured its customers and stakeholders that the takeover will enhance its stability and facilitate a smooth recapitalization process. The bank emphasized that it remains financially sound and fully compliant with regulatory standards.
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