KEYSTONE Bank has confirmed that it is now fully owned by the Federal Government of Nigeria, stating that the takeover will enhance its stability and facilitate a smooth recapitalisation process.
The bank disclosed this in a statement on its Instagram page on Tuesday evening, following a ruling by the Lagos State High Court, Ikeja.
The court ordered the forfeiture of shares previously held by the bank’s former shareholders, effectively 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 read.
“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 said.
The bank described the development as a significant milestone, reinforcing its stability and positioning it for long-term 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,” it stated.
The bank also reassured customers of its financial health and regulatory compliance.
“We assure our customers that the bank remains safe, healthy, strong, and resilient,” it added.
Keystone Bank was among the three banks whose boards and management were dissolved by the Central Bank of Nigeria on 10 January 2024, leading to the appointment of new leadership.
In a related development, President Bola Tinubu has directed the Federal Government to take over Nok University, Kachia, Kaduna State, and transform it into a federal university.
Vice President Kashim Shettima announced this during the formal handover of the institution’s property and assets to the Federal Government by the Economic and Financial Crimes Commission at the Presidential Villa, Abuja, on Tuesday.
Following the President’s directive — issued after a Federal High Court in Abuja ordered the final forfeiture of the privately-owned Nok University to the Federal Government — the institution has now been renamed the Federal University of Applied Sciences, Kachia, Kaduna State, in fulfilment of a promise made to the people of Southern Kaduna.
The Senior Special Assistant to the Vice President on Media and Communication, Stanley Nkwocha, confirmed this development in a statement issued on Tuesday, titled ‘Nok Varsity Now Federal University of Applied Sciences as President Tinubu Orders Immediate Takeover’.