Sigma Golf Nigeria and Mr Umaru Modibbo are no longer the owners of Keystone Bank Limited, the financial institution has confirmed.
The bank has been taken over by the federal government after a judgment by the Lagos State Special Offences Court sitting in Ikeja, the state capital, on Tuesday, February 11, 2025.
The lender in a statement yesterday called for calm, assuring “our customers that the bank remains safe, healthy, strong, and resilient.”
Recall that Keystone Bank was sold to Sigma Golf in 2017 by the Asset Management Corporation of Nigeria (AMCON). The sale of the company raised dust because of the amount involved, which many said was too small.
The Economic and Financial Crimes Commission (EFCC) waded into the matter, approaching the court for a reversal of the acquisition.
On Tuesday, the court in Lagos ordered the forfeiture of the shares of Keystone Bank previously held by the shareholders, mainly Sigma Gold and Mr Umaru Modibbo, in favour of the Federal Government of Nigeria.
In the statement, the bank disclosed that, “The implication of this judgment is that Keystone Bank Limited is now fully owned by the Federal Government of Nigeria.”
“This development marks a significant milestone in our journey, reinforcing our stability and paving the way for a seamless recapitalization process. 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. The bank maintains a strong financial position, consistently fulfilling all its obligations and adhering to all regulatory requirements,” it added.
Recall that on January 10, 2024, the Central Bank of Nigeria (CBN) announced the dissolution of the previous board and management of Keystone Bank, Polaris Bank, and Union Bank of Nigeria for corporate governance breaches.
The banking sector regulator followed this action with the appointment of a new board and management for the three organisations.