In a statement on its Instagram page, Keystone Bank clarified the media report on the judgment, stating, “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 further 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.”
Keystone 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,” the bank 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.
This development comes after the Central Bank of Nigeria dissolved the boards and management of Keystone Bank, along with two other banks, on January 10, 2024, leading to the appointment of new leadership ¹.
