Business & Economy
FG Takes Ownership of Keystone Bank
- In 2017, Keystone Bank was acquired by Sigma Golf Nigeria Limited from the Asset Management Corporation of Nigeria (AMCON). The transaction faced scrutiny due to allegations that the purchase amount was considerably low.
- The Economic and Financial Crimes Commission (EFCC) intervened and sought legal action to reverse the acquisition.
Keystone Bank Limited has officially confirmed that it is now fully owned by the Federal Government of Nigeria.
Eko Hot Blog reports that this development follows a judgment by the Lagos State Special Offences Court on Tuesday, February 11, 2025, which resulted in the forfeiture of the N6.3 billion shares previously held by the bank’s former owners, Sigma Golf Nigeria and Mr. Umaru Modibbo.
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The lender in a statement yesterday called for calm, assuring “our customers that the bank remains safe, healthy, strong, and resilient.”
In 2017, Keystone Bank was acquired by Sigma Golf Nigeria Limited from the Asset Management Corporation of Nigeria (AMCON). The transaction faced scrutiny due to allegations that the purchase amount was considerably low.
The Economic and Financial Crimes Commission (EFCC) intervened and sought legal action to reverse the acquisition.
Consequently, on Tuesday, the court in Lagos ruled in favor of the Federal Government of Nigeria, ordering the forfeiture of Keystone Bank shares previously owned by Sigma Gold and Mr. Umaru Modibbo.
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.
Eko Hot Blog reports that the Central Bank of Nigeria (CBN) announced on January 10, 2024, the dissolution of the previous board and management of Keystone Bank, Polaris Bank, and Union Bank of Nigeria due to corporate governance breaches.
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Subsequently, the banking sector regulator appointed a new board and management for the three organizations.
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