Keystone Bank has disclosed that it is now fully owned by the federal government of Nigeria, saying that the takeover will boost its stability and facilitate a hitch-free recapitalisation process......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
The bank revealed this in a statement on social media on Tuesday, February 11, 2025, following an order of the Lagos State High Court.
Court orders forfeiture of shares to FG
The court directed the forfeiture of shares previously owned by the bank’s former shareholders, transferring ownership to the Nigerian government.
The bank said.
“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.”
“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 reaffirms its financial health
According to the bank’s statement, the development is crucial in reinforcing its stability and repositioning it for long-term growth.
Punch reports that Keystone said that with the new clarity, it is now properly positioned for sustained growth, stronger collaborations, and enhanced profitability.
The bank said it continues to boost its balance sheet while delivering value to its stakeholders.
It also reassured its customers of sound financial health and regulatory compliance.
The Central Bank of Nigeria (CBN) dissolved Keystone Bank’s management alongside two others on January 10, 2024, leading to new ownership.
Costumes rush to withdraw funds
The news of the bank’s takeover sent panic to its customers as many besieged the bank’s branches to withdraw their funds.
Customers were seen thronging one of the bank’s branches along Iju Road in Lagos.
According to them, the news of the takeover scared them and they wanted to close or empty their accounts.
There have been speculations that the bank was distressed alongside others, leading to the CBN issuing a rebuttal, affirming the bank’s health status.
First Bank announces new name
Legit.ng earlier reported that FBN Holdings Plc, a leading financial company, has rebranded as First HoldCo Plc (FirstHoldCo), a move aimed at creating a uniform identity across all its subsidiaries.
The change was announced in a statement released on Tuesday, February 11, 2024.
The statement further noted that the rebranding shows FirstHoldCo’s commitment to innovation, customer focus, and operational excellence.