THE Federal Government of Nigeria has now taken over the ownership of Keystone Bank following a court’s dissolution of the stake of its former shareholder, Sigma Golf Nigeria Limited....READ ORIGINAL & FULL CONTENT FROM SOURCE | READ ORIGINAL & FULL CONTENT FROM SOURCE...
The bank announced this in a statement on Tuesday, February 11.
It said the dissolution and forfeiture of Sigma’s stake to the federal government followed a series of actions initiated by the Central Bank of Nigeria (CBN) in its bid to further strengthen the institution and the banking sector.
It also represents a major turning point for the bank to strengthen its stability and set the stage for a smooth recapitalisation process.
“Recall that on January 10, 2024, the Central Bank of Nigeria (CBN) announced the dissolution of the previous Board and Management of the Bank for corporate governance breaches. The CBN followed this action with the appointment of a new Board and Management for the Bank.
“Subsequently, the Federal Government, through the Economic and Financial Crimes Commission (EFCC), filed a court action at the Lagos State High Court, Ikeja, against the former owners challenging the acquisition of the bank,” the bank said.
It maintained that at the sitting of the court on Tuesday, February 11, the court ordered the forfeiture of the shares of the Keystone Bank previously held by the shareholders in favour of the federal government.
“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 recapitalisation process. With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability,” the bank said.
Keystone Bank added that it would strengthen its balance sheet, maintain a strong financial position, and adhere to all regulatory requirements, assuring its customers that the bank remains safe, healthy, strong, and resilient.
