News Update
THE Federal Government has taken over Keystone Bank after a court ruling in Lagos.
On Tuesday, February 11, 2025, the Lagos State Special Offences Court ordered the forfeiture of shares previously held by Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo.
This decision follows a case filed by the Economic and Financial Crimes Commission (EFCC) challenging the acquisition of the bank.
The Central Bank of Nigeria (CBN) had earlier dissolved the bank’s former board and management in January 2024 due to corporate governance violations.
A new board and management were appointed afterward.
Keystone Bank assured its customers that it remains stable and financially strong.
It also stated that this development will allow for smooth recapitalization, better partnerships, and continued growth.
The statement posted on the bank’s X page read:
“Keystone Bank Limited wishes to clarify media report of a judgement 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.
“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 EFCC filed a court action at the Lagos State High Court, Ikeja, against the former owners challenging the acquisition of the bank.
“At the sitting of the court today, February 11, 2025, the court ordered the forfeiture of the shares of the Bank previously held by the shareholders in favour of the Federal Government of Nigeria. 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.
“We assure our customers that the bank remains safe, healthy, strong, and resilient.”
In a related development, President Bola Tinubu has directed the Federal Government to take over Nok University in Kachia, Kaduna State, converting it into the Federal University of Applied Sciences.
This decision follows a Federal High Court ruling in Abuja, which ordered the forfeiture of the private institution to the government.
The formal handover took place at the Presidential Villa, where Vice President Kashim Shettima received the institution’s assets from the Economic and Financial Crimes Commission (EFCC).
He acknowledged the effort behind the transition and assured that the new university would begin operations in September 2025.
To ensure a smooth start, the President has instructed the Minister of Education to include the institution in the 2025 budget.
Kaduna State Governor Uba Sani expressed gratitude to President Tinubu, stating that the establishment of the university fulfills a long-standing aspiration of the Southern Kaduna people.
He also commended Vice President Shettima for supporting the project.
Senator Sunday Marshall Katung, who championed the university’s establishment in the Senate, emphasized its expected impact on education, job creation, and economic growth.
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He described the development as a milestone for the region.
The Minister of Education, Dr. Tunji Alausa, reaffirmed the government’s commitment to expanding educational opportunities.
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