FG takes over Keystone Bank
The federal government has taken over Keystone Bank following a ruling by the Lagos State Special Offences Court.
The troubled bank announced the takeover in a statement on Tuesday.
The trial judge, Justice Rahman Oshodi, ordered the ownership transfer and the forfeiture of 6.3 billion units of ordinary shares to the federal government at a nominal rate of one naira per share.
“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,” said the financial institution. “The implication of this judgment is that Keystone Bank Limited is now fully owned by the Federal Government of Nigeria.”
On January 10, 2024, the Central Bank of Nigeria announced the dissolution of the bank’s “previous board and management” for corporate governance breaches.
The apex bank followed this action by appointing 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,” the statement said.
Despite the crisis, Keystone said, “We assure our customers that the bank remains safe, healthy, strong, and resilient.”
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
World
Nigeria demands total elimination of nuclear weapons at UN
Nigeria has advocated the complete elimination of nuclear weapons, warning that global security cannot continue to depend on weapons capable of destroying humanity.
States
Army operationalises three infantry battalions in Zamfara
The Nigerian Army has operationalised three new infantry battalions in Zamfara to strengthen security and improve its response to threats.
Anti-Corruption
After Gazette exposé on Abuja land grab, businessman claims paying Wikes $2 million for 60 hectares
According to court documents, Mr Dantani alleged that he was made to deliver $2.1 million in cash at a house located in Gwarinpa, FCT, to the Wikes.
States
Kaduna to deploy 120 CNG-powered buses on BRT corridor to ease traffic congestion
The Kaduna government plans to deploy 120 compressed natural gas-powered articulated buses on a 24-kilometre BRT corridor to improve urban transportation.
World
World in most dangerous nuclear moment since end of Cold War, UN chief warns
A statement by the UN highlighted Mr Guterres’ concern as the General Assembly held a high-level meeting to mark the International Day for the Total Elimination of Nuclear Weapons.
Economy
OPay names top 10 teams in N18 million national innovation challenge
As the top 10 teams advance to the Boot Camp, they move one step closer to transforming their ideas into solutions that can address real-world challenges.
