FG Takes Over Keystone Bank After ₦6.3 Billion Share Forfeiture

The Federal Government of Nigeria has officially taken control of Keystone Bank after a Lagos High Court mandated the forfeiture of shares valued at ₦6.3 billion.

The ruling follows allegations that the bank was acquired using illicit funds linked to former stakeholders. In a public announcement, Keystone Bank confirmed that it is now fully owned by the government, a development it says will enhance its operational stability and pave the way for a smooth recapitalisation.

Oversight of the bank has been transferred to the Central Bank of Nigeria (CBN), under the leadership of Governor Olayemi Cardoso.
The forfeited shares were previously held by Sigma Golf Nigeria Limited and businessman Alhaji Umaru Modibbo.

The Economic and Financial Crimes Commission (EFCC) had filed charges against them, along with former AMCON Managing Director Ahmed Kuru, accusing them of illegally using ₦20 billion from the Asset Management Corporation of Nigeria to acquire the bank. While Modibbo pleaded guilt