The bank disclosed this in a statement on its Instagram page on Tuesday evening, following a ruling by the Lagos State High Court, Ikeja.

The court ordered the forfeiture of shares previously held by the bank’s former shareholders, effectively transferring ownership to the Federal Government.

“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,” the statement read.

“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, ” it said.

The bank also reassured customers of its financial health and regulatory compliance.

“We assure our customers that the bank remains safe, healthy, strong, and resilient,” it added.

Keystone Bank was among the three banks whose boards and management were dissolved by the Central Bank of Nigeria on 10 January 2024, leading to the appointment of new leadership.

The post FG assumes full control of Keystone Bank appeared first on Housing TV Africa.

In a statement released on Wednesday, the bank announced the appointment of Lady Ada Chukwudozie as the new board chairman, along with five non-executive directors and two new executive directors.

The newly appointed non-executive directors include Abdul-Rahman Esene, Mrs. Fola Akande, Akintola Ayodeji Olusoji, Obijiaku Samuel, and Senator Farouk Bello. Additionally, Ladi Oluwole and Abubakar Usman Bello were appointed as executive directors by the CBN.

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Lady Ada Chukwudozie, the new board chairman, is a seasoned leader in Nigeria’s corporate sector with nearly three decades of experience in business strategy and management across diverse industries, including De-Endy Industrial Company Limited, Dozzy Group, and the Manufacturers Association of Nigeria (MAN).

The new board members bring a wealth of experience to Keystone Bank, with backgrounds spanning banking, finance, risk management, legal compliance, and corporate governance. Abdul-Rahman Esene, for example, has over 43 years of experience in banking and investment management, while Mrs. Fola Akande has extensive legal and regulatory expertise.

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Ladi Oluwole, one of the new executive directors, brings over 20 years of expertise in enterprise and credit risk management, having previously worked at Bank of America. Abubakar Usman Bello, the executive director for the Northern Directorate, has a strong track record in managing commercial and corporate banking clients.

Keystone Bank’s Managing Director and CEO, Hassan Imam, expressed confidence in the new board, emphasizing the positive impact their collective experience will have on the bank’s future. He noted, “We are confident that their extensive experience will help Keystone Bank capitalize on emerging economic opportunities while maintaining strong corporate governance and delivering secure banking services.”

Keystone Bank, known for its technology-driven services, aims to strengthen its position in the Nigerian financial market with the newly appointed leadership team.

The post CBN Appoints New Board of Directors for Keystone Bank appeared first on Housing TV Africa.