Keystone Bank enter a new era of stability, growth

Since the Central Bank of Nigeria (CBN) intervened on January 10, 2024, the Keystone Bank has undergone a remarkable turnaround, re-establishing itself as a stable and reliable financial institution.

The bank’s transformation has been further solidified by a significant legal ruling. On February 11, 2025, the Lagos State Special Offences Court ruled on the case involving Sigma Golf Nigeria Limited and Alhaji Umaru Modibbo, the former shareholders of Keystone Bank.

The federal government accused them of converting N20 billion belonging to the Asset Management Corporation of Nigeria (AMCON).

In a landmark decision, the court ordered the forfeiture of 6.2 billion ordinary shares in Keystone Bank, valued at N1.00 per share, to the federal government.

This ruling effectively transferred full ownership of the bank to the government, ensuring a smooth recapitalization process and strengthening its financial standing.

Following this ruling, the CBN issued a statement on February 14, 2025, reaffirming that Keystone Bank remains stable and fully operational.

CBN spokesperson Hakama Ali reassured customers, stating: “The court order reaffirmed the CBN’s decision to take over the management of Keystone Bank in January 2024. The bank remains safe, sound, and fully operational. We assure customers that their deposits are secure.”

This announcement dispelled fears about the bank’s operations, reinforcing public confidence in its stability.

READ ALSO: FG takes control of Keystone Bank following forfeiture order

Since its restructuring, Keystone Bank has shown remarkable growth across multiple performance indicators. The bank has not only met its obligations but has also significantly improved its operational efficiency and financial health.

A notable achievement is the surge in monthly account openings, which increased by 150 per cent within a short period, reflecting renewed customer trust.

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This growth is attributed to Keystone’s improved service delivery, enhanced digital banking solutions, and strategic marketing campaigns aimed at deepening financial inclusion.

At the core of Keystone Bank’s resurgence is CEO Hassan Imam, whose leadership has played a pivotal role in revitalizing the institution. Under his guidance, the bank has returned to profitability, enhanced customer experience, and strengthened its risk management framework.

Recognizing the importance of stakeholder engagement, Keystone Bank recently hosted an exclusive dinner event in Lagos, themed “Celebrating Partnership.”

The event brought together key figures, including: Lagos State Governor Babajide Sanwo-Olu; Zamfara State Governor Dauda Lawal and other business leaders and financial experts

Governor Lawal commended Keystone Bank for its proactive approach in Zamfara State, noting that it was the first financial institution to visit and execute impactful CSR programs in the state.

Similarly, Governor Sanwo-Olu praised the bank’s efforts in fostering financial inclusion and supporting small businesses.

This event not only strengthened relationships with key stakeholders but also reinforced Keystone Bank’s commitment to long-term partnerships that drive economic growth and community development.

Keystone Bank’s transformation has been marked by strategic initiatives aimed at enhancing financial stability. The bank has significantly reduced its non-performing loans (NPLs) and improved its liquidity ratio, positioning itself for sustained growth.

A key factor behind this stability is the CBN’s ongoing recapitalization framework, which ensures that Keystone Bank maintains a healthy capital adequacy ratio.

The recent court ruling, which transferred ownership to the federal government, further strengthens this position by enabling smooth capital injection and future expansion.

Additionally, Keystone Bank has embraced digital banking innovations to enhance efficiency and customer convenience. The launch of mobile and internet banking upgrades has significantly improved user experience, leading to higher transaction volumes and customer engagement.

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