Keystone Bank Limited on Tuesday announced that it is now fully owned by the Federal Government of Nigeria, following the court’s dissolution of its former shareholder, Sigma Golf Nigeria Limited.
This was disclosed in the bank’s statement after the judgement by the Lagos State Special Offences Court, sitting in Ikeja, Lagos, on Tuesday, February 11, 2025, against Sigma, in a matter instituted by the Economic and Financial Crimes Commission (EFCC).
Recall that the court convicted and ordered the winding up (dissolution) of Sigma Golf Nigeria Limited in an alleged N20 billion fraudulent diversion case.
Justice Rahman Oshodi delivered the judgment in the case instituted by the EFCC against a former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and the company (as a co-defendant).
The EFCC had arraigned Sigma Golf Nigeria Ltd and the former AMCON boss on a six-count amended charge bordering on alleged conspiracy and stealing.
The EFCC accused the defendants of converting AMCON’s N20 billion funds through Heritage Bank to Sigma Golf Nigeria Ltd for the acquisition of shares in Keystone Bank.