The Central Bank of Nigeria (CBN) has assured the public that Keystone Bank Limited remains stable and fully operational despite a court order forfeiting the bank’s shares to the Federal Government.
In a statement issued on Friday by the bank’s acting Director of Corporate Communications, Mrs Hakama Sidi Ali, the apex bank acknowledged concerns over the development but maintained that there is no cause for alarm.
It emphasized that the stability of the banking sector and the safety of depositors’ funds remain top priorities.
“For clarity, the Court Order merely reaffirmed the Central Bank of Nigeria’s prior decision to take over the management of Keystone Bank Limited in January 2024, following a change in its leadership,” the statement read.
The CBN noted that it has since been monitoring the bank’s operations to ensure compliance with regulatory standards, operational transparency, and depositor protection.
“Since then, the CBN has closely monitored the bank’s operations to ensure they are in full compliance with regulatory standards, operational transparency, and the interests of depositors.
“As part of our commitment to safeguarding the financial system and building public trust, we shall continue to monitor the bank’s performance. We will take all necessary steps to protect the interests of depositors, staff, and stakeholders,” the regulator stated.
Customers were advised to direct inquiries to Keystone Bank’s customer support or visit any of its branches for further clarification.
The court-ordered forfeiture follows regulatory interventions in Nigeria’s banking sector, with the CBN moving to strengthen governance and ensure financial system stability.
What you should know
Nairametrics earlier reported that Keystone Bank Limited 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).
- Nairametrics also reported 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.
