CBN gives assurance to depositors of Keystone Bank
CBN gives assurance to depositors of Keystone Bank
The Central Bank of Nigeria 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, the CBN’s acting Director of Corporate Communications, Hakama Sidi Ali, acknowledged concerns over the development but maintained that there was no cause for alarm.
She stated that the stability of the banking sector and the safety of depositors’ funds remained the regulator’s 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 had been monitoring the bank’s operations to ensure compliance with regulatory standards and operational transparency while safeguarding depositors’ funds.
“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 apex bank stated.
Customers were encouraged 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 taking steps to strengthen governance and ensure financial system stability.
Keystone Bank earlier 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.
The bank disclosed this after a judgment by the Lagos State Special Offences Court in Ikeja on Tuesday, February 11, 2025, against Sigma Golf Nigeria Limited in a case instituted by the Economic and Financial Crimes Commission.
The court convicted and ordered the winding up of Sigma Golf Nigeria Limited over an alleged N20bn fraudulent diversion case.
Justice Rahman Oshodi delivered the judgment in the case filed by the EFCC against a former Managing Director of the Asset Management Corporation of Nigeria, Ahmed Kuru, and the company.
The EFCC had arraigned Sigma Golf Nigeria Limited and the former AMCON boss on a six-count amended charge bordering on alleged conspiracy and stealing.
The agency accused the defendants of diverting AMCON’s N20bn funds through Heritage Bank to Sigma Golf Nigeria Limited for the acquisition of shares in Keystone Bank.
