Despite a court ruling that forfeits the bank’s shares to the Federal Government, the Central Bank of Nigeria (CBN) has reassured the public that Keystone Bank Limited is still stable and fully operational.
The apex bank recognized worries about the development in a statement released on Friday by Mrs. Hakama Sidi Ali, interim director of corporate communications. However, the bank insisted that there is no reason for fear.
For clarity, the statement stated that the Court Order just restated the Central Bank of Nigeria’s earlier choice to assume control of Keystone Bank Limited in January 2024 after a change in the bank’s leadership.
Since then, the CBN has been keeping an eye on the bank’s operations to make sure that depositor protection, operational transparency, and regulatory standards are being followed.
Since then, the CBN has kept a careful eye on the bank’s operations to make sure they fully adhere to operational transparency, regulatory standards, and depositor interests.
We will keep an eye on the bank’s operations as part of our dedication to preserving the financial system and fostering public confidence. The regulator said, “We will do all in our power to safeguard the interests of stakeholders, employees, and depositors.
For more information, customers were encouraged to contact any of Keystone Bank’s branches or submit questions to the bank’s customer service department.
The court-ordered forfeiture comes after the CBN strengthened governance and guaranteed the stability of the financial system through regulatory actions in Nigeria’s banking industry.
According to prior reports, Keystone Bank Limited declared that the Federal Government of Nigeria now owns all of the company after a court dissolved Sigma Golf Nigeria Limited, a former stakeholder.
This was revealed in the bank’s statement following the ruling against Sigma in a case brought by the Economic and Financial Crimes Commission (EFCC) by the Lagos State Special Offences Court, which is located in Ikeja, Lagos, on Tuesday, February 11, 2025.
Additionally, in a purported N20 billion fraudulent diversion case, the court found Sigma Golf Nigeria Limited guilty and ordered its winding up (dissolution).
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In the case brought by the EFCC against Ahmed Kuru, the former managing director of the Asset Management Corporation of Nigeria (AMCON), and the business (as a co-defendant), Justice Rahman Oshodi rendered the ruling.
Sigma Golf Nigeria Ltd. and the former AMCON CEO were charged by the EFCC with six revised counts that included alleged conspiracy and theft.
The defendants were charged by the EFCC with transferring AMCON’s N20 billion in monies to Sigma Golf Nigeria Ltd. via Heritage Bank in order to purchase Keystone Bank shares.
It underlined that maintaining the stability of the banking industry and safeguarding depositor money continue to be of utmost importance.
