Although a court order forfeited Keystone Bank Limited’s shares to the Federal Government, the Central Bank of Nigeria (CBN) has reassured the public that the bank is still stable and fully operational.
The bank’s acting director of corporate communications, Mrs. Hakama Sidi Ali, released a statement on Friday acknowledging the development’s worries but arguing that there is no reason for fear.
The Central Bank of Nigeria had previously decided to take over Keystone Bank Limited’s management in January 2024 after a change in leadership, and the Court Order just reiterated that decision, the statement said.
Following that, the CBN stated that it has been keeping an eye on the bank’s activities to guarantee depositor protection, operational transparency, and adherence to regulatory standards.
Since then, the CBN has kept a careful eye on the bank’s activities to make sure they fully adhere to operational transparency, regulatory standards, and depositor interests.
“We will continue to keep an eye on the bank’s performance as part of our duty to protecting the financial system and fostering public confidence. We will do everything we can to safeguard the interests of stakeholders, employees, and depositors,” the regulator said.
If customers wanted more information, they were encouraged to visit any of Keystone Bank’s branches or contact customer service.
The forfeiture was issued by the court in response to regulatory actions taken by the CBN to improve governance and guarantee the stability of the financial system in Nigeria’s banking industry.
Keystone Bank Limited previously declared that the Federal Government of Nigeria now owns all of the company after a court dissolved its previous shareholder, Sigma Golf Nigeria Limited.
Following the ruling against Sigma in a case brought by the Economic and Financial Crimes Commission (EFCC) by the Lagos State Special Offenses Court, located in Ikeja, Lagos, on Tuesday, February 11, 2025, the bank made this announcement in a statement.
The court reportedly found Sigma Golf Nigeria Limited guilty of fraudulent diversion in a case worth N20 billion and ordered the company’s winding up (dissolution).
The EFCC filed a lawsuit against Ahmed Kuru, the former managing director of the Asset Management Corporation of Nigeria (AMCON), and the corporation (as a co-defendant). Justice Rahman Oshodi rendered the ruling in this case.
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The EFCC has charged the former AMCON boss and Sigma Golf Nigeria Ltd. with six amended counts that included suspected theft and conspiracy.
In order to purchase shares in Keystone Bank, the defendants allegedly transferred N20 billion from AMCON to Sigma Golf Nigeria Ltd. via Heritage Bank, according to the EFCC.
It underlined how important it is to keep the banking industry stable and depositors’ money safe.
