CBN Reassures Nigerians on Keystone Bank’s Strength Amid Legal Ruling

The public has been reassured by the Central Bank of Nigeria (CBN) that Keystone Bank Limited is still stable and fully functional in spite of a court ruling that forfeits the bank’s shares to the Federal Government.

In a statement released on Friday by Mrs. Hakama Sidi Ali, the bank’s acting director of corporate communications, the apex bank expressed concern over the situation but insisted that there is no reason for alarm.
To be clear, the Court Order only confirmed the Central Bank of Nigeria’s earlier choice to assume control of Keystone Bank Limited in January 2024 after a leadership transition, the statement said.

In order to guarantee adherence to regulatory requirements, operational transparency, and depositor protection, the CBN stated that it has since been keeping an eye on the bank’s activities.

Since then, the CBN has kept a careful eye on the bank’s operations to make sure they fully adhere to deposits’ interests, operational transparency, and regulatory standards.

Read Also:

As part of our dedication to protecting the financial system and fostering public confidence, we will keep an eye on the bank’s operations. To safeguard the interests of stakeholders, employees, and depositors, we will take all required actions,” the regulator said.

Consumers who wanted further information were encouraged to visit any of Keystone Bank’s branches or send their questions to the bank’s customer service.

Following regulatory actions taken by the CBN to improve governance and guarantee the stability of the financial system in Nigeria’s banking industry, the court-ordered forfeiture was implemented.

After the court dissolved its previous shareholder, Sigma Golf Nigeria Limited, Keystone Bank Limited declared that the Federal Government of Nigeria now owns all of the company.

Following the Lagos State Special Offenses Court’s ruling against Sigma on Tuesday, February 11, 2025, in a case brought by the Economic and Financial Crimes Commission (EFCC), the bank made this announcement in a statement. The court was located in Ikeja, Lagos.
In an alleged N20 billion fraudulent diversion case, Sigma Golf Nigeria Limited was also found guilty and ordered to wind up (dissolve) by the court.
The case brought by the EFCC against Ahmed Kuru, the former managing director of the Asset Management Corporation of Nigeria (AMCON), and the corporation (as a co-defendant) was decided by Justice Rahman Oshodi.
The former AMCON CEO and Sigma Golf Nigeria Ltd. were charged by the EFCC with six revised counts that included alleged conspiracy and theft.
According to the EFCC, the defendants transferred N20 billion from AMCON to Sigma Golf Nigeria Ltd. via Heritage Bank in order to purchase Keystone Bank stock.

It stressed that the security of depositors’ money and the stability of the banking industry continue to be of utmost importance.