The Central Bank of Nigeria (CBN) has offered some reassurance to the public that Keystone Bank Limited is still secure, sound, and operating seamlessly even after the takeover.
The CBN gave the assurance on Friday, February 14, after a court rulling issued three days ago granted the forfeiture of all of Keystone Bank Limited’s shares and assets to the federal government.
The court order simply upheld the federal government’s earlier decision or attempt made in January 2024 to take over the management of Keystone Bank Limited.
A statement signed by Hakama Sidi Ali, CBN’s Acting Director of the Corporate Communications Department, read,
“We acknowledge that this development may have triggered customer concerns; however, we wish to underscore that the stability of the banking system and the safety of depositors’ funds remain our top priorities. Keystone Bank’s operations are entirely
secure, and there is no reason for concern.”
Since the issuance of the court order on February 11, the CBN has keenly monitored the bank’s activities to make sure they fully adhere to operational transparency, regulatory standards, and depositor expectations.
The closing part of the CBN statement made available to 9am News Nigeria read:
“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. Customers are also encouraged to contact Keystone Bank’s customer support or visit any Keystone Bank branch for inquiries or concerns.”
Backstory
On February 11, 2025, Keystone Bank Limited announced in a statement that the Federal Government of Nigeria has fully taken over the financial institution after a court dissolved its previous shareholder, Sigma Golf Nigeria Limited.
The announcement comes after Sigma was found guilty in a case brought by the Economic and Financial Crimes Commission (EFCC) by the Lagos State Special Offenses Court. The court found Sigma Golf Nigeria Limited guilty in an alleged N20 billion fraudulent diversion case and ordered its dissolution.
Justice Rahman Oshodi rendered the ruling in the case brought by the EFCC against Ahmed Kuru, the former managing director of the Asset Management Corporation of Nigeria (AMCON), and Sigma Golf as a co-defendant.
The EFCC had charged the former AMCON boss and Sigma Golf Nigeria Ltd. on six counts bordering on fraud and conspiracy. The agency accused the defendants of transferring N20 billion from AMCON to Sigma Golf Nigeria Ltd. via Heritage Bank, for the purpose of acquiring shares from Keystone Bank.
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