The Central Bank of Nigeria (CBN) has reaffirmed that Keystone Bank remains stable and fully operational, assuring depositors and stakeholders of its financial security.
This assurance follows a court ruling ordering the forfeiture of shares previously held by the bank’s former shareholders.
In a statement on Friday, CBN spokesperson Hakama Ali clarified that the forfeiture order simply reinforced the central bank’s earlier decision to assume control of Keystone Bank’s management in January 2024, following leadership changes.
The CBN stressed that the bank continues to operate safely, adhering to regulatory guidelines and maintaining transparency.
“Following the court order that the shares of Keystone Bank Limited previously held by the shareholders be forfeited to the Federal Government of Nigeria, the Central Bank of Nigeria (CBN) wishes to reassure the public that Keystone Bank Limited remains safe, sound, and fully operational.
“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.
“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. 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,” the statement read.
The forfeiture ruling is part of broader regulatory measures to strengthen governance and stabilise Nigeria’s financial sector.
This latest court decision follows a case brought by the Economic and Financial Crimes Commission (EFCC) against Sigma Golf Nigeria Limited, a former shareholder of the bank, and Ahmed Kuru, a former Managing Director of the Asset Management Corporation of Nigeria (AMCON).
On 11 February, the Lagos State Special Offences Court in Ikeja convicted Sigma Golf Nigeria Limited of fraud-related offences involving the alleged misappropriation of N20 billion.
Presiding judge Justice Rahman Oshodi ordered the winding up of the company, effectively nullifying its ownership of Keystone Bank. Prosecutors alleged that Sigma Golf and Mr Kuru conspired to divert funds from AMCON through Heritage Bank to finance the acquisition of Keystone Bank’s shares.
Following the ruling, Keystone Bank confirmed that ownership had been fully transferred to the Federal Government of Nigeria.
As part of its continued oversight of the banking sector, the CBN reassured customers that the transition would not disrupt the bank’s stability or daily operations.
The central bank further pledged to monitor Keystone Bank’s financial health closely, committing to necessary measures to safeguard depositors, employees, and other key stakeholders.
