February 14, 2025
Despite the court judgement that ordered forfeiture of Keystone Bank Limited shares to the Federal Government, the Central Bank of Nigeria, CBN, has assured the public that the bank, remains fully operational and stable.
CBN acting Director of Corporate Communications, Mrs Hakama Sidi Ali, in a statement on Friday said though the apex bank acknowledged concerns over the development there was no cause for alarm and that no fear should be entertained in dealings with the bank
She emphasized that the stability of the banking sector and the safety of depositors’ funds remain top priorities.
“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.”
The CBN assured the public that it has since been monitoring the bank’s operations to ensure it complied with the rules and regulations.
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“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.
“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.”
The court had ordered the forfeiture following regulatory interventions in Nigeria’s banking sector, with the CBN moving to strengthen governance and ensure financial system stability.
Keystone Bank Limited, had announced that it was now fully owned by the Federal Government of Nigeria, due to dissolution of its former shareholder, Sigma Golf Nigeria Limited by the court.
This was revealed in a statement after the judgement by the Lagos State Special Offences Court, sitting in Ikeja, Lagos, on Tuesday, February 11, 2025, against Sigma, in a matter instituted by the Economic and Financial Crimes Commission, EFCC.
