- CBN reassured the public of Keystone Bank's stability after a court ruling on share forfeiture
- The court reaffirmed CBN’s earlier decision to take over Keystone’s management
- EFCC's efforts led to the dissolution of Sigma Golf, making the Federal Government the sole owner of Keystone
The Central Bank of Nigeria (CBN) has moved to reassure the public that Keystone Bank Limited remains stable and fully operational, despite a recent court order forfeiting the bank's shares to the Federal Government.
In a statement issued on Friday, February 14, Hakama Sidi Ali, the CBN's acting Director of Corporate Communications, sought to address concerns surrounding the development, emphasising that there was no cause for alarm.
She reiterated that the stability of the banking sector and the protection of depositors’ funds are the regulator’s 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 in January 2024, following a change in its leadership,” Sidi Ali explained.
The CBN has been closely monitoring Keystone Bank's operations to ensure compliance with regulatory standards and maintain transparency.
In light of this, the bank’s ongoing commitment to safeguarding depositors’ interests has been underscored.
“As part of our commitment to safeguarding the financial system and building public trust, we will continue to monitor the bank’s performance. We will take all necessary steps to protect the interests of depositors, staff, and stakeholders,” the statement continued.
Customers of Keystone Bank have been encouraged to direct any inquiries to the bank's customer support team or visit their local branches for further clarification on the matter.
The court’s forfeiture order follows a series of regulatory interventions aimed at strengthening governance within Nigeria’s banking sector, with the CBN taking decisive steps to ensure financial system stability.
Keystone Bank also announced that it is now fully owned by the Federal Government of Nigeria after a judgment by the Lagos State Special Offences Court in Ikeja on Tuesday, February 11, 2025. The court ruled against Sigma Golf Nigeria Limited, the bank’s former shareholder, in a case brought by the Economic and Financial Crimes Commission (EFCC).
The court convicted Sigma Golf Nigeria Limited and ordered its dissolution following allegations of a N20 billion fraudulent diversion.
The EFCC had filed charges against Sigma Golf and former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, accusing them of conspiracy and stealing funds diverted through Heritage Bank to acquire shares in Keystone Bank.
The judgment was delivered by Justice Rahman Oshodi, who noted the serious nature of the charges, leading to the dissolution of Sigma Golf and the forfeiture of its shares in Keystone Bank.
Heritage Bank can no longer operate in Nigeria as CBN revokes its licence
Meanwhile, TheRadar earlier reported that the Central Bank of Nigeria revoked the operating licence of Heritage Bank Plc, one of the country’s commercial banks.
This announcement was made on Monday, June 3, 2024, via a press release by the apex bank’s acting director of Corporate Communications, Hakama Sidi Ali.
