CBN Reassures Depositors of Keystone Bank’s Stability

The Central Bank of Nigeria (CBN) has assured the public that Keystone Bank Limited remains stable and fully operational despite a recent court ruling transferring the bank’s shares to the Federal Government.

In a statement released on Friday, CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, addressed concerns over the development, emphasizing that there is no reason for alarm. She reiterated that ensuring the stability of Nigeria’s banking sector and protecting depositors’ funds remain top priorities for the apex bank.

“For clarity, the court ruling simply reaffirms the Central Bank of Nigeria’s earlier decision to assume control of Keystone Bank Limited in January 2024, following a leadership transition,” the statement read.

The CBN further assured that it has been actively overseeing Keystone Bank’s operations to maintain compliance with regulatory standards and uphold financial transparency.

“Since then, we have closely monitored the bank’s activities to ensure adherence to regulatory requirements and operational transparency while safeguarding depositors’ funds.

“As part of our commitment to strengthening the financial system and maintaining public trust, we will continue to oversee the bank’s performance and take all necessary measures to protect the interests of depositors, employees, and stakeholders,” the statement added.

Customers seeking further clarification were encouraged to contact Keystone Bank’s customer service or visit any branch for assistance.

The court-ordered forfeiture follows regulatory interventions in Nigeria’s banking sector, with the CBN implementing measures to enhance governance and reinforce financial system stability.

Keystone Bank confirmed that it is now entirely owned by the Federal Government following a Lagos State Special Offences Court ruling in Ikeja on Tuesday, February 11, 2025. The court dissolved the bank’s former shareholder, Sigma Golf Nigeria Limited, in a case initiated by the Economic and Financial Crimes Commission (EFCC).

The ruling came after the court convicted Sigma Golf Nigeria Limited of an alleged N20 billion fraud, ordering its liquidation. Justice Rahman Oshodi delivered the verdict in the case filed by the EFCC against former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and the company.

The EFCC had arraigned Sigma Golf Nigeria Limited and the former AMCON boss on a six-count amended charge, alleging conspiracy and theft. The agency accused the defendants of diverting N20 billion from AMCON through Heritage Bank to acquire shares in Keystone Bank.