CBN Gives Update on Keystone Bank
The Central Bank of Nigeria (CBN) has reassured the public of Keystone Bank’s stability following a recent court ruling that ordered the forfeiture of its shares to the federal government.
CBN spokesperson Hakama Sidi Ali, in a statement on Friday, acknowledged concerns surrounding the judgment but emphasized that there was no threat to the bank’s operations or depositors’ funds.
“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 statement read.
The apex bank stated that it had been closely monitoring Keystone Bank to ensure compliance with regulatory requirements while safeguarding depositors’ interests.
“As part of our commitment to maintaining financial system stability and public trust, we will continue to oversee the bank’s performance and take necessary measures to protect depositors, staff, and stakeholders,” the CBN added.
Keystone Bank had earlier confirmed that it is now fully owned by the federal government following the court’s dissolution of its former shareholder, Sigma Golf Nigeria Limited.
The ruling was delivered by Justice Rahman Oshodi of the Lagos State Special Offences Court on February 11, 2025, in a case filed by the Economic and Financial Crimes Commission (EFCC) against Sigma Golf Nigeria Limited.
This development follows the CBN’s decision in September 2024 to reconstitute Keystone Bank’s board of directors as part of broader efforts to strengthen governance and operational efficiency within the institution.
