The Central Bank of Nigeria said depoitors of Keystone Bank should not nurse concerns over the financial stability of Keystone Bank in the wake of the recent court judgement, which ordered the forfeiture of the bank’s shares to the Federal Government.
A statement by the spokesperson of the CBN, Hakama Sidi Ali, disclosed this on Friday.
The statement, which acknowledged concerns over Keystone Bank’s share forfeiture, however insisted that there was no cause for alarm.
The CBN assured Nigerians of the stability of the banking sector and the safety of depositors’ funds, which are the priorities of the regulator.
According to the CBN, “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 apex bank said it had monitored the bank’s operations to ensure compliance with regulatory standards and operational transparency while safeguarding depositors’ funds.
The bank said, “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.”
Indeed, Keystone Bank had announced that it is now fully owned by the Federal Government of Nigeria following the court’s dissolution of its former shareholder, Sigma Golf Nigeria Limited.
This position followed the judgement of Justice Rahman Oshodi of the Lagos State Special Offences Court in Ikeja on Tuesday, 11 February 2025, against Sigma Golf Nigeria Limited in a case instituted by the Economic and Financial Crimes Commission.
In September last year, the CBN reconstituted the board of directors for Keystone Bank.
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