The Central Bank of Nigeria (CBN) has reassured the public that Keystone Bank Limited remains stable and fully operational despite a recent court order mandating the forfeiture of its shares to the Federal Government.
The Lagos State Special Offences Court, Ikeja, recently ordered the forfeiture of 6.3 billion ordinary shares of Keystone Bank Limited, valued at N1.00 each.
The ruling followed a guilty plea from Sigma Golf Nigeria Limited, represented by its Chairman, Umaru Hamidu Modibbo, in a case involving the fraudulent conversion of N20 billion belonging to the Asset Management Corporation of Nigeria (AMCON).
Following the court order, concerns arose among depositors regarding the safety of their funds. However, the CBN has assured the public that there is no cause for alarm.
In a statement, the Acting Director of Corporate Communications at CBN, Mrs. Hakama Sidi Ali, emphasized that Keystone Bank remains secure, with its operations continuing as usual.
She reiterated that the stability of the banking system and the protection of depositors’ funds remain the apex bank’s top priorities.
The statement further clarified that the court ruling only reaffirmed the CBN’s previous decision to take over Keystone Bank’s management in January 2024, following leadership changes.
Since then, the CBN has closely monitored the bank’s activities to ensure regulatory compliance, operational transparency, and financial stability.
To maintain confidence in the banking sector, the CBN pledged to continue overseeing Keystone Bank’s performance while taking necessary measures to safeguard depositors, employees, and stakeholders. Customers were also encouraged to reach out to Keystone Bank’s customer service or visit any branch for inquiries.
