The Central Bank of Nigeria (CBN) has allayed the fears of Nigerians and customers of Keystone bank concerning the continued safe and smooth operations of the bank following the forfeiture of controlling shares belonging to Sigma Golf Nigeria Limited to the federal government.
In a statement released by the apex bank on February 14, 2025, Hakama Sidi Ali (Mrs), Ag Director, Corporate Communications, noted that the bank’s operations remain secure as the CBN is very much interested in the stability of the banking operations and safety of customers’ funds.
“For clarity, the Court Order merely affirms the Central Bank of Nigeria’s earlier decision to take over the management of Keystone Bank Limited in January 2024 following a change in its leadership,” the press statement read.“
Continuing, “Since then, the CBN has monitored the bank’s operations to ensure that they in full compliance with regulatory standards, operational transparency and the interest of depositors.”
Hakama further assured the bank’s Custis that the CBN will continue to monitor the bank’s performance and ensure the safety of stakeholders’ interest.
The back story
On Tuesday, 12th February 2025, a Special Offences Court sitting in Lagos ordered that the shares held by Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo be handed over to the Federal Government of Nigeria as part of the terms of a plea bargain to be let off the hook in a fraud case.
The Economic and Financial Crimes Commission (EFCC) had arraigned both defendants for financial crimes relating to the fraudulent diversion of ₦20 million from AMCON to Heritage Bank which were used to purchase 6.3 billion units of ordinary shares from Keystone bank, gaining controlling rights in the bank.
Prior to this time, the CBN had announced in January 2024 that it had dissolved the Board of Directors of Keystone bank following failures in its corporate governance structure.
Ordinarily, such changes would cause worries for Nigerian customers who would be worried about the continued operations of the bank’s and more importantly, the security of the funds saved with the bank.
However, the statement by the CBN hopes to put to rest these fears, assuring customers that the bank still remains fully operational, not withstanding the change in the ownership structure of the bank.
