CBN to continue managing Keystone Bank after court-ordered ownership transfer

The Central Bank of Nigeria (CBN) will continue to manage Keystone Bank despite the court-ordered ownership transfer to the Federal Government. This development comes after a Lagos State Special Offences Court ordered the forfeiture of 6.3 billion ordinary shares of Keystone Bank to the government due to a fraudulent diversion of N20 billion by Sigma Golf Nigeria Limited, the bank's former shareholder. 

The CBN has assured depositors and stakeholders that Keystone Bank remains stable and fully operational, with the regulator prioritizing the safety of depositors' funds and the stability of the banking sector . The bank's management has also confirmed that the government's takeover will enhance its recapitalization drive and pave the way for sustained growth and profitability. 

In January 2024, the CBN had dissolved Keystone Bank's previous Board and Management due to corporate governance breaches and appointed a new team to steer the bank towards stability. With the government now fully owning the bank, the CBN will continue to oversee its operations to ensure compliance with regulatory standards and operational transparency.

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