N20bn Fraud: Keystone Bank Remains Operational Despite Forfeiture Order, CBN Assures

The New Diplomat
Writer

Ad

Details as FG, States LGs Share N2.103trn in September

By Abiola Olawale The Federation Account Allocation Committee (FAAC) has disbursed a total of N2.103 trillion as federation revenue for September 2025, shared among the Federal Government (FG), 36 states, and 774 Local Government Councils (LGCs). The allocation was made at the Federation Account Allocation Committee (FAAC) meeting chaired by the Accountant-General of the Federation,…

Why I Don’t Want Nigeria to Qualify for 2026 World Cup– South Africa’s Minister Reveals

By Abiola Olawale South Africa's Minister of Sport, Arts and Culture, Gayton McKenzie, has unleashed a scathing attack on Nigeria's Super Eagles, declaring outright that he hopes they crash out of contention for the 2026 FIFA World Cup. McKenzie spoke during an interview with Radio 947 in Johannesburg, where he accused Nigeria of allegedly attempting…

From Harvard to Stanford: The Tuition Costs of the Top 10 Colleges

Key Takeaways Tuition alone at elite schools ranges from $59K to $71K, compared to $43K at the average private college. The University of Chicago tops the list. The cost of attending America’s most prestigious universities continues to soar. For the 2024–25 academic year, the total annual cost of the top 10 national universities now ranges…

Ad

By Kolawole Ojebisi

The Central Bank of Nigeria (CBN) has assured members of the public, particularly the huge customers of Keystone Bank Limited that the bank “remains sound, safe and fully operational.”.

The apex bank said this to allay the fear of the public following the court order that the shares of Keystone Bank Limited previously held by some shareholders be forfeited to the Federal Government of Nigeria.”

Recall that the Lagos State Special Offences Court, Ikeja, ordered the forfeiture of 6.3 billion units of ordinary shares of Keystone Bank Limited, valued at N1.00 each, to the Federal Government of Nigeria.

Justice Hakeem Oshodi on Tuesday gave the order after Sigma Golf Nigeria Limited, represented by its Chairman, Umaru Hamidu Modibbo, pleaded guilty to the fraudulent conversion of N20 billion belonging to the Asset Management Corporation of Nigeria (AMCON) funds.
Since the forfeiture order, there has been panic among depositors of the bank over the safety of their funds.

But the apex bank on Friday allayed their fears, saying the bank remains fully operational and stable. Ag. Director, Corporate Communications of CBN, Mrs. Hakama Sidi Ali in a statement stated that Keystone operations are fully secure, adding there is no course for concern.

The statement read: “We acknowledge that this development may have triggered customer concerns; however, we wish to underscore that the stability of the banking system and the safety of depositors’ funds remain our top priorities.

“Keystone Bank’s operations are entirely secure, and there is no reason for concern. 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.

“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. Customers are also encouraged to contact Keystone Bank’s customer support or visit any Keystone Bank branch for inquiries or concerns.”

Ad

X whatsapp