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

Cat:

Related stories

Makinde Mourns as Olubadan’s Passes Away at 90

By Abiola Olawale Oyo State Governor, Seyi Makinde, has expressed...

2027: Political Intrigues Escalate as Obi Affirms Presidential Ambition, Declines VP Slot

ADC in Negotations over zoning. By Abiola Olawale As Nigeria...

Ojuri and Her One-Upper Friend: A Story About Listening, Healing, and Guarding Your Peace

By Babalola Johnson Ojuri has lived through more pain than...

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.”

The New Diplomat
The New Diplomathttps://newdiplomatng.com/
At The New Diplomat, we stand for ethical journalism, press freedom, accountable Republic, and gender equity. That is why at The New Diplomat, we are committed to speaking truth to power, fostering a robust community of responsible journalism, and using high-quality polls, data, and surveys to engage the public with compelling narratives about political, business, socio-economic, environmental, and situational dynamics in Nigeria, Africa, and globally.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
Makinde Mourns as Olubadan’s Passes Away at 90Concerns Soars as Nigeria Unbelievably Lags Behind Libya, Gabon, Equatorial Guinea in World Bank’s 2025 Income Rankings2027: Political Intrigues Escalate as Obi Affirms Presidential Ambition, Declines VP SlotOjuri and Her One-Upper Friend: A Story About Listening, Healing, and Guarding Your PeaceRanked: The Best Countries for Work-Life Balance in 2025Top Indian Refiner Sees Oil Prices Stabilizing in the $65-70 RangeWhat can Nigeria learn from China’s electricity revolution?"Ringo Starr Turns 85: A Global Call for Peace and Love"As Aregbesola Pulls Massive Crowd in Lagos, Wike Blasts Atiku, Aregbesola, Amaechi, Mark, Obi, OthersCharted: U.S. Pharmaceutical Drug Imports from ChinaDetails as FG Puts Presidential Jet on the Market in SwitzerlandGulf of Guinea: Leveraging $3 trillion coastal economy, $800b energy, oil & gas, maritime opportunities for Private-Public Sector GrowthXi Jinping misses BRICS summit for first time in 12 years amid buzz about his political future[VIDEO] Drama as Natasha Breaks Silence, Says She is Resuming Senate Duties Tuesday[VIDEO] Rivers LG Crisis: Police Nab Officials over Violent Attack on Sole Administrator
X whatsapp