Court restrains CBN from transferring Keystone Bank shares

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The Federal High Court sitting in Abuja has restrained the Governor of the Central Bank of Nigeria, CBN, Godwin Emefelie, and the management of Keystone Bank from the transfer of the bank’s shares to those it was purportedly sold to, pending the determination of the motion on notice before the Court of Appeal.The decision was taken after the court heard the counsel to the plaintiff, Wole Balogun, address the court on the failure of the governor of the CBN to obey a court order.

Counsel to the defendants, Samuel Onah, pointed out that there was already an order of stay of proceedings.

The court asked the CBN governor to explain why he should not be committed to prison for contempt of court on account of the supervisory and regulatory power of the CBN regarding the purported sale of Keystone Bank to Sigma Golf Nig Limited and River Bank Consortium.

This, according to the court presided over by Justice Valentine Achi, was after due notice of a pending order of the court mandating all parties to maintain the status quo on one hand and the CBN governor to mediate in the dispute and report back to the court on the other.

The case was adjourned for ruling till June 19, 2017.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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