The Central Bank of Nigeria (CBN) has reassured depositors and other stakeholders that Keystone Bank remains stable and fully operational. This statement follows a court order directing that shares of the bank, previously owned by former shareholders, be forfeited to the federal government.
In response to concerns that may have arisen from the court ruling, the CBN, through its Acting Director, Hakama Sidi-Ali, issued a statement on Friday. The bank regulator noted that despite the legal decision, there is no threat to Keystone Bank’s operations or the security of depositors’ funds.
The statement reads in full, “Following the court order that the shares of Keystone Bank Limited previously held by the shareholders be forfeited to the Federal Government of Nigeria, the Central Bank of Nigeria (CBN) wishes to reassure the public that Keystone Bank Limited remains safe, sound, and fully operational.
“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.”
