Kehinde Fajobi
The Central Bank of Nigeria (CBN) has reassured depositors and stakeholders of Keystone Bank that the institution is secure and fully operational, following a court ruling that resulted in the forfeiture of the bank’s shares by its former shareholders to the federal government.
In a statement issued on Friday, February 14, CBN’s Ag. Director, Hakama Sidi-Ali, acknowledged that the development might have raised concerns among the public. However, he assured that the bank’s operations remain unaffected.
The statement reads: “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.”
The CBN also clarified that the court order simply reinforced its earlier decision to take control of Keystone Bank in January 2024, following a change in its leadership.
Since then, the apex bank has been monitoring the bank to ensure compliance with regulatory standards and to protect the interests of depositors.
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“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,” the statement added.
The CBN further committed to ongoing oversight of Keystone Bank’s performance and ensuring the protection of stakeholders’ interests. Customers with questions are encouraged to contact Keystone Bank’s support services or visit any of its branches.