Keystone Bank Remains Secure, Fully Operational – CBN Reassures Public

The Central Bank of Nigeria (CBN) has reassured depositors and stakeholders that Keystone Bank remains financially stable and fully operational despite a recent court ruling ordering the forfeiture of its shares held by former shareholders to the federal government.

In a statement issued on Friday by Acting Director Hakama Sidi-Ali, the apex bank acknowledged that the development might have caused concern among customers but emphasized that necessary measures had been implemented to ensure the bank’s stability.

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.

“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 CBN clarified that the court’s decision simply reaffirmed its earlier move to take control of Keystone Bank in January 2024, following a leadership transition.

“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,” the statement added.

Reiterating its commitment to maintaining confidence in the financial system, the CBN assured the public that Keystone Bank’s performance would continue to be closely monitored.

“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 statement concluded.

The CBN’s statement aims to allay fears and reaffirm its dedication to ensuring a stable and secure banking sector.