CBN Assures Depositors Of Keystone Bank’s Stability

Oluwakemi Kindness

The Central Bank of Nigeria on Friday assured the public that Keystone Bank Limited remains stable and fully operational despite a court order forfeiting the bank’s shares to the Federal Government.

In a statement issued on Friday, the CBN’s acting Director of Corporate Communications, Hakama Sidi Ali, acknowledged concerns over the development but maintained that there was no cause for alarm.

She stated that the stability of the banking sector and the safety of depositors’ funds remained the regulator’s top priorities.

“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,” the statement read.

The CBN noted that it had been monitoring the bank’s operations to ensure compliance with regulatory standards and operational transparency while safeguarding depositors’ funds.

“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,” the apex bank stated.

Customers were encouraged to direct inquiries to Keystone Bank’s customer support or visit any of its branches for further clarification.

The court-ordered forfeiture follows regulatory interventions in Nigeria’s banking sector, with the CBN taking steps to strengthen governance and ensure financial system stability.

Keystone Bank earlier announced that it is now fully owned by the Federal Government of Nigeria following the court’s dissolution of its former shareholder, Sigma Golf Nigeria Limited.