The Central Bank of Nigeria (CBN) has assured safety and soundness of Key stone Bank Plc amid a recent court order forfeiture of the lender’s shares to the federal government.
The apex bank affirmed safety of depositors’ funds in Keystone Bank noting that the bank remains operational.
A statement issued by the acting Director of corporate communications, Mrs.Hakama Sidi Ali allayed public fears.
Part of the CBN 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”, it said.
The bank explained that 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”, it said.
