The Central Bank of Nigeria (CBN) has assured the public that Keystone Bank Limited is stable and fully operational despite a court order forfeiting the bank’s shares to the Federal Government.
The CBN said in a statement on Friday, by its acting Director of Corporate Communications, Hakama Sidi Ali, that it acknowledged concerns over the development but maintained that there is no cause for alarm.
It assured that the stability of the banking sector and the safety of depositors’ funds remain top priorities.
The statement read: “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.”
According to the CBN, it has since been monitoring the bank’s operations to ensure compliance with regulatory standards, operational transparency, and depositor protection.
“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 CBN added.
It advised customers to direct inquiries to Keystone Bank’s customer support or visit any of its branches for further clarification.
Keystone Bank Limited recently announced that it is now fully owned by the Federal Government following the court’s dissolution of its former shareholder, Sigma Golf Nigeria Limited, following a judgement by the Lagos State Special Offences Court, sitting in Ikeja, Lagos, on Tuesday, February 11, 2025, against Sigma, in a matter instituted by the Economic and Financial Crimes Commission (EFCC).
