CBN Assures Public Of Keystone Bank’s Stability

Central Bank of Nigeria (CBN) has reassured the public of the stability and safety of Keystone Bank Limited, following a recent court order mandating the forfeiture of the bank’s shares previously held by its shareholders to the Federal Government of Nigeria.

In a statement issued by CBN spokeswoman Hakama Ali, the apex bank emphasised that Keystone Bank remains fully operational, sound, and secure despite concerns that may have arisen from the legal decision.

“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,” the statement read.

The CBN clarified that the court ruling merely reaffirmed its earlier decision to take over the management of Keystone Bank in January 2024, following a leadership change. Since then, the bank has been under the close supervision of the CBN to ensure adherence to regulatory standards, operational transparency, and the protection of depositors’ interests.

“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 assured.