Market News

By Emma Ujah, Abuja Bureau Chief

The Central Bank of Nigeria (CBN) has assured depositors and other stakeholders of Keystone Bank that the institution remained safe and operational.
CBN’s position followed the court order that the bank’s shares held by the former shareholders be forfeited to the federal government.
The apex bank, in a statement by its Ag. Director Hakama Sidi-Ali on Friday, admitted that the development could have raised concerns among depositors and other stakeholders of the bank, but that it has taken steps to protect the depositors and ensure the smooth operation of the bank.
The statement reads in full, “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.
“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.
“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.”