‘Keystone Bank Is Safe, Operational’— CBN Reassures Customers After FG’s Takeover

The Central Bank of Nigeria (CBN) has said that Keystone Bank Limited is sound and that there is no cause for alarm.

The CBN said this on Friday amidst Keystone Bank customers’ concern for the safety of their funds.

CBN statement which was signed by the Ag. Director, Corporate Communications, Mrs. Hakama Sidi Ali comes after Keystone Bank Limited announced that it is now fully owned by the Federal Government of Nigeria.

The announcement followed the court’s dissolution of its former shareholder, Sigma Golf Nigeria Limited.

CBN said, “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.”

CBN 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.

CBN added, “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.”

‘Keystone Bank Is Safe, Operational’— CBN Reassures Customers After FG’s Takeover is first published on The Whistler Newspaper