Keystone Forfeiture Order: Depositors Funds At Bank Safe-CBN

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

In a statement signed by its Acting Director of Corporate Communications, Hakama Ali on Friday, the CBN said that Keystone Bank remains safe, sound, and fully operational despite the legal development.

The apex bank acknowledged that the Court order might have caused concern among customers but assured that the stability of the banking system and the protection of depositors’ funds remain its top priorities.

“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,” it said.