THE Central Bank of Nigeria (CBN) has again assured depositors and the public of the financial health of Keystone Bank Limited, triggered by recent developments that led to a full takeover of the bank by the Federal Government.
The growing concerns over Keystone Bank’s stability were recently heightened following a court order that dissolved the stake of the bank’s former shareholder, Sigma Golf Nigeria Limited, and forfeited them to the federal government.
Through the Economic and Financial Crimes Commission (EFCC), the federal government had filed a court action at the Lagos State High Court, Ikeja, against the former owners challenging its acquisition of Keystone Bank’s shares.
In a statement on Friday, February 14, signed by its acting director of corporate communications, Hakama Sidi Ali, the apex bank acknowledged the public concerns, stating that Keystone Bank is financially stable.
“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,” CBN stated.
It maintained that Keystone Bank’s operations are entirely secure, and there is no reason for concern.
It said the Court Order merely reaffirmed its prior decision to take over the management of Keystone Bank in January 2024, following a change in its leadership.
Since then, the apex bank has closely monitored its operations to ensure it is in full compliance with regulatory standards and operational transparency and in 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,” CBN maintained.
The ICIR reported in October 2024 that following public concerns, the apex bank claimed Keystone Bank was financially healthy.
Its defence of the bank’s health came after it revoked the operating licence of Heritage Bank Plc, and news festered that it might withdraw the licence of some other struggling banks.
In a statement it issued at the time, CBN said it had no plan to withdraw the operating licence of Keystone Bank amid growing concerns over the bank’s financial health, The ICIR reported.