- Says no cause for alarm
BY EDMOND ODOK – The Central Bank of Nigeria (CBN) has assured the public that despite its current challenges, Keystone Bank Limited “remains sound, safe and fully operational.”
The apex Bank’s assurance is coming on the heels of recent court order forfeiting the shares of Keystone Bank Limited previously held by the shareholders to the Federal Government of Nigeria (FGN).
The Lagos State Special Offences Court in Ikeja, had ordered the forfeiture of 6.3 billion units of ordinary shares of Keystone Bank Limited, valued at N1.00 each, to the FGN.
Arising from the forfeiture order delivered by Justice Hakeem Oshodi on Tuesday, 11th February 2025, there has been anxiety and panic among the bank’s depositors over the safety of their funds.
Justice Oshodi gave the order after Sigma Golf Nigeria Limited, represented by its Chairman, Umaru Hamidu Modibbo, pleaded guilty to the fraudulent conversion of N20 billion belonging to the Asset Management Corporation of Nigeria (AMCON) funds.
Amid the concerns raised by depositors, the CBN on Friday allayed their fears, saying Keystone Bank remains fully operational and stable in the nation’s financial system.
A statement by the CBN’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali assured that Keystone operations are fully secure, adding there is no course for concern.
The statement read in part; “We acknowledge that this development may have triggered customers’ 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.”
According to the apex Bank statement; ” Customers are also encouraged to contact Keystone Bank’s customer support or visit any Keystone Bank branch for inquiries or concerns.”
