The Central Bank of Nigeria (CBN) on Friday assured Keystone customers that banking operations were unaffected by the court ruling that transferred ownership of all shares to the federal government.
While the apex bank admitted that the ruling might have stirred worries, CBN’s Director of Corporate Communications, Hakama Sidi Ali stressed that protecting customers’ funds and uninterrupted day-to-day running of Keystone Bank remain a priority.
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“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,” Ali said in a statement.
“Keystone Bank’s operations are entirely secure, and there is no reason for concern,” it emphasised.
CBN’s takeover of Keystone Bank
The court order only restated the Central Bank of Nigeria’s earlier determination to assume administration of Keystone Bank Limited in January 2024 after a leadership transition.
Since then, the CBN has kept a careful eye on the bank’s operations to make sure they fully adhere to operational transparency, regulatory standards, and depositor interests.
The statement reads, “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.”
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Keystone Bank issued a statement announcing that the Federal Government of Nigeria now owns all of its shares following a Tuesday ruling by the Lagos State Special Offences Court.
Justice Rahman Oshodi of the special court ordered the full forfeiture of Keystone Bank’s billions of shares to the government, specifically 6.3 billion shares at the rate of one naira per share.
For questions or concerns, customers are urged to visit any Keystone Bank location or contact customer service.