CBN to customers: Keystone Bank fully operational… your funds are safe

The Central Bank of Nigeria (CBN) has reassured customers of Keystone Bank Limited that the financial institution remains
safe and fully operational.

The development comes a few days after a court in Ikeja, approved a plea bargain agreement between Sigma Golf and the Economic and Financial Crimes Commission (EFCC).

The legal proceeding saw Sigma Golf agree to wind up and forfeit N6.3 billion shares held in Keystone Bank to the federal government.

The decision comes a month after AMCON handed over Keystone Bank to the Sigma Golf-Riverbank consortium.

On Wednesday, Keystone Bank announced that the federal government has officially taken full ownership.

Speaking on the development in a statement on Friday, Hakama Sidi Ali, the acting director of the corporate communications department at CBN, said the apex bank’s focus will be to monitor the performance of the bank.

“The Central Bank of Nigeria (CBN) wishes to reassure the public that Keystone Bank Limited remains safe, sound, and fully operational,” the statement reads.

“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.

“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.”

Ali-Sidi also said the CBN would take all necessary steps to protect the interests of depositors, staff, and stakeholders.

The financial regulator encouraged customers to contact Keystone Bank’s customer support or visit any of its branches for inquiries or concerns.