Keystone Bank Continues Operations Despite Forfeiture Order

• Keystone Bank continued operations normally despite a court ruling ordering the forfeiture of its assets to the federal government

• The Central Bank of Nigeria reassured customers of Keystone Bank’s stability, emphasizing that operations remain safe and unaffected by the court order

Keystone Bank remained operational on Friday despite a court ruling ordering the forfeiture of its assets to the federal government.

In Abuja, Weekend Trust visited the bank’s branches in the Central Business District and Wuse 2 and found that operations were ongoing as usual.

A customer at the Wuse 2 branch, Aminu Hassan, stated, “The bank has been operating since morning, attending to customers as usual. Their ATMs are functional, and everything is running smoothly.”

Similarly, a staff member at the Central Business District branch, who preferred anonymity, confirmed that there was no official communication about halting operations.

Checks at several branches in Lagos also indicated normal banking activities, with customers conducting transactions without disruption.

At a Lagos Island branch, a bank official remarked, “As you can see, we are operating without issues. I have heard about the situation, but it does not impact our operations.”

In Kano State, the Keystone Bank branch at Yan Kaba Market, located along Hadejia Road, was open for business. Customer Alkassim Gambo reported no disruptions, stating that he successfully completed multiple transactions.

According to reports, the bank’s Maiduguri Road branch was also open for business.

Following the court ruling, which mandated that shares of Keystone Bank Limited previously held by shareholders be forfeited to the Federal Government, the Central Bank of Nigeria (CBN) reassured Nigerians of the bank’s stability.

CBN acting director of Corporate Communications, Hakama Sidi Ali, provided assurances on Friday, stating, “We recognize that this development may have raised concerns. However, we emphasize that our top priorities are banking system stability and depositor fund security. Keystone Bank’s operations are entirely safe, and there is no cause for alarm.”

She clarified that the court order merely reaffirmed the CBN’s earlier decision to take over Keystone Bank’s management in January 2024 after a leadership change. Since then, the CBN has closely monitored the bank to ensure full compliance with regulatory standards.