A preliminary investigation has revealed that Keystone Bank was essentially acquired without any financial cost, sparking suspicions of irregular financial practices. The Central Bank of Nigeria's (CBN) records failed to indicate the origin of the funds used for the acquisition, raising concerns about the transparency of the transaction.

As a result of the investigation, the federal government has established full ownership of Keystone Bank, paving the way for strategic restructuring and possible recapitalization efforts to ensure the bank's long-term financial stability.

The government's next steps are expected to focus on enhancing governance, increasing transparency, and reinforcing public trust in the banking sector.