Keystone Bank appoints transition board

Following its sale to new investors, Keystone Bank on Tuesday announced the appointment of Alhaji Umaru H. Modibbo and Mr. Hafiz Bakare as board Chairman and acting Managing Director/Chief Executive Officer respectively. The lender also announced the appointments of Mrs. Yvonne Isichei as Executive Director as well as Mrs. Titilayo Tairat Adebiyi and Mr. Bulus Bunken Dan-Habu- as Non-Executive Directors. A statement from the lender’s Head, Corporate Communications, Omobolanle Osotule, said the new board is a transitional governance arrangement, which follows: “the successful conclusion of the divestment of Keystone Bank Limited by the Asset Management Corporation of Nigeria (AMCON), which culminated in the Completion Meeting of 23 March 2017 and the formal handover of the bank to the Sigma Golf-Riverbank Consortium (the Consortium).” According to the statement: “The transitional governance arrangement, which will take effect from the 1st of April 2017 is subject to approval by the Central Bank of Nigeria. By the 31st of March 2017, the current board of the bank (including the MD/CEO, Mr. Philip Ikeazor) would have fully disengaged, except for Mr. Bakare and Mrs. Isichei, who will continue as part of the transitional governance board.” Modibbo started his working career as a Commercial Officer in the then Gongola State Civil Service, and would later join the Gongola State Investment Company Limited where he rose to the rank of Senior Investment Executive. A 1983 graduate of Business Administration from the Ahmadu Bello University, Zaria, Alhaji Modibbo qualified as a Chartered Stockbroker in 1991 and was elected to the Council of The Nigerian Stock Exchange from 1993 to 1996. He is currently a member of the Investors Protection Fund (IPF) of the Nigerian Stock Exchange. He founded Sigma Pensions Limited, and served as its Managing Director/Chief Executive from 1st February 2011 to 31st October 2016. Hafiz Bakare is currently the Executive Director, Corporate Bank & Treasury at Keystone Bank Limited also overseeing the Lagos & West Directorate. Before his appointment to the Board of Keystone Bank in July 2014, he was running a management consulting and capacity development firm he founded with the objective of assisting organisations across different sectors to deliver sustainable value in an increasingly challenging and dynamic environment.