Keystone Bank appoints new Chairman, MD

Keystone Bank has announced the appointment of Umaru Modibbo as board chairman and Hafiz Bakare as the acting Managing Director of the bank.
The appointments, which become effective on April 1, came less than a week after the bank was handed over to new investors by the Asset Management Corporation of Nigeria, AMCON.
A statement from by the Head, Corporate Communications, Keystone Bank, Omobolanle Osotule, said the new board was a transitional governance arrangement.
The announcement, according to the statement, 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).”
The transitional governance arrangement, which will take effect from the 1st of April 2017 is subject to approval by the Central Bank of Nigeria,” the statement said.
“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.”
Mr. Modibbo started his working career as a Commercial Officer in the then Gongola State Civil Service, and later joined 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, Modibbo qualified as a Chartered Stockbroker in 1991 and was elected to the Council of The Nigerian Stock Exchange from 1993 to 1996.
Modibbo 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.
Bakare, on his part, 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.
The bank also announced the appointments of Yvonne Isichei as Executive Director, as well as Titilayo Adebiyi and Bulus Dan-Habu as Non-Executive Directors.