Keystone Bank Gets Transition Board
Following the successful conclusion of the divestment of Keystone Bank Limited (the Bank) by the Asset Management Corporation of Nigeria (AMCON), and the formal handover of the Bank to the Sigma Golf-Riverbank Consortium (the Consortium), the bank has announced the appointment of Alhaji Umaru Modibbo and Hafiz Bakare as the Chairman of board and Acting Managing Director respectively in the new transitional management.
The bank also appointed Mrs. Yvonne Isichei as Executive Director as well as two other Non Executive Directors, Mrs. Titilayo Tairat Adebiyi and Mr. Bulus Bunken Dan-Habu.
The transitional governance arrangement which will take effect from April 1, 2017 is subject to approval by the Central Bank of Nigeria.
By the end of this week, March 31, 2017, the current Board of the Bank including the MD/CEO, Mr. Philip Ikeazor, would have fully disengaged, except for Bakare and 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 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.
Modibbo founded Sigma Pensions Limited, and served as its Managing Director/Chief Executive from 1st February 2011 to 31st October 2016.
The Acting MD, 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 organizations across different sectors to deliver sustainable value in an increasingly challenging and dynamic environment.
Bakare has wide ranging professional experience cutting across management consulting, banking, insurance, manufacturing, health and other sectors locally and across Africa. He was Chief Strategy Officer, First Bank of Nigeria Plc responsible for bank and group strategy; mergers & acquisition; new business development; conception/incubation of new subsidiaries and group co-ordination; economic intelligence; local/international ratings; investor relations; brand management and corporate communications. He equally oversaw the Products portfolio in FirstBank at some point covering Consumer Banking Products, Agricultural Business, Money Transfer and Wholesale Banking Products. In the course of his career, Mr. Bakare was also Group Director, Industrial and General Insurance Plc; and Non-Executive Director, Societe Nouvelle d’Assurances du Rwanda (SONARWA), the premier insurance institution in Rwanda.
