Keystone Bank appoints new Chairman, MD

Keystone Bank, Tuesday, announced the appointment of  Umaru Modibbo as
board chairman and Hafiz Bakare as and 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 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, Mr. Modibbo qualified as a Chartered Stockbroker in 1991 and was elected to the Council of The Nigerian Stock Exchange from 1993 to 1996.

Mr. 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.

Mr. 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.

PREMIUM TIMES reports that there had been controversies over the sale
of the bank, with AMCON alleged to be acting in breach of extant
takeover provisions.

Some senior officials of AMCON had in November 2016 voiced strong
opposition to the planned sale of the bank.

The disturbed officials specifically alleged that Ahmed Kuru, the chairman of AMCON, had concluded plans to hand over Keystone to a coalition of powerful Northern interests, while disregarding extant takeover provisions of AMCON in the process.

Former Vice President Atiku Abubakar and Umar Modibbo were allegedly
part of the arrangement to hand over the bank to Sigma Pensions limited, a firm linked to the two prominent Nigerians.

But when contacted in November, Paul Ibe, Mr. Atiku’s spokesperson, however, denied his principal’s involvement in the said deal.

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