Wednesday, 29 March 2017

Keystone Bank names 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

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
He founded Sigma Pensions
Limited, and served as its Managing
Director/Chief Executive from 1st
February 2011 to 31st October
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
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