Keystone Bank constitutes transition board

Keystone Bank yesterday 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 transitional governance arrangement, which follows: “the successful conclusion of the divestment of Keystone Bank Limited (the Bank) 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.”

Alhaji Modibbo is 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 organizations across different sectors to deliver sustainable value in an increasingly challenging and dynamic environment.

He 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. A qualified Pharmacist, Mr. Bakare has an MBA from IESE Business School, University of Navarra, Spain and was the best in his class at the preparatory programme, setting a record of 25As in 26 courses. His management consulting experience was nurtured at Andersen Consulting (now Accenture) where he was on the firm’s “Outstanding Track”.

An ex-Consultant at Knowledge Factory International, UK, Mr. Bakare is an alumnus of European Bank Training Network’s International Banking Summer School (IBSS), a Honorary Senior Member of the Chartered Institute of Bankers of Nigeria (HCIB) and a member of the Nigerian Institute of Management (MNIM). Mr. Bakare has received executive education at the Harvard Business School, U.S.A; Wharton School University of Pennsylvania, U.S.A and has participated in major international conferences.

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