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Report: Keystone Bank names acting managing director, board chairman

Keystone Bank Ltd. appointed Umaru Modibbo board chairman and Hafiz Bakare acting managing director, effective April 1, Premium Times reported March 29.

Modibbo was previously the managing director and CEO of Sigma Pensions Ltd, a company that he founded, while Bakare is Keystone Bank's executive director of corporate bank and treasury.

A statement from Keystone Bank also said a newly formed transitional governance board will also take effect April 1, pending the Central Bank of Nigeria's approval, the report noted. The lender named Yvonne Isichei executive director of the transitional board, it added, with Titilayo Adebiyi and Bulus Dan-Habu appointed as nonexecutive directors. According to the statement, the bank's existing board, including current managing director and CEO Philip Ikeazor, would "fully disengage" by March 31, Premium Times said.

The Nigeria-based lender was recently acquired from Asset Management Corp. of Nigeria by a consortium of local investment firms consisting of Sigma Golf Nigeria Ltd. and Riverbank Investment Resources.