Keystone Bank constitutes transition board

Keystone Bank constitutes transition board

Wednesday, March 29, 2017 7:53 am

Keystone Bank

Following 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), we are pleased to announce the following transitional governance arrangement:

i) Alhaji Umaru H. Modibbo​​-​Board Chairman.

ii) Mr. Hafiz Bakare​​​-​Acting Managing Director/CEO.

iii) Mrs. Yvonne Isichei​​​-​Executive Director.

iiii) Mrs. Titilayo Tairat Adebiyi​​-​Non-Executive Director.

v) Mr. Bulus Bunken Dan-Habu​-​Non-Executive Director.

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.

Below are summarized profiles of members of the transitional governance board.


Alhaji 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 Exchange.

Alhaji Modibbo founded Sigma Pensions Limited, and served as its Managing Director/Chief Executive from 1st February 2011 to 31st October 2016.


A passionate business administrator and a rounded banking professional, Mrs. Adebiyi’s working career spans 25 years of unbroken experience in Habib Nigeria Bank Limited and its successor, Bank PHB Plc, where she functioned variously in Branch Operations; as Head of Administration and Human Resources; and as Head of the Foreign Exchange Department. She had worked previously with PZ Industries and the then National Bank of Nigeria.

Mrs. Adebiyi holds the Higher National Diploma in Business Administration from the Lagos State College of Science & Technology, as well as an MBA from the prestigious Lagos Business School. She had also attended numerous professional courses including General Banking (Pakistan) and Performance Management (INSEAD Singapore).

A pioneer member of the Board of Directors of Sigma Pensions Limited where she served for about a decade, Mrs. Adebiyi currently runs an investment company in Lagos and is the Proprietress of Lakeside Academy, Abuja, an international primary school.


Mr. Dan-Habu holds the Bachelor of Laws (LL.B) Degree of the University of Maiduguri, as well a Master of Laws (LL.M) Degree of the University of Lagos. He was admitted to the Nigerian Bar more than 30 years ago; and has attended various courses at home and at Harvard Law School, and the Institute of Maritime Law, University of Southampton, UK.

Mr. Dan-Habu has a distinguished public service background. Between 1985 and 1986, he worked as State Counsel with the Benue State Ministry of Justice; he had served as a member of the Ministerial Committee for the Review of Nigeria’s Mineral Laws and Regulations; between 2000 and 2001 he served on the Tribunal of Inquiry into the Civil Disturbances in Lagos State; and also participated in the Review and the Drafting of the Agreement between the Federal Government of Nigeria and Global Minerals on the Nigerian Minerals Appraisal Monetization Programme (NIMAPOP).

A registered Capital Market Solicitor and member of several professional bodies and associations (including the Nigerian Bar Association), Mr. Dan-Habu sits on the boards of several local and foreign companies.


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.

Mr. 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.

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 including the IMF/World Bank Annual Meetings, World Economic Forum on Africa and Economist Conferences. He has been a panelist at the African Business Conference of the Harvard Business School, USA and is a Council Member, Gerson Lehrman Group, USA, the world’s largest knowledge brokerage and expert network comprising thought leaders and subject matter specialists in diverse fields.


Mrs. Isichei is currently the Executive Director in charge of Operations and Technology at Keystone Bank Limited. Before her current role, she had variously served as Executive Director, Lagos & West Directorate, as well as Executive Director, Retail Banking. Mrs. Isichei has had over 30 years of progressive banking exposure with extensive hands-on experience in banking operations and controls, commercial/consumer banking, treasury and institutional banking, product development, credit analysis and loan management, as well as public sector and management services. She had worked with Savannah Bank of Nigeria Plc, United Bank for Africa Plc and Fidelity Bank Plc before joining Keystone Bank Limited.

A holder of a second class honours upper division degree in Economics from the University of Lagos (1978); a Master of Arts degree in Finance & Investment from the University of Exeter, England (1982); a graduate of the Advanced Management Programme of the prestigious Lagos Business School (2002); as well as the Executive Management Programme, INSEAD, Paris (2004), Mrs. Isichei has also received training in leadership and corporate governance from such leading institutions as Harvard Business School, Wharton Business School, and Kellog School of Management.

Mrs. Isichei has also made valuable contributions to the Chartered Institute of Bankers in her capacity as Founding Chairperson, CIBN (Fidelity Chapter, 2009); Vice Chairperson, 3rd CIBN Annual Banking & Finance Conference (2009); and Chairperson, 4th Annual Banking & Finance Conference (2010).

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