The Central Bank of Nigeria (CBN) has appointed Lady Ada Chukwudozie as the Chairperson of the new Board of Keystone bank and other non-Executive Directors.
The apex bank has also appointed two additional executive directors for the lender.
In a statement released by the bank on Wednesday, it was announced that Lady Ada Chukwudozie has been appointed as the board chairman, along with five non-executive directors: Abdul-Rahman Esene, Mrs. Fola Akande, Akintola Ayodeji Olusoji, Obijiaku Samuel, and Senator Farouk Bello.
The CBN also appointed two new executive directors, Ladi Oluwole and Abubakar Usman Bello.
Profile of the new chairperson
Keystone Bank’s newly appointed board chairman is a prominent figure in Nigeria’s corporate landscape, bringing nearly 30 years of experience in business strategy, management, and administration. Her expertise extends across various industries and institutions, including De-Endy Industrial Company Limited, Dozzy Group, the Manufacturers Association of Nigeria (MAN), and Vogue Afrique Magazine.
Backstory
In January, the Central Bank of Nigeria (CBN) dissolved the Board and Management of three major banks — Union Bank, Keystone Bank, and Polaris Bank.
According to a press release dated January 10, 2024, this decision was driven by the banks’ failure to comply with key regulatory requirements. The relevant provisions—Section 12(c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020—outline important regulatory and governance standards.
The CBN highlighted multiple issues leading to this action, including non-compliance with regulations, corporate governance lapses, and activities that posed a risk to financial stability.
New appointees of keystone bank after CBN’s dissolution
After dissolving Keystone Bank’s Board, the Central Bank of Nigeria appointed new executives to take leadership positions at the bank and others affected by the board dissolution.
- Among the new appointees is Hassan Imam, who was named the Chief Executive Officer (CEO) and Managing Director of Keystone Bank.
- Keystone Bank, a full-service commercial institution, is owned by Sigma Golf River Bank Consortium, which acquired the bank from the Asset Management Corporation of Nigeria (AMCON) in 2017.
- The apex bank also appointed Chioma A. Mang as the new Executive Director of Keystone Bank. Born around 1966, she is a Nigerian lawyer and corporate executive who previously served as Managing Director and Chief Executive Officer of United Bank for Africa Uganda Limited, a role she assumed in December 2020. Prior to that, she held the same position at UBA’s subsidiary in Gabon.
