In a move to strengthen the leadership and governance of Keystone Bank, the Central Bank of Nigeria (CBN) has appointed a new board and executive team to oversee the bank's operations. The appointments come after the dissolution of the previous board due to non-compliance with the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020.
Hassan Imam, the new MD/CEO, previously served as an executive director at Fidelity Bank. Chioma A. Mang, the Executive Director, previously held the position of managing director at the United Bank for Africa, Sierra Leone.
The CBN stated that the banks' infractions varied from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability.
Keystone Bank, a full-service commercial bank currently owned by Sigma Golf River Bank Consortium, was acquired from the Asset Management Corporation of Nigeria (AMCON) in 2017. The bank was granted a banking license on August 5, 2011, by the CBN and assumed the deposit liabilities, certain other liabilities, and assets of the former Bank PHB Plc.
The CBN assured the public of the safety and security of depositors' funds and stated that Nigeria's banking system remains strong and resilient. The new appointments are expected to provide strong leadership and ensure compliance with regulatory requirements, ultimately strengthening Keystone Bank's position in the Nigerian banking sector.