CBN Designates Lady Chuwudozie As Chair Of Keystone Bank

The Central Bank of Nigeria (CBN) has appointed Lady Ada Chukwudozie as the Chairperson of Keystone bank’s newly reconstituted Board.

The recent announcement also includes the appointment of seven other new board members.

Lady Chukwudozie, a well-regarded figure in Nigeria’s corporate sector with nearly 30 years of experience, will lead the board. Her career spans various industries and institutions, including De-Endy Industrial Company Limited, Dozzy Group, the Manufacturers Association of Nigeria (MAN), and Vogue Afrique Magazine.

Joining Lady Chukwudozie on the board are five non-executive directors: Abdul-Rahman Esene, Mrs. Fola Akande, Akintola Ayodeji Olusoji, Obijiaku Samuel, and Senator Farouk Bello. Additionally, the CBN has appointed Ladi Oluwole and Abubakar Usman Bello as new executive directors.

The reshuffle follows the CBN’s decision in January 2024 to dissolve the boards and management teams of Union Bank, Keystone Bank, and Polaris Bank. This move was prompted by these banks’ failure to adhere to crucial regulatory standards outlined in Section 12(c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020, which includes compliance with governance and financial stability requirements.

The CBN’s action underscores its commitment to maintaining stringent regulatory standards within the banking sector. The new leadership at Keystone Bank, under the guidance of Lady Chukwudozie, is expected to steer the institution towards enhanced compliance and operational excellence.

In addition to the board changes, the CBN also appointed Hassan Imam as the Chief Executive Officer (CEO) and Managing Director of Keystone Bank. Chioma A. Mang, a seasoned Nigerian lawyer and former CEO of United Bank for Africa Uganda Limited and UBA’s Gabon subsidiary, was named Executive Director.