Keystone Bank Accepts Ohiwerei's Exit; Appoints Abubakar Sule As Acting CEO

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Sunday, March 31, 2019  /  18.27PM / By Proshare News


Further to the Keystone Bank Limited board meeting held in Abuja on Friday, March 29, 2019; the bank issued a statement on Saturday, March 30, 2019 and signed by its General Counsel/Company Secretary, Dr. Michael Agamah, indicating that Mr. Obeahon Ohiwerei  has ‘resigned’ his position as the Managing Director/CEO of the Bank, and the appointment of Mr. Abubakar Danlami Sule as Acting Managing Director/CEO; subject to approval by the Central Bank of Nigeria (CBN).



About Abubakar Sule


Mr Abubakar Sule is a graduate of Ahmadu Bello University, Zaria with degree in Accounting. He is a Fellow of the Institute of Chartered Accountants of Nigeria; an Honourary Member of the Chartered Institute of Bankers of Nigeria; a Governing Member of the Chartered Institute of Bankers of Nigeria; and an Alumni of both the INSEAD (France) and Wharton Business School in Pennsylvania, USA. He was until his appointment as Acting MD/CEO, the Deputy Managing Director of Keystone Bank Limited.


He has over 29 years of cutting-edge banking experience with competences in Corporate Banking, Operations, Treasury Management, Credit Structuring, Corporate Planning, as well as possession of very strong relationship management skills.


Mr. Sule had also served briefly as the Managing Director of Sterling Capital Limited, the Investment Banking Subsidiary of Sterling Bank Plc in 2009. While at Sterling Capital Limited, he was appointed by the CBN as part of the Executive Management team to turnaround the fortunes of erstwhile Intercontinental Bank Plc.


He eventually returned to Sterling Bank Plc as Executive Director in charge of the North and Corporate Banking. He also worked briefly in Standard Chartered Bank Limited before he joined Keystone Bank.


Keystone Bank is an AMCON creation that was recently acquired by Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (consortium) in and around 2017. On this deal were the following parties: Advisers to the buyer (KPMG Professional Services, Boston Advisory Services, Giwa Osagie & Co., and Pan-African Capital Limited), as well as those of the seller (FBN Capital Limited, Citibank Nigeria Limited, Banwo & Ighodalo, and CrosswrockLaw).


Recall that Keystone Bank Limited was taken over by AMCON in 2011 alongside Afribank Plc and Spring Bank Plc. The two banks were renamed Mainstreet Bank and Enterprise Bank respectively while an AMCON-appointed management was put in place to stabilise the bank and prepare it for sale to eventual new investors.


For further details about the most recent performance of the bank, available in the public;  kindly read The Many Headaches Of Keystone Bank – Underlying Pressures Persist. 


Proshare Nigeria Pvt. Ltd. 


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 Proshare Nigeria Pvt. Ltd.

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