Keystone Bank: Fear grips workers as employment becomes competitive – Investigation

Since the transition board team of Keystone Bank took over its management, investigations have showed that anxiety over job security within the bank has been heightened, while retention of employment and positions for it worker has now become more competitive than ever.

Just last week, the new owners of the bank who were referred as a consortium of local investors called Sigma Golf Nigeria Limited and Riverbank Investment Resources announced a transitional governance arrangement that include; new Board Chairman; Acting Managing Director/CEO; Executive Director and two Non-Executive Directors.

The lender in a statement had said the transitional governance arrangement had begun since 1st of April 2017, and must have been approved by the Central Bank of Nigeria (CBN).

However, Business Times checks has it that due to uncertainty surrounding job security within the bank, some of its workforce have been on the lookout for new jobs, while majority have no option than to roll up their sleeves and face the competition ahead of them.

An industry source who is close to the bank, but pleaded anonymity, said there was a meeting last week and there was an indication that staff jobs are secure, but such personnel must prove their competence to retain their jobs.

“They need experienced people to drive their process and strategy and old hands can do that well with inclusion of new experts to ensure service improvement and technical expertise”, the source explained.

Consequently, the lender had earlier informed the general public that by 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.

It would be recalled that the bank was recently handed over officially to its new owners by the Asset Management Corporation of Nigeria (AMCON) and has since named a transition board team.

According to the bank, Alhaji Umaru H. Modibbo, who 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, is the new Board Chairman of the bank.

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

But Hafiz Bakare, who is the current 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, would act as the bank new Managing Director.

According to the statement, Mr. Bakare has wide ranging professional experience cutting across management consulting, banking, insurance, manufacturing, health and other sectors locally and across Africa.

Titilayo Tairat Adebiyi, a Non-Executive Director, has no less that 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.

In the new management team also include, Mr. Dan-Habu , who 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.

Finally, 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, among many other departments in the banking operations.

Keystone Bank, previously known as Bank PHB, was among the three banks nationalised by the CBN in 2011, after failing failed a stress test conducted by the apex bank.

The two others, Mainstreet and Enterprise Banks, had been handed over to other stronger banks in the industry by AMCON more than a year ago.