Shehu Muhammad Appointed CEO of Keystone Bank

Shehu Muhammad

The Board of Directors of Keystone Bank Limited Friday announced the appointment of Dr. Shehu Muhammad as its acting Managing Director/Chief Executive Officer.

Until the appointment, Muhammad was the bank’s Executive Director, Corporate Banking. A statement from the bank described Muhammad as an astute and experienced banker.

                        

His appointment followed Thursday’s resignation of Oti Ikomi, the first chief executive officer of the financial institution that was established on August 5, 2011.

THISDAY had predicted that any of the bank’s five Executive Directors could succeed Ikomi.

Keystone Bank is wholly owned by the Asset Management Corporation of Nigeria (AMCON).

The statement from the bank Friday said: "Muhammad holds a Ph.D in Development Economics from Universite de Granoble II, France (1989); an MBA and a B.Sc. degree in Business Administration both from the Ahmadu Bello University, Zaria (1983 and 1979 respectively).

"Muhammad brings to Keystone Bank, robust intellectual capital, strong management consultancy skills and extensive commercial banking experience acquired over 18 years of engagement at ICON Limited (Merchant Bankers) Bank of the North Limited and Unity Bank Plc, with competence in strategy development, corporate planning, corporate banking, treasury marketing, and product development."

In addition to these, Muhammad has written several papers, which he presented at seminars and workshops. He has also, while teaching at Bayero University Kano, supervised several MBA research papers and research works.

According to the statement, the Board also accepted the Ikomi’s resignation yesterday.

"The Board of Directors rising from a meeting on Friday, October 12, 2012, formally accepted the resignation of Mr. Oti Ikomi, who resigned on Thursday, October 11.

"Keystone Bank wishes to reassure its esteemed customers and stakeholders of seamless and best-in-class client service experience throughout its over 200 business offices across Nigeria and its subsidiaries in four African countries," it added.

Ikomi had informed THISDAY that he decided to vacate the plum job based on personal and health reasons. Ikomi was appointed about 14 months ago.

Keystone is one the three commercial banks that were acquired by AMCON, through a bridge bank process. The bank was established from the carcass of the defunct Bank PHB.