It is the dawn of a new era for Keystone Bank, a top player in the Nigerian banking sector.

As part of a broader strategy to ensure sustained growth for Keystone Bank, the Central Bank of Nigeria (CBN) has approved a new chairman and board of directors for the financial institution.

The new board consists of a new board chairman, five non-executive directors, and two new directors, all carefully selected to take the bank to new heights.

The apex bank confirmed the latest development via a statement on Wednesday.

Steering the ship of leadership is Lady Ada Chukwudozie, as the new board chairman.

Lady Ada Chukwudozie, brings with her a truckload of experience.

A prominent figure in Nigeria’s corporate sector, Ada has nearly three decades of experience in business strategy, management, and administration.

Her expertise cuts across multiple industries, including De-Endy Industrial Company Limited, Dozzy Group, the Manufacturers Association of Nigeria, and Vogue Afrique Magazine.

Indeed, to whom much is given, much is expected.

With her extensive background and experience, Ada will now shoulder the responsibility of guiding the bank toward achieving its long-term goals.

The good news is that she is not alone. Joining her on the board are five non-executive directors, each bringing their unique skills to the table.

The five non-executive directors are Abdul-Rahman Esene, Mrs. Fola Akande, Akintola Ayodeji Olusoji, Obijiaku Samuel, and Senator Farouk Bello.

Together, they will play a critical role in shaping the future of the bank.

Furthermore, two new executive directors, Ladi Oluwole and Abubakar Usman Bello were also confirmed by the CBN.

Meanwhile, Keystone Bank’s Managing Director and CEO, Hassan Imam, bragged about his confidence in the new team.

To him, he was certain they would drive the bank’s growth and ensure reliable service for customers.

Imam noted that their wealth of experience would play a crucial role in the bank’s continued repositioning and growth.

His words: “We are pleased to welcome the new chairman, non-executive directors, and executive directors to the board of Keystone Bank.

We are confident that their extensive experience will be invaluable as we continue to reposition the bank to seize emerging economic opportunities while maintaining strong corporate governance and providing our customers with a secure and reliable banking experience,” Imam concluded.

Recall that in January, the CBN dissolved the board and management of Union Bank, Keystone Bank, and Polaris Bank.

The African Development Bank Group has approved $400,000 in grant funding for the Liberia Pension Sector Intervention Project, to support  the expansion of pension coverage  in Liberia.

The grant is being sourced from the Capital Markets Development Trust Fund (CMDTF), a multi-donor trust fund, managed by the African Development Bank that supports development of  efficient and diversified capital markets in African countries. The CMDTF is funded by donors including the Ministry for Foreign Trade and Development Cooperation of the Netherlands and the Ministry of Finance of Luxembourg.

Liberia`s National Social Security and Welfare Corporation (NASSCORP), the only existing pension service provider in country, currently provides coverage to mainly formal sector public service employees. There is thus a gap in coverage for the private sector, and particularly informal businesses.

Under the Liberia Pension Sector Intervention Project, the funding will support targeted reforms of Liberia’s pension sector including an assessment of the current pension system towards development of a national strategy, and capacity building for the pension sector ecosystem, including public and potential private pension sector operators.

The project is expected to enhance the enabling enviroment and support the emergence of domestic institutional investor base,  thereby broadening the pension coverage and enabling the pension system to mobilise additional savings for investment, including through domestic financial markets. It will be implemented by the Central Bank of Liberia, which oversees the country’s financial sector.

Hon. Henry F. Saamoi, Acting Executive Governor of the Central Bank of Liberia said, “The CBL appreciates the continued support of the African Development Bank toward the development of Liberia’s pension sector and looks forward to working with the Bank to implement this important reform. The Liberia Pension Sector Intervention Project should enhance Liberia’s readiness for the development of its capital market by institutionalising the investor base, and improving the pension sector’s legal and regulatory environment,” Mr. Saamoi added.

Ahmed Attout, African Development Bank Director for Financial Sector Development said, “We are excited to partner with the Central Bank of Liberia on this operation that is expected to facilitate a reformed pension system capable of mobilising domestic savings, that can be chanelled through financial markets, thereby contributing to deepen the domestic capital markets in Liberia. This aligns with the Bank’s goal of facilitating the emergence of well-functioning capital markets that can efficiently mobilise and allocate savings to fund the credit needs of economic agents and the continent’s development while reducing intermediation costs.”

VFD Group Plc, an industry-agnostic proprietary investment company with a portfolio of over 40 businesses across various sectors and geographies, has projected to earn N1.05 billion in the fourth quarter of 2024.

This was revealed in a financial projection statement signed by the Director of Finance, John Okonkwo, and Group Managing Director, Nonso Okpala.

According to the statement, gross earnings is projected to hit N16.12 billion in the period ending December 31, 2024.

Investment and similar income is expected to contribute N15.1 billion while investment expenses are projected at N10.42 billion.

This is expected to result in a net investment income of N4.68 billion.

Also, other income sources are expected to bring in N1.02 billion to take the total operating income to N5.7 billion.

However, the company is projected to spend N3.98 billion as operating expenses.

This includes personnel expenses of N1.09 billion, depreciation and amortization costs of N534.82 million and other operating expenses amounting to N2.35 billion.

Net impairment charge of N216.74 million was expected while net operating income is expected to stand at N5.49 billion.

VFD Group estimates its profit before tax will reach N1.51 billion, with an income tax expense of N452.67 million, leaving a profit of N1.05 billion for the period.

The company’s cash flow projections also paint an optimistic picture. Net cash generated from operating activities is expected to be N3.16 billion, while cash used in investing activities is forecasted at N6.4 billion.

On the financing side, the group projects cash generation of N8.81 billion, leading to a net increase in cash and cash equivalents of N5.57 billion.

By the end of Q4, cash reserves are expected to rise to N9.86 billion from N4.28 billion at the beginning of the quarter.

Although these numbers are projections, the forecast indicates VFD Group’s ability to manage its finances effectively in the face of economic uncertainties.