ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Friday, February 26, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
The former Managing Director/Chief Executive Officer of Polaris Bank Limited, Tokunbo Abiru

The former Managing Director/Chief Executive Officer of Polaris Bank Limited, Tokunbo Abiru

Polaris Bank MD, Tokunbo Abiru, steps down; joins Lagos East Senatorial race

byPress Release
August 24, 2020
3 min read

The Managing Director/Chief Executive Officer of Polaris Bank Limited, Tokunbo Abiru, has announced his retirement from the service of Polaris Bank, effective August 31, 2020, having completed his second two-year tenure at the helm of the Bank.

In an emotion-laden farewell message to staff of the Bank, Mr. Abiru explained that having served meritoriously in the banking industry for nearly three decades, he had resolved to retire to enable him contribute his quota in other areas of the society.

PREMIUM TIMES learnt that Mr Abiru will immediately join politics to enable him to take a shot at the senatorial slot for Lagos East District which became vacant following the death of Senator Adebayo Osinowo who died on June 15 at 64.

The banker is among strong contenders for the ticket of the All Progressives Congress (APC) for the forthcoming senatorial byelection in Lagos.

Sharing his scorecard while serving as the CEO of the Bank, Mr. Abiru noted: “It gives me great pleasure to say that, with the support of the Board, Executive Management and all of you, we have delivered on the mandate given to us by the Central Bank of Nigeria upon assumption of office in 2016.

“Going down memory lane, he reminded staff of the bank’s poor state before he assumed office in 2016 as the Group Managing Director of the erstwhile SkyeBank.

He noted that all prudential ratios were out of compliance with regulatory requirements, Capital was negative, the loan book was mostly delinquent, while liquidity faced deposit attrition.

Furthermore, the IT infrastructure was dilapidated and employee morale was low, resulting in erosion of public confidence.

He praised the staff for working with him to reverse the trend and bring about an institution that has become a compelling case study in corporate turnaround within Nigeria’s financial services industry.

RelatedNews

Before losing South African citizenship, Nigerian professor suspended for misconduct, school says

NPFL: Adamawa United end 15-match winless streak

Court orders Ekiti State University to reinstate 85 sacked workers

Grieving parents recall last moments with children killed in Maiduguri multiple bombings

“We have reversed almost all regulatory ratios for good and currently rank amongst the very best in the industry,” Mr Abiru said. “There can be no better testament to the much-improved state of the Bank than the full year 2019 results in which the Bank posted Profit After Tax (PAT) of N27billion.

“To buttress the fact that this is sustainable, the Bank’s first half 2020 result showed a PAT of over N18billion, despite the tremendous headwinds brought on by the COVID-19 pandemic.

“We also commenced the refreshment of the Bank’s IT infrastructure, which had largely become outdated and dilapidated due to years of under-investment. As a result of the successful completion of the first phase of the IT Refresh Program, which consisted mainly of upgrade of the infrastructure and digital platforms, and relocation of the Bank’s Data Centres to Tier III data locations as mandated by CBN regulations and in line with global best practices, the Bank’s customers are now experiencing significantly improved service delivery.

Dangote adbanner 728x90_2 (1)

“In addition, by introducing and committing resources to the Agency Banking model, we have contributed in no small measure to deepening financial inclusion for the unbanked and under-banked throughout the length and breadth of Nigeria.”

He restated that today’s Polaris Bank has been successfully positioned as a bank of choice in Nigeria due to the work that has been put in by the various stakeholders including the loyal customers of the Bank.

On the issue of leadership succession, Mr. Abiru said, “During this period leading to my final disengagement, I will work closely with the CBN, the Board of Directors and Executive Management of our Bank to ensure a seamless transition and smooth handover to my successor.”

Tokunbo Abiru was appointed the Group Managing Director and Chief Executive Officer of the then SkyeBank in July 2016.

Before his appointment, he had served in several capacities in some of the leading Banks in Nigeria’s banking industry, including at one time as an Executive Director at First Bank of Nigeria Plc.

He was at various times non–executive director in some leading companies, including Econet (now Airtel) Mobile Networks Limited, and FBN Capital Limited (now FBN Merchant Bank Limited).

ADVERTISEMENT

Mr Abiru also had a brief stint in public service, having served from 2011 to 2013 as Commissioner of Finance for Lagos State Government under the leadership of Governor Babatunde Fashola (SAN).

Following the establishment of Polaris Bank in September 2018, the Central Bank of Nigeria affirmed the performance of the bank’s Board of Directors, and reappointed Mr Abiru to lead the new Bank.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (3)
premiumtimes



PT Mag Campaign AD

Previous Post

Amazing teamwork key to Bayern’s treble season — Flick

Next Post

Scorecard: Gender based violence, non-inclusion of women in politics mar Tallen’s first year in office

Press Release

Press Release

More News

Abubakar Malami [Photo: The Guardian]

Justice ministry has become ‘revenue-generating entity’ under Malami – Official

February 25, 2021
Dubawa

Dubawa sends forth 2020 fact-checking fellows

February 25, 2021
Mr Ijeoma’s school said he had been suspended for alleged misconduct before he was expelled from South Africa. Credit: Mr Ijeoma’s Facebook Page

Before losing South African citizenship, Nigerian professor suspended for misconduct, school says

February 25, 2021
Itse Sagay

New EFCC Chair: Malami may not allow Bawa operate independently -Sagay

February 25, 2021
Nigerian Air Force officers who died in the Beechcraft King Air B350i crash [PHOTO CREDIT: @NigAirForce]

Air Force plane crash victims buried in Abuja

February 25, 2021
Court symbol

Nigerian student convicted of fraud in U.S.

February 25, 2021
Next Post
Pauline Tallen [PHOTO CREDIT: @FMWA_ng]

Scorecard: Gender based violence, non-inclusion of women in politics mar Tallen’s first year in office

Donald Trump [Photo: BBC]

Top Trump adviser Conway to leave White House citing family

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,624,822 other subscribers.

Advertisement






netherland biz school Advert

Zenith Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.