Monday, September 28, 2020


Home NEWS News MD/CEO Of Polaris Bank Retires

MD/CEO Of Polaris Bank Retires

Mr. Tokunbo Abiru, the Managing Director/Chief Executive Officer of Polaris Bank Limited who is from the Ikorodu division of Lagos East has announced his retirement from the bank, effective August 31, 2020.

In a statement released by the Bank yesterday, the decision was born out of Abiru’s completion of his second two-year tenure at the helm of the bank.

There have been speculations that Abiru who served from 2011 to 2013 as Commissioner of Finance in Lagos State under Mr. Babatunde Fashola wants to join the race in the forthcoming senatorial bye-election to replace the deceased Lagos East member of the National Assembly, Senator Bayo Osinowo which holds on the 31st of October,2020.

Sharing his scorecard while serving as the CEO of the Bank, he said:

“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 (CBN) upon assumption of office in 2016.”

“We have reversed almost all regulatory ratios for good and currently rank amongst the very best in the industry. 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 N27 billion.

“To buttress the fact that this is sustainable, the bank’s first half 2020 result showed a PAT of over N18 billion, 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“We also commenced the refreshment of the bank’s IT infrastructure, which had largely become outdated and dilapidated due to years of under-investment.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 Programme, 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.

“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.”

On the issue of leadership succession, 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.”

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