Temidayo Akinsuyi, Lagos

Managing Director/Chief Executive Officer of Polaris Bank Limited, Mr. Tokunbo Abiru, has retired after four years at the helm of affairs. He will step down on August 31.

Daily Independent had last week reported that Abiru is set to retire from the bank having been nominated as the All Progressives Congress (APC) consensus candidate for Lagos Lagos East senatorial district.

The election billed to hold on October 31 is to fill the vacancy left by the death of Senator Bayo Osinowo who died in June.

Abiru, a former Executive Director of First Bank of Nigeria Plc, had two years stint as Lagos State Commissioner for Finance in the Administration of Mr. Babatunde Fashola (SAN).

The outgoing CEO announced to the staff of the bank that after nearly three decades in the banking industry, “serving meritoriously”, he resolved to retire to enable him contribute his quota in other areas of endeavour.

Reviewing his tenure at Polaris Bank, Abiru said: “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.”

He reminded the staff of the bank of the poor state of affairs before he assumed office in 2016 as the Group Managing Director of the erstwhile SkyeBank. According to him, all prudential ratios were out of compliance with regulatory requirements, Capital was negative, the loan book was mostly delinquent, liquidity faced deposit attrition, 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.

Abiru said: “We have reversed almost all regulatory ratios for good and currently rank among 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.”

He added: “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”.

According to him, “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 explained that the inovations had made a bank of choice.

On 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.”

Abiru was appointed the Group Managing Director and CEO of the then SkyeBank in July 2016.

He had served in several capacities in some of the leading banks being an Executive Director in First Bank of Nigeria Plc, Non–Executive Director in some leading companies, including Econet (now Airtel) Mobile Networks Limited, and FBN Capital Limited (now FBN Merchant Bank Limited).

Following the establishment of Polaris Bank in September 2018, the CBN affirmed the performance of the Bank’s Board of Directors, and reappointed Abiru to lead the new Bank; a position he held until he opted for voluntary retirement.

https://www.independent.ng/lagos-east-bye-election-polaris-bank-md-abiru-retires/

How assured is he getting that seat ?

Good luck to him , he will do a good job as a senator

I love seeing guys on suit into politics

Fear agbada guys !

Senator Tokunbo Abiru......Congrats

I thought some people were screaming that its ambodes own for grab, People don't understand that politics is devilish, this guys act like the wild, they don't have forgiveness in their dictionary, Good luck to the lone ranger

politics is now lucrative than bank job? Nigeria is finished!

social club management system website
https://www.nairaland.com/6070011/social-club-management-system#93158575

Damnnnnn niggarrr
Isoright

He is certain he will be winning the Bye-election.

Intelligent Dispensers for sale

He must be sure of a win to have resigned

Ok

They don't want to give room for the masses to govern. Circle of the rich

Ambode has been retired by Jagaban.

PDP candidate shouldn't just bother wasting his money except he wants the tax collectors to swindle him

Ok

Wish you all the best sir.

He has as good as won

Retired or resigned?

Go and relax and chop big money in politics you have paid your dues in the banking sector

explorer250:
politics is now lucrative than bank job? Nigeria is finished!

I tireoooo. To think say Senator pay pass MD of a commercial bank. Na wa

Okkkk good

Ambode see your life, Even Senate position they couldn't give it to you, You are political useless to those who once praised you as one of the best governor in Nigeria, immediately you start fighting their god, they turnaround I said you are the worst governor so far in Nigeria,
you were even branded Igbos.

Ok

Want children Educational tablets? Holla me asap 08060291729