GEN Gen

Information at the disposal of The Witness has it that the group managing director and chief executive officer of Polaris Bank Ltd, Adetokunbo Mukhail Abiru, is currently battling to save his head following series of petitions at the Presidency seeking his removal as the bank’s chief over poor performance.

This is coming even as the Asset Management Company of Nigeria (AMCON), is currently seeking new investors to take over the nationalised bank.

In one of the petitions, a group, Integrity Movement for Good Governance (IMGG), urged the president, Muhammadu Buhari to beam its searchlight on the struggling financial institution, its current financials and the takeover of the bank.

In the petition signed by its president, Mr. Babafemi Adeniji, and titled: “Request for Presidential Inquisition into Polaris Bank Limited led by Mr. Adetokunbo Mukhail Abiru” the group said it was worried that like the defunct Skye Bank, the federal government is again on the brink of losing several billions of naira due to inexperience and lack of expertise of the management of Polaris Bank led by Abiru. “We believe a lot of water has pssed under the bridge at Polaris Bank.

Everybody wants to know who did what and how to put to rest all our fears about all the improprieties. “The bank is currently run by inexperienced lot. It is time to sack some people and bring sanity into the place,” the petition read in part.

Among the requests made by the group is for the president to probe the financials of the bank under Tokunbo Abiru in the last three years and also to investigate the irregularities surrounding the take-over of the bank.

Recall that on July 4, 2016, the Central Bank of Nigeria intervened in the management of the Skye Bank Plc (now Polaris) by reconstituting the board of directors, shoring up the bank with N100bn capital injection, and accordingly, the apex bank gave the board a clear...

Read more at: https://secretsreporter.com/polaris-bank-sinks-deeper-as-stakeholders-requests-for-sack-of-ceo-tokunbo-abiru-and-petition-buhari/