Tokunbo Abiru, chief executive
officer of Polaris Bank, has retired after completing his second two-year
tenure at the helm of the commercial bank’s operations.
Abiru’s retirement will be
effective August 31.
This development is coming after
the All Progressives Congress (APC) in Lagos state nominated Abiru as a
replacement for Bayo Osinowo, the deceased senator who represented Lagos East
senatorial district.
Osinowo, the lawmaker known as
“Pepperito” or “Pepper” in political circles, died after a brief illness on
June 15.
The Independent National
Electoral Commission (INEC) has scheduled the bye-election for October 31.
In a farewell message to the
staff of the bank, Abiru said he is looking to contribute his quota in other
areas of the society.
He said his administration has
improved on the bank’s poor state since he took over as the group managing
director of the erstwhile Skye Bank in 2016.
“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,” he said.
“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 a 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refreshment of the bank’s IT infrastructure, which had largely become outdated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 Program, which consisted mainly
of an 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.
“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.”
Before his appointment at Skye
Bank, Abiru served in several capacities in some of the leading banks,
including being an executive director of First Bank of Nigeria.
He served as non–executive
director in some companies, including Econet (now Airtel) Mobile Networks
Limited, and FBN Capital Limited (now FBN Merchant Bank Limited).
Abiru was also the Lagos state
commissioner of finance from 2011 to 2013 under the Babatunde Fashola-led
administration.
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