Tokumbu Abiru bows out of Polaris Bank after a successful 4-year stint as MD

NIGERIA – The Managing Director/Chief Executive Officer, Polaris Bank Limited, Mr Tokunbo Abiru, retiring from his role after 4 successful years at the Bank.

In statement, Polaris Bank said that Tokumbu Abiru is bound to retire end of AUugust this year after successfully completing his second two-year tenure at the helm of the bank.

“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,” Mr. Abiru said during a meeting with staff members.

Polaris bank revealed that during the farewell meeting, Abiru reminded staff of the bank’s poor state before he assumed office in 2016 as the group managing director of the erstwhile Skye Bank.

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.

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

Abiru however, noted that under his leadership the bank commenced an upgrade of the Bank’s IT infrastructure and digital platforms a move that enabled Polaris provide result customers improved service delivery.

He further noted that during his tenure, Polaris Bank introduced and committed resources to the Agency Banking model and by so doing contributed in no small measure to deepening financial inclusion for the unbanked and under-banked in Nigeria.

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

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).

On the issue of leadership succession, Mr. Abiru said he will be working 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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