Business
As Polaris Bank MD Steps Down, Politics Begins
By Ayodele Oluwafemi
The Chief Executive Officer (CEO) of Polaris Bank, Tokunbo Abiru has retired for the bank after completing his second two-year tenure.
Abiru’s retirement will be effective August 31.
The CEO is among the strong contenders for the All Progressive Congress (APC) ticket of Lagos East senatorial district in bye-election
The bye-election is to replace the late Senator, Bayo Osinowo aka Pepperito, who represented Lagos East senatorial district and died of COVID-19 complications on June 15.
The Independent National Electoral Commission (INEC) has scheduled the bye-election for October 31.
Abiru, in a emotional-laden farewell message to the bank, said he had delivered the mandate given to the bank as the CEO.
The CEO 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 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 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.
“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.”
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