Monday, August 24, 2020

Polaris Bank MD Abiru retires

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.

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.

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