Banking
How Tokunbo Abiru Transformed Polaris Bank in Nearly Two Years
There are bankers and there are bankers, but the group managing director and chief executive officer of Polaris Bank Limited, Mr Adetokunbo Mukhail Abiru, is arguably one of the most successful bankers Nigeria has produced in recent times.
Mr Abiru is a rare breed. We are familiar with individuals who take over bourgeoning establishments and further increase their worth on face value along the line. But it sounds like a fairy tale to have a professional who takes over a near-comatose organization and almost makes a corporate giant out of it. This has been the lot of the former Skye Bank Plc, now rechristened Polaris Bank Limited.
In just a little time after the Central Bank of Nigeria (CBN), and the Assets Management Corporation of Nigeria, AMCON took over Skye Bank and renamed it Polaris Bank which saw the emergence of Mr Abiru as its managing director cum chief executive officer, Polaris Bank’s narrative changed to a financial institution to reckon with.
Recall that on July 4, 2016, the Central Bank of Nigeria intervened in the management of the Skye Bank Plc by reconstituting the board of directors, shoring up the bank with N100 billion capital injection. The regulatory action on the bank led to the resignation of its chairman, all non-executive directors on the board, as well as the managing director, deputy managing director, and the two longest-serving executive directors on the management team.
Two years down the line, (precisely, September 22, 2018), the CBN again intervened in the ailing Skye Bank and the operating licence of the bank was revoked to give way to Polaris Bank Limited, a bridge bank former created in consultation with the Nigerian Deposit Insurance Corporation (NDIC) to assume the ownership of the assets, all deposit liabilities and some other liabilities of distressed and defunct Skye Bank. The bank’s share capital had run into negative territory due to bad loan deals. It was also in urgent need of recapitalisation which its shareholders could not enable.
Accordingly, the apex bank gave the board a clear mandate to turn the institution around positively. Expectedly, the Tokunbo Abiru-led team has not disappointed.
Under his leadership, the bank has witnessed significant transformation in market competitiveness. The financial institution has roared into the limelight, with the many brilliant strides and policies executed since he took over.
He is easily one of the best banking brains and business leaders on the continent – evident in his immense contribution to the African banking industry. Mr Abiru’s story is a remarkable one and his journey up to this point is enough blue print for anyone looking to achieve success in their path.
This is a man who has used his Midas touch to turn things around for the financial institution within a very short space of time.
On assumption of office in 2016, Mr Abiru drew up a holistic and integrated approach to business modernization which elevated the bank to deliver a superior customer-centric experience. The impact of this change has been reflecting positively on the bank’s report card, which restored customers’ trust and confidence in the system.
Since becoming the managing director of the lender, the game-changer has spearheaded several growth initiatives which have placed the bank on upward trajectory. The Abiru-led Polaris team has continued to implement the July 2016 regulatory intervention to include entrenching sound corporate governance and risk management practices and transforming Polaris into fully fledged retail and commercial bank with strong digital backing.
The miraculous transformation experienced by Polaris Bank which was almost a dying entity a few years ago is a testimony of the leadership and managerial qualities of Mr Abiru.
The bank has invested significantly in technology with copiously integrated service models enabling customers enjoy banking services through a wide range of channels.
Today, Polaris Bank can boast of a strong market share going by several transformative business initiatives.
Mr Abiru has successfully implemented cost management initiatives which have enhanced liquidity and efficient service delivery to the bank’s customers.
Through his aggressive recovery initiatives, the bank has been able to recover over N200 billion of outstanding bad loans within a shortest period.
Under his watch, the bank has been able to reach settlement and restructuring agreements with many of the chronic bad debtors resulting in substantially improved payments and prospects of future recoveries.
In line with the bank’s broad mandate which includes cost management and optimisation, as well as divestments to improve the institution’s financial position, Mr Tokunbo Abiru has embarked on several initiatives aimed at restructuring and repositioning the bank.
Some of the initiatives embarked upon by Mr Abiru include: branch rationalisation, review of service contracts and cash management operations which have resulted in hundreds of millions of financial savings. Also, through some of the initiatives, the bank has successfully settled many matured trade and bilateral obligations and restructured outstanding balances with the relevant institutions and counterparties.
Under Mr Abiru’s watch, the bank has divested from four local subsidiaries releasing total cash value of N6.2 billion.
Mr Abiru is also known for his no-nonsense approach to service delivery which keeps members of staff on their toes always, but doesn’t hesitate in wielding the big stick when necessary in order to achieve the desired growth goals of the brand, while rewarding outstanding members of staff.
Polaris Bank under Abiru has also continued to promote the CBN’s National Financial Inclusion Strategy aimed at reducing the number of eligible adult Nigerians that are excluded from the formal financial system from 46.3 per cent to 20 per cent by the year 2020. The lender has been remarkable, strutting the length and breadth of Nigeria to promote financial inclusion.
Polaris Bank has also made available different credit and funding options to small scale entrepreneurs and business owners, operating in the informal sector, in order to bring them into mainstream financial system.
The bank has also employed interactive financial literacy sessions as a platform to empower students with money management skills in schools across the country. So far, the bank has organised interactive sessions on financial literacy in schools across seven states namely; Cross River, Akwa Ibom, Ebonyi, Zamfara, Oyo, Bauchi and Benue. The sessions were facilitated by 155 employees of the bank led by the managing director/CEO. At Offot Ukwa Secondary School, Calabar, Cross River State and four other schools in Akwa Ibom State namely; Uyo High School, Bright Future International School, Nigerian Christian Institute and Redemption Academy, the students took lessons on managing and saving money.
To underscore the importance of the initiative, Abiru taught the students ways to be thrifty and start saving for the future, urging them not to spend all monetary gifts they get buying things, but rather learn to keep a part of it in the bank and watch it grow.
Overall, about 6,000 students have benefited from the training.
Similarly, in its bid to ease access to banking services and to reach the unbanked, Polaris Bank recently entered into a strategic partnership with the Niger State government by ensuring participants in the supply value chain of the National Home-Grown School Feeding Programme (NHGSFP) open bank accounts with less hassle.
The NHGSFP is an initiative of the Federal Government designed as a deliberate act to encourage mass education among the underprivileged and the most vulnerable.
Since the feeding programme commenced in 2016, over 7,500 people across supply value chain had been engaged in Niger State while Polaris Bank has opened bank accounts for 1,500 cooks.
The bank has also launched its revamped mobile banking application upgraded with new and exciting user-friendly features for a more convenient banking experience. Customers can now enjoy many benefits and access self-service options, such as, easy account opening, convenient self- booking and liquidation of fixed deposits, an expanded list of bill-payment options and easy activation of standing instructions & recurrent future payments.
These and many other moves leveraging technology and building a culture of innovation is fast repositioning the bank.
Today, Polaris Bank’s branches are fast becoming a hub for transactional activities witnessing a huge footfall of customers trooping in to carry out transactions, open bank accounts and experience the innovative trends that the bank has introduced to its business. This overall experience has also been boosted by the enhancement of staff morale which inherently drives the commitment to serve their customers better.
Not resting on his oars, the seasoned banker has said that he would love to leave with a sense of satisfaction that he delivered on the mandate the CBN by taking Polaris to the top.
Abiru, is an alumnus of Harvard Business School (Advanced Management Programme) and Lagos Business School (Senior Management Programme). He holds a B.Sc. (Economics) from Lagos State University and is a Fellow of The Institute of Chartered Accountants of Nigeria (ICAN) and an Honorary Senior Member of The Chartered Institute of Bankers of Nigeria (CIBN).
The seasoned banker has had a distinguished career in banking spanning about 30 years, ten of which were spent in the formative years of Guaranty Trust Bank Plc. He thereafter spent about 14 years with First Bank of Nigeria Limited, where he functioned as executive director, Corporate Banking between 2013 and 2016.
During his banking career, he was at various times between 2013 and 2016 a non–executive director in the following companies: Airtel Mobile Networks Limited; FBN Capital Limited (now FBN Merchant Bank Limited); and FBN Bank Limited, Sierra Leone.
While serving as the Commissioner for Finance in Lagos State, it is to Tokunbo Abiru’s credit that the state successfully floated an N80 billion bond, earning it the EMEA Finance’s Best Local Currency Bond Award for 2012. Under his leadership, Mr. Abiru made the state’s tax efforts yield maximum results; and the discovery of over 5.5 million tax evaders in 2013 opened up the discussion regarding taxation in Lagos State. Mr. Abiru’s efforts also led to increased Land Use Charge revenue generations to the tune of N6.2 billion.
Financial experts believe the sky is the limit for Tokunbo Abiru at Polaris Bank. One of them, Tunji Omotosho said: “His achievements are eye-catching and enviable in all ramifications. He has set a pedestal for aspiring financial managers to want to beat, but it is difficult to reach it, let alone beat it.
“Tokunbo is definitely a rare gift to the financial sector, and a miracle to the country’s development goals. A lot of us are learning so much from his experiences and how he manages them successfully.”
By Margaret Banasko
“Detty December,” Nigeria’s unofficial end-of-year spectacle, is an annual economic boom of concerts and parties, amplified by the return of the “IJGB“ (I Just Got Back) crowd. This celebration drives massive discretionary spending and consumer euphoria.
However, this festive high often leads to a financial low; the “Long January.” This is when critical non-negotiable expenses like rent and school fees hit hard.
Do not treat December as a financial free-for-all. Savvy individuals and business leaders must reframe it as the final, crucial financial quarter. The goal is to shift from emotional spending to deliberate, strategic saving.
Here are five smart, actionable financial moves that are critical for maintaining fiscal discipline that will enable you to maximize the festive season’s enjoyment while effortlessly de-risking and prepping your finances for a strong Q1 trajectory.
- Capitalize on Discounted Bill Payments: The increased consumption of utilities, airtime, and data during this period necessitates higher essential recurring costs. Smart financial governance dictates actively seeking value on these high-frequency expenditures. Pay all essential bills from electricity tokens to data bundles and Cable TV subscriptions through a platform, such as the FairMoney app, that provides a direct financial incentive or cashback on purchases. This ensures that operational necessity does not unduly drain capital, as every percentage saved on recurring utilities is capital effectively preserved for critical Q1 requirements.
- Implement the 50/30/20 Rule Strategically: Acknowledge the inevitable social expenditure of Detty December by imposing a clear framework for resource allocation. This strategic rule dictates how your income must be distributed to ensure financial security. Divide your December income into three non-negotiable categories: Allocate 50 percent of your income directly to critical January financial requirements like rent, transportation, and structured debt payments; this sum must not be compromised. Allocate 30 percent to your discretionary December wants, covering social activities, gifts, and controlled splurges; once this budget threshold is met, spending must cease. Crucially, assign the remaining 20 percent to structured savings and investment.
This 20 percent is non-negotiable and serves as the anchor for long-term wealth creation and a buffer against the Long January strain. You can automate this crucial 20 percent deduction before you even begin spending using the FairSave feature on the FairMoney App, which enables instant autosave while you earn daily interest and retain the flexibility to withdraw anytime.
- Convert Festive Windfalls into Capital: Do not view every incoming festive cash gift or unexpected bonus as mere spending money. Instead, strategically treat any financial “windfall” as a direct deposit into your future wealth accumulation. The 100 Percent Rule applies here: commit to saving or investing 100 percent of any financial gift, as this capital was not part of your planned income, offering a critical opportunity to grow your savings effortlessly. Immediately isolate any unexpected cash injections and categorize them as investment capital rather than disposable income.
By leveraging FairLock on the FairMoney App, you can save 100 percent of the festive cash into a fixed deposit. This ensures the funds are secure and illiquid, accruing interest over the stipulated savings period, which can then be released on maturity to sort out major Q1 projects or investments.
- De-Risk Your December Savings Strategy: FairMoney’s premium, revolving credit line up to ₦5,000,000, FlexiCredit, serves as a crucial liquidity shield over your protected capital. Instead of being forced to prematurely break fixed deposits or liquidate interest-earning savings accounts to cover sudden, urgent expenses such as an unexpected repair or a short-notice business need, you can immediately draw the required funds from your FlexiCredit limit.
This allows critical, ring-fenced funds to remain untouched, continue accruing interest, and maintain their full readiness for the inevitable “Long January” obligations like rent and school fees. FlexiCredit empowers the savvy individual who earns a minimum of ₦250,000 as salary to strategically manage cash flow and capture short-term high-return opportunities without depleting their primary savings or operational capital, offering immediate bridge financing, charged at a competitive 0.25 percent per day only on the amount utilized.
- Prioritize High-Value, Low-Cost Experiential Activities: While Detty December’s allure often stems from high-ticket social events and luxury venues, truly impactful celebrations are measured by the quality of connection, not the cost of admission. Instead of defaulting to expensive restaurant dinners, exclusive concerts, or impulse travel, strategically redirect your social budget toward creative, high-value experiential activities.
Organize themed potlucks with friends, host a family Christmas hangout at home, or explore local attractions like parks and museums that offer rich experiences without the premium price tag. By substituting generic, high-cost outings with thoughtful, collective events, you significantly slash discretionary spending while often increasing the depth and enjoyment of the festive season, guaranteeing maximum emotional return on minimum financial investment.
By applying these five smart moves, you assert control over your finances, ensuring you do not just survive Detty December and the Long January, but wrap up the year not just in celebration, but in financial style, positioning yourself for an empowered and prosperous New Year.
Margaret Banasko is the Head of Marketing at FairMoney MFB
By Aduragbemi Omiyale
The creative industry in Nigeria may have nothing to worry about with the likes of Stanbic IBTC Bank around the corner.
The financial institution, which has not hidden its love for the sector, has promised to continue with its strategic investment in the country’s designers and artists.
Speaking at an event, An Evening of Fashion, Art & Lifestyle, the Executive Director for Personal and Private Banking at Stanbic IBTC Bank, Mr Olu Delano, represented by the Head of its Private Banking Segment, Ms Layo Ilori-Olaogun, said the company was proud to be associated with the programme, which it also sponsored.
“At Stanbic IBTC, we recognise Nigeria’s creative sector as a vital driver of economic diversification, employment, and global cultural influence.
“We are proud to support the individuals behind these platforms that elevate African excellence and provide visionary talents the visibility that they deserve.
“Nights like this reaffirm our commitment to continued strategic investment in our artists and designers,” he stated.
The invitation-only ceremony, which was held at The Garden, Federal Palace Hotel, Victoria Island, Lagos, hosted by Africa’s leading luxury fashion house, 2207bytbally, in collaboration with the acclaimed art collective Torrista, brought together high-net-worth individuals, art collectors, designers, media personalities, and luxury brand executives for an unparalleled showcase of creativity and sophistication.
The evening opened with a breathtaking runway presentation featuring three signature segments from the Evolve collection by 2207bytbally: Denim, Ethnic, and 2207 Prints. Each piece exemplified the meticulous craftsmanship, bold innovation, and cultural storytelling that has established the brand as a standard-bearer in African luxury fashion.
Complementing the couture was a curated exhibition by Torrista, transforming the venue into an immersive gallery. Commissioned artworks exploring themes of culture, femininity, and evolution created a robust visual dialogue with the collections, demonstrating the seamless harmony that can result when fashion and fine art converge.
“This evening was about more than clothes or canvases; it was about showing the world that African creativity is limitless. When fashion and art share the same space, magic happens, and tonight, Lagos felt that magic,” the Creative Director of 2207bytbally, Tolu Bally, stated.
By Modupe Gbadeyanka
The six edition of the Hackaholics of Wema Bank Plc has produced 20 top finalists shared equally between two streams, Ideathon and Hackathon.
The Hackathon finalists are Rapid DEV, Secure IT, Neurafeed, Trust Lock Babcock, Pulse Track, IlluminiTrust, Trust Lock FUTA, Fix Fraud AI, KASH Flow and VOC AI.
The Ideathon finalists include PLOY, Fertitude, VarsityScape, Mama ALERT, StockMed, Chao, All Arbitrate, FarmSlate, Sane AI and Cycle X.
They emerged after a two-day pre-pitch held on December 16 and 17, 2025, for the grand finale slated for Friday, December 19, 2025.
They grand finale of Hackaholics 6.0 will convene the top players in Africa’s tech and innovation ecosystem, creating an avenue for these finalists to not only put their creativity to the ultimate test but also give their solutions visibility to potential investors for additional funding opportunities beyond the prizes to be won.
The prizes to be won for the Ideathon include N25 million for the winner, N20 million for the first runner-up, N15 million for the second runner-up and N5 million each for two women-led teams.
In the Hackathon category, the first to fourth-place winners will receive N20 million, N15 million, N10 million and N5 million, respectively.
The pre-pitch saw the top 43 contenders battle in a game of innovation and problem solving, presenting compelling pitches for a chance to make it to top 10 in their respective streams.
After a rigorous stretch of pitches and presentations, the top 20 emerged, securing their spot in the grand finale of Hackaholics 6.0.
“Hackaholics started off as a hackathon and morphed into an ideation. For Hackaholics 6.0, the sixth edition, we decided to give both the builders of new solutions and the refiners of existing ones, an opportunity to make meaningful impact.
“For us at Wema Bank, we understand that innovation isn’t just building from scratch. Sometimes, it’s looking at what exists and developing new ways to optimise that and create more efficiency. This is the idea behind our two-stream Ideathon-Hackathon structure.
“Every year, Hackaholics shows us just how eager and motivated Nigerian youth are when it comes to exploring creativity and innovation, and we are honoured to be the institution that provides them with the platform and resources to put this drive to good use.
“We toured seven cities, indulged 1,460 participants and discovered hundreds of remarkable ideas; some of which needed some refining and some of which deserved to move to the next stage.
“For those who needed to go back to the drawing board, we provided useful guidance and for the top contenders, we were able to shortlist to the top 43, who proceeded to the pre-pitch. To every participant, Wema Bank is proud of you. This is just the beginning,” the chief executive of Wema Bank, Mr Moruf Oseni, said.
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