Jobs/Appointments
Polaris Bank MD/CEO Retires After Four Years
By Modupe Gbadeyanka
Prolific banker, Mr Tokunbo Abiru, has announced his retirement from Polaris Bank Limited after serving for four years as its Managing Director/Chief Executive Officer.
In an emotion-laden farewell message to the staff of the bank, Mr Abiru explained that he was leaving to enable him to contribute his quota in other areas of the society.
According to him, his retirement is effective August 31, 2020.
In 2016, the Central Bank of Nigeria (CBN) brought the banker into the financial institution after it revoked the operating licence of Skye Bank Plc, which was nationalised into Polaris Bank.
When Mr Abiru was appointed as head of the lender, he was given the mandate to transform the company and make it one of the best in the country.
Four years after, Mr Abiru can raise his shoulders high and boast that with the support of the board, management and staff of Polaris Bank, he has done his best, setting a standard for others to follow.
Sharing his scorecard while serving as the CEO of the bank, Mr Abiru, who has served meritoriously in the banking industry for nearly three decades, noted that, “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.”
Going down memory lane, he 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, the capital was negative, the loan book was mostly delinquent, while liquidity faced deposit attrition.
Furthermore, 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.
“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 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,” he said.
“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,” he added.
He restated that today’s Polaris Bank has been successfully positioned as a bank of choice in Nigeria due to the work that has been put in by the various stakeholders including the loyal customers of the Bank.
On the issue of leadership succession, Mr Abiru said, “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.”
Mr Abiru was appointed the Group Managing Director and Chief Executive Officer of the then Skye Bank 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 in First Bank of Nigeria Plc.
He was at various times appointed as Non–Executive Director in some leading companies, including Econet (now Airtel) Mobile Networks Limited, and FBN Capital Limited (now FBN Merchant Bank Limited).
Mr Abiru has also had a brief stint in public service, having served from 2011 to 2013 as the Commissioner for Finance for Lagos State under the administration of Governor Babatunde Fashola (SAN).
Following the establishment of Polaris Bank in September 2018, the CBN affirmed the performance of the bank’s board of directors, and reappointed Mr Abiru to lead the new bank; a position he held until opting for voluntary retirement from the bank.
Polaris Bank is a future-determining Bank committed to the delivery of industry-defining products for individuals and businesses.
By Adedapo Adesanya
Global blockchain ecosystem behind the world’s largest digital asset exchange by trading volume and users, Binance, has appointed its co-founder, Ms Yi He, as its co-CEO.
“Yi has been an integral part of the executive leadership team since the launch of Binance. Her innovative and user-focused approach has been instrumental in shaping the company’s vision, culture, and bottom-up business strategy,” said Binance CEO, Mr Richard Teng. “This appointment is a natural progression and she will continue to guide the organization from strength to strength.”
“We remain dedicated to being the most trusted and regulated exchange in the world, always putting our users first. Yi plays a critical role in growing our community and driving product innovation as we work to reach one billion users. Together, we are focused on building the Web3 infrastructure and promoting financial freedom, empowering people to participate in a more open and fair financial system,” added Mr Teng.
“I am honored to build alongside Richard, who brings decades of experience in regulated financial markets and was among the first to regulate crypto in its early days,” said Ms He. “Together, we bring diverse perspectives and are confident in leading the future of the industry during this pivotal time, as we responsibly expand our global presence and drive sustainable innovation with our users always at the center.”
Binance remains one of the world’s largest players in crypto trading, and leadership changes within the company continue to draw attention due to its scale and influence.
The appointment of a co-CEO adds structure during a period when global exchanges emphasize compliance, operational clarity and more formal management frameworks.
The company did not announce changes to its product lineup or platform priorities alongside the leadership update, and no financial terms were disclosed. The addition of a co-CEO role reflects an internal effort to distribute responsibilities as the firm works with regulators and seeks stability in a competitive and closely watched industry.
By Adedapo Adesanya
The African Petroleum Regulators Forum (AFRIPERF) has chosen Nigeria as its official headquarters and also elected the chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, as its chairman.
Recall that in September, 16 countries, led by Nigeria, gathered in Accra, Ghana, to witness the signing of the charter establishing the forum, which seek to harmonise oil regulation in Africa.
Others include Ghana, Somalia, Gambia, Madagascar, Sudan, Guinea, and Togo among others.
The decisions were announced at the inaugural executive committee meeting of the forum which took place virtually on December 2, 2025. The meeting which was attended by the 16 African countries, was convened to pick its leadership, headquarters and logo.
Prior to his endorsement as the substantive pioneering chairman, Mr Komolafe acted in interim capacity.
Also, Mrs Eyoanwan Ndiyo-Aiyetan also emerged as the secretary of AFRIPERF.
According to a statement on Wednesday, NUPRC notes that the development affirms Nigeria’s central role in the African petroleum regulatory space and as Africa’s largest producer of crude oil.
In his acceptance speech, Mr Komolafe thanked his African counterparts for the trust and honour, promising to ensure that no member country is left behind.
AFRIPERF aims to strengthen regional petroleum governance by fostering collaboration, cooperation and coordination among member regulators.
Its mission includes creating standards, enhancing transparency and addressing cross-border challenges such as gas trade, emissions, and digitalisation while making the African continent energy sector attractive for crucial investments.
By Adedapo Adesanya
The immediate past Chief of Defence Staff (CDS), General Christopher Gwabin Musa, has been nominated by President Bola Tinubu as the new Minister of Defence, replacing Mr Mohammed Badaru Abubakar.
The erstwhile minister resigned from his position with immediate effect for health reasons, the president’s spokesman, Mr Bayo Onanuga, had said on Monday night.
The 63-year-old’s departure coincides with a period of heightened security challenges across Nigeria, with the government under pressure to deal with a spate of mass kidnappings.
In a letter to Senate President, Mr Godswill Akpabio, President Tinubu conveyed Mr Musa’s nomination as the successor to Mr Abubakar, according to statement on Tuesday by Mr Onanuga, the Special Adviser to the President on Information and Strategy.
The 58-year-old retired military chief is described as a distinguished soldier who served as the CDS from 2023 until October 2025. He won the Colin Powell Award for Soldiering in 2012.
Born in Sokoto in 1967, Mr Musa received his primary and secondary education there before attending the College of Advanced Studies in Zaria. He graduated in 1986 and enrolled at the Nigerian Defence Academy the same year, earning a Bachelor of Science degree upon graduation in 1991.
He was commissioned into the Nigerian Army as a Second Lieutenant in 1991 and has since had a distinguished career. His appointments included General Staff Officer 1, Training/Operations at HQ 81 Division; Commanding Officer, 73 Battalion; Assistant Director, Operational Requirements, Department of Army Policy and Plans; and Infantry Representative/Member, Training Team, HQ Nigerian Army Armour Corps.
In 2019, he served as Deputy Chief of Staff, Training/Operations, Headquarters Infantry Centre and Corps; Commander, Sector 3, Operation Lafiya Dole; and Commander, Sector 3 Multinational Joint Task Force in the Lake Chad Region.
In 2021, Mr Musa was appointed Theatre Commander, Operation Hadin Kai. He later became Commander of the Nigerian Army Infantry Corps before being appointed CDS by President Tinubu in 2023.
In the letter to the Senate, Mr Tinubu expressed confidence in Mr Musa’s ability to lead the Ministry of Defence and further strengthen Nigeria’s security architecture.
If confirmed by the upper legislative chamber, he will take up the ministry at a crucial time when security challenges including terror and kidnappings are plaguing the country.
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