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
The Lagos State House of Assembly on Friday named four new principal officers, following the impeachment of the former Speaker, Mr Mudashiru Obasa, on Monday.
Mr Obasa, who was ousted as Speaker in absentia, a position he has held for the last nine years, was replaced by Mrs Mojisola Meranda (APC-Apapa 1).
Mr Obasa was impeached on Monday over alleged gross misconduct by 32 out of the 40 members.
The Clerk of the House, Mr Lekan Onafeko, was also suspended over alleged gross financial impropriety.
The House also dissolved all the standing committees inaugurated by the former speaker.
On Friday, Mrs Meranda, while presiding over plenary as Speaker, said the appointment of new officers arose from the change in the leadership of the House.
“The House has named Mr Temitope Adewale (APC-Ifako-Ijaiye 1) as the new Majority Leader, while Mr Adedamola Kasunmu (APC- Ikeja 1) is the new Deputy Majority Leader.
“This House has also named the Chief Whip, Mr Setonjo David (APC-Badagry 2), while the Deputy Chief Whip is now Mr Babatunde Saani (APC-Kosofe 2),” she said.
Before Mr Obasa’s impeachment, Mr Mojeed Adams was the Majority Leader, while Adedamola Kasunmu was the Deputy Leader.
Mr Mojeed Adams, the new Deputy Speaker, was the former Chief Whip, while Mr Setonji David was the Deputy Chief Whip.
Business Post reports that three lawmakers, primarily Mr Obasa, Mr Adams and Mr Akinsanya, were absent at the first plenary presided over by the new leadership.
By Aduragbemi Omiyale
Fidelity Bank Plc has received the authorisation of the Central Bank of Nigeria (CBN) to appoint three directors to its board, a statement from the lender has disclosed.
Business Post reports that the bank picked Mr Abdullahi Sarki Mohammed as an independent non-executive director, Ms Obiaku Augusta Okam as a non-executive director, and Mr Sufiyanu Ibrahim Garba as an executive director, all effective January 14, 2025.
The company disclosed that the three directors were chosen to strengthen its leadership in a strategic move to sustain its impressive performance, as Mr Isa Mohammed Inuwa and Mr Chidi Agbapu retired from the board as an independent non-executive director and a non-executive director, respectively.
The chairman of Fidelity Bank, Mr Mustafa Chike-Obi, in a notice to the Nigerian Exchange (NGX) Limited, welcomed the appointees to the board and looked “forward to leveraging their extensive experience to drive the bank’s strategic objectives and further its growth trajectory.”
Mr Mohammed brings over 36 years of experience in financial services, public administration, and human resources development, having held key leadership and executive roles at prestigious institutions including First Bank of Nigeria Plc and Polaris Bank Limited. His extensive expertise encompasses banking, public service, and business advisory.
On her part, Ms Okam boasts more than 30 years of impressive experience across the banking, financial services, real estate, and retail sectors. Currently the Managing Director/CEO of Skycurve Nigeria Limited, she has held leadership positions at Zenith Bank Plc and Nigeria International Bank Limited (Citibank).
As for Mr Garba, he has over 30 years of multifunctional and cross-border experience at leading financial institutions in Nigeria and the United Kingdom including executive and leadership roles at prestigious financial and non-financial institutions such as Access Bank Plc, Union Bank of Nigeria Plc and Keystone Bank Limited. His career background spans banking, financial services, public service, general management and business origination across a broad range of segments.
By Modupe Gbadeyanka
A leading player in the agribusiness sector, Olam Agri, has been recognised as a Top Employer in Nigeria, Switzerland and eight other countries.
This recognition was from the Top Employers Institute, which is a global authority that recognises excellence in people’s practices.
It is the fifth straight year the company is named as a Top Employer in the African continent, highlighting its status as a global employer of choice.
“At Olam Agri, we foster a purpose-driven workplace where employees thrive. We empower our team to create meaningful contributions to our company, customers, communities, and the environment.
“Guided by our entrepreneurial spirit, we encourage ownership, innovation, and excellence. We embrace diversity and create an inclusive environment where everyone feels valued, respected, and empowered to succeed,” the Chief Human Resources Officer at Olam Agri, Sriram Subramanian, stated.
The other eight nations Olam Agri was recognised as a Top Employer are Cameroon, Côte d’Ivoire, Ghana, Mozambique, Senegal, South Africa, Australia, and The Netherlands.
The Top Employers Institute recognises an organisation’s dedication to a better world of work through excellent HR policies and people practices.
The programme has certified and recognised over 2,400 Top Employers in 125 countries/regions across five continents. The survey covers six HR domains consisting of 20 topics including People Strategy, Work Environment, Talent Acquisition, Learning, Diversity, Equity & Inclusion, Wellbeing and more.
“Consistency in a not-so-consistent world? In a time of rapid change, where technological, economic, and social factors continually reshape our world, these extraordinary times bring out the best in people and organisations.
“This year’s Top Employers Certification Programme showcases the resilience of the certified Top Employers 2025, who consistently prioritise the growth and wellbeing of their people, as they enrich the world of work. We are proud to celebrate these people-first leaders and teams as the Top Employers for 2025!” the chief executive of Top Employers Institute, Mr David Plink stated.
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