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 Aduragbemi Omiyale
MTN Nigeria now has a new Chief Broadband Officer (CBBO) and he is Mr Egerton Idehen, who joined the organisation in 2002 as a Call Centre Agent.
The leading technology company disclosed in a statement that the appointment of Mr Idehen is effective April 2025.
The appointee holds an MBA from Nanyang Technological University, Singapore, and a Postgraduate Certificate in Business Administration from the University of Leicester, UK. He is currently pursuing a Doctorate in Business Administration (DBA) in Spain.
His executive training includes advanced programs at UC Berkeley, Wharton School, and Georgetown University, which have equipped him with cutting-edge insights in leadership, finance, and public policy.
Commenting on the development, the chief executive of MTN Nigeria, Mr Karl Toriola, said, “Our vision at MTN is to always prioritize our customers.
“Egerton has been instrumental in our customer-centric approach to service delivery. He is exceptionally qualified for the role as we aim to expand our fibre penetration in Nigeria, ensuring superior connectivity for our customers.
“I am confident that MTN will benefit immensely from his extensive experience, his proven track record in developing successful strategies, and his ability to drive business growth and create value.”
After joining the firm in 2002, Mr Idehen quickly advanced to Call Centre Manager. He has held various pivotal roles, including Customer Relationship Manager for the High Value Segment, Regional Head and Senior Manager of Customer Care, Senior Manager of Consumer Billing, Credit, and Digital Support, and General Manager of Customer Operations.
Through his foresight and expertise in scaling operational efficiency, Mr Idehen expanded MTN’s service agent workforce from 1,000 to over 10,000 in just two years. This expansion ensured seamless support for over 70 million customers through the pioneering Service Everywhere initiative.
During his tenure as High Value Segment Manager, he increased MTN’s premium customer portfolio by 3 per cent, reduced churn by 5 per cent, and met call centre performance targets with 80 per cent service levels and 90 per cent answer rates, all while keeping agent attrition below 4 per cent.
His innovative approach also led to a 50 per cent improvement in service levels and a 15 per cent reduction in operational costs by strategically outsourcing 1,500 call centre seats and 5,000 agents.
Mr Idehen has been a pioneer in digital transformation within the Customer Relations and Experience function, increasing digital customer interactions from under 5 per cent to 64 per cent and launching Africa’s first fully digital telco retail store.
He also spearheaded the design and launch of MTN’s flagship airport lounge, widely regarded as Nigeria’s finest, significantly enhancing the brand experience for high-value customers and reinforcing MTN’s premium positioning. He has received several accolades, including the Best Team Manager Award and recognition for Customer Service Excellence.
By Modupe Gbadeyanka
The World Bank Group has appointed a Nigerian businessman, Mr Aliko Dangote, to its elite group, the Private Sector Investment Lab, tasking him to drive investment and job creations in emerging economies.
The World Bank announced Mr Dangote’s appointment on Wednesday as part of a broader expansion of its Private Sector Investment Lab, which now enters a new phase aimed at scaling up solutions to attract private capital and create jobs in the developing world.
With this appointment, Mr Dangote has joined a select group of global business leaders, which include the chief executive of Bayer AG, Mr Bill Anderson; the chairman of Bharti Enterprises, Mr Sunil Bharti Mittal; and the chief executive of Hyatt Hotels Corporation, Mr Mark Hoplamazian.
In his acceptance of the honour bestowed on him, the African industrialist reaffirmed his commitment to fostering sustainable economic growth through private sector-led investment, noting the transformative potential of such initiatives in developing markets.
“I am both honoured and excited to accept my appointment to the World Bank’s Private Sector Investment Lab, dedicated to advancing investment and employment in emerging economies.
“This opportunity aligns with my long-standing commitment to sustainable development and unlocking the potential of developing economies.
“Drawing inspiration from the remarkable successes of the Asian Tigers, which have demonstrated the power of strategic investment and focused economic policy, I am eager to collaborate with fellow leaders to replicate such outcomes across other regions,” Mr Dangote stated.
The World Bank said the expanded membership brings together business leaders with proven track records in generating employment in developing economies—supporting its sharpened focus on job creation as a central pillar of global development.
“With the expanded membership, we are mainstreaming this work across our operations and tying it directly to the jobs agenda that is driving our strategy.
“This isn’t about altruism—it’s about helping the private sector see a path to investments that will deliver returns, and lift people and economies alike. It’s central to our mandate,” the president of the World Bank Group, Mr Ajay Banga, stated.
Mr Dangote established the largest conglomerate in West Africa, the Dangote Group, with interests spanning cement, fertiliser, salt, sugar, and oil.
The organisation employs over 30,000 people and is the largest taxpayer in Nigeria—contributing more in taxes than all of Nigeria’s banks combined. It is also the country’s largest employer after the government.
The $20 billion Dangote Petroleum Refinery & Petrochemicals, the group’s flagship project, stands as the largest single private investment in Africa.
In addition to his business interests, Mr Dangote leads the Aliko Dangote Foundation (ADF), the largest private foundation in sub-Saharan Africa, with the largest endowment by a single African donor.
The foundation primarily focuses on child nutrition, while also supporting interventions in health, education, empowerment, and disaster relief.
By Dipo Olowookere
Mr Oluseun Ajayi has retired as the chairman of the board of Sovereign Trust Insurance Plc, a statement from the underwriting organisation has revealed.
It was stated that Mr Ajayi exited the board as director from Thursday, April 10, 2025, and has been wished well in his future endeavours.
In the notice signed by the company secretaries, Equity Union Limited, the board expressed its gratitude to him for his contribution to the growth of the organisation.
Under his leadership, Sovereign Trust Insurance consistently experienced steady and remarkable accomplishments. One of his greatest accomplishment as the pioneer chief executive of the organisation was the successful transition of the company from a Limited Liability underwriting firm to a Publicly Quoted Company in November 2006.
The insurance firm disclosed that it would appoint a new chairman for the company in the coming days.
“Sovereign Trust Insurance wishes to inform the Nigerian Exchange (NGX) Limited, its shareholders and the investing public that Mr Oluseun Ajayi has retired as a director and chairman of the board of directors of Sovereign Trust Insurance with effect from April 10, 2025.
“The board of the company will appoint a new chairman in the coming days and thereafter notify the investing public.
“The board of Sovereign Trust Insurance thanks Mr Oluseun Ajayi for his immense contribution to the company and wishes him well in his future endeavours.
“The exchange and the investing public will be informed of subsequent developments,” the statement said.
Mr Ajayi graduated from the University of Ibadan with a degree in History and Politics. He is an Associate of the Chartered Insurance Institute of London (ACII) and Nigeria (ACIIN).
He has attended various Management and Leadership Development Programmes at different times in the course of his career including the Management Programme at the London School of Insurance.
Mr Ajayi is also an alumnus of the Lagos Business School having completed the Chief Executive Programme. He has also attended leadership programmes at the IESE Business School of the University of Navarra, Spain, the University of Nottingham Business School and the London Business School.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN