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 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has clarified that the viral report suggesting that it is currently employing new staff is the “handiwork of fake recruitment syndicates established to mastermind fraudulent activities.”
In a Monday statement posted on its official X handle, NMDPRA expressed that it was compelled to publish the disclaimer to alert the public against such activities due to what it described as “exploiting young economically vulnerable and unsuspecting Nigerians perhaps into parting with huge sums of money for purported employment opportunities into the authority.”
“They do this by issuing bogus “Letters of Employment” and empty promises, as well as offering non-existent positions. These may well be the handiwork of fake recruitment syndicates established to mastermind these fraudulent activities.
“We wish to use this opportunity to state categorically that the NMDPRA is NOT conducting any recruitment exercise currently. Neither is the Agency undertaking any kind of employment in its services at any level. For the avoidance of doubt, any future recruitment exercise would be undertaken in accordance with extant rules guiding such exercises in the Nigerian Public Service,” the organisation emphasised.
The agency further advised the public to disregard these fake employment advertisements and urged them to visit its official website and social media pages to verify any recruitment claims.
The statement added, “In this regard therefore, we would like to advise the public and all Nigerians to ignore these spurious claims by unscrupulous people whose only objective is to defraud Nigerians and cast aspersion on the authority.
“We further advise that for current and up to date information regarding all our activities, kindly refer to our official corporate website: www.nmdpra.gov.ng as well as all our verified online social media outlets (i.e. Facebook, Linkedln and Instagram) for authentic information.”
By Adedapo Adesanya
Aradel Holdings Plc has appointed Ms Nnoli Akpedeye as an Independent Non-Executive Director, effective February 2, 2026, following a resolution passed at the company’s board meeting held on January 28, 2026.
In a notice to shareholders, Nigerian Exchange (NGX) Limited, and the investing public, the company disclosed that the appointment is subject to ratification by shareholders at its next Annual General Meeting (AGM). The board also authorised the Company Secretary, Mrs Titiola Omisore, to notify relevant regulators and take all necessary steps to give effect to the decision.
Ms Akpedeye brings more than 36 years of multi-disciplinary experience spanning oil and gas, engineering, legal and arbitration services, and management consulting. Her career reflects a strong blend of technical expertise and strategic leadership, with competencies in management and strategy, business process engineering, organisational development and change management, as well as entrepreneurship development.
Until 2014, she served as Technical Planning Manager for Shell Exploration and Production Companies in Nigeria, where she led the execution of high-impact, mission-critical projects. Over the course of her career at Shell, she held roles across civil engineering design, planning and construction, project management, facility management, technical audit, and business planning and strategy, gaining extensive local and international exposure.
Beyond her corporate career, Ms Akpedeye is an entrepreneur and advocate for capacity building in engineering and energy. She runs Contego Servo Limited and Perfectus Laundi Limited, and in 2013, she launched the “Introduce a Girl to Engineering” programme aimed at encouraging secondary school girls in Nigeria to pursue careers in engineering and related STEM fields.
She is a Council for the Regulation of Engineering in Nigeria (COREN)-registered engineer, a Fellow of the Nigerian Society of Engineers (FNSE), and a past President of the Association of Professional Women Engineers of Nigeria (APWEN). She is also a founding member of the Women in Energy Network (WIEN) and serves as a passionate ambassador for science, technology, engineering and mathematics education.
In addition, Ms Akpedeye is the Chief Operating Officer (COO) of Compos Mentis Legal Practitioners and the Chairman of the Board of Trustees of the Compos Mentis Foundation.
Her appointment further strengthens Aradel Holdings’ board with deep industry knowledge, governance experience, and a strong track record in leadership and institutional development, as the company continues to pursue its strategic objectives within Nigeria’s energy landscape.
By Aduragbemi Omiyale
An interim chief executive has been appointed by Geregu Power Plc and he is Mr Sean Manley, with his appointment to take effect from Monday, February 2, 2026.
A statement from the power generating firm disclosed that his appointment is subject to the approval of the Nigerian Electricity Regulatory Commission (NERC) and the shareholders of the company at the next general meeting.
In the notice, the organisation expressed confidence that the appointee would use his wealth of experience and leadership to “add significant value to the company.”
Mr Manley is said to be “a seasoned power-sector professional with a proven track record in delivering complex energy projects in developing markets.”
He is armed with more than 30 years’ experience spanning sales, business development, project implementation, supply-chain management, and OEM-led delivery within the power sector.
Over the course of his career with Siemens, Mr Manley has developed deep technical and operational expertise in thermal power generation, covering plant construction, commissioning, major overhauls, and long-term operational support.
He is widely regarded as a practical problem-solver, with a demonstrated ability to close projects in challenging operating environments and brings extensive international experience and strong intercultural skills acquired across multi-jurisdictional engagements.
His areas of expertise include the delivery of large, complex infrastructure projects, management of multi-million-dollar business units, client and stakeholder relationship management, business and market development, as well as logistics and procurement analysis critical to successful project execution.
The appointment of Mr Manley comes after Mr Femi Otedola divested his stake in the energy firm last month to support the recapitalisation of First Bank of Nigeria, a subsidiary of FBN Holdings Plc, which he chairs.
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