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
The conclusion of the 2025 Performance Appraisal Exercise of Abuja Electricity Distribution Company (AEDC) has resulted in the promotion and step increments of about 1,126 employees of the organisation.
The reward for performance involved the promotion of 547 employees and 579 step increments, reaffirming the company’s unwavering commitment to recognising excellence, rewarding performance and building one of Africa’s most admired workplaces.
AEDC disclosed that these actions reflect its deliberate investment in its people as the energy firm accelerates its transformation into a customer-centric, high-performing electricity distribution company with global standards and Pan-African aspirations.
The promotions and step increments, approved by the management, recognise employees who have demonstrated exceptional commitment, professionalism and outstanding performance in advancing AEDC’s strategic objectives.
However, employees who were not successful in the current appraisal cycle have been urged to remain committed, emphasising that the performance management process is designed to support continuous growth, capability development and future advancement opportunities.
“Our people remain our greatest asset and the foundation upon which AEDC’s future will be built. Today’s announcement is more than a reward for performance; it is a reaffirmation of our belief that excellence should always be recognised, talent should be nurtured and hard work should create opportunities for growth.
“As we continue our transformation journey, we are building an organisation where our employees can develop rewarding careers, realise their full potential and proudly contribute to creating one of Africa’s leading electricity distribution companies,” the chief executive of AEDC, Mr Chijioke Okwuokenye, stated.
He added that AEDC is intentionally creating a workplace where merit, continuous learning, innovation and collaboration drive career progression, while employee wellbeing remains central to its long-term strategy.
By Adedapo Adesanya
Nigerian international lawyer and anti-corruption specialist, Mr Ibrahim James Pam, has been appointed Acting Director-General of the World Bank Group’s Compliance Advisor Ombudsman (CAO), a key independent accountability body within the institution.
The appointment, approved by the boards of the World Bank Group, will take effect on August 2, 2026.
Mr Pam, who currently serves as Chair of the World Bank Inspection Panel, will oversee the CAO on an interim basis pending the appointment of a substantive Director-General and Vice President of the World Bank Group Independent Accountability Mechanism.
The development was announced in a statement issued by the Head of Communications of the Compliance Advisor Ombudsman, Emily Horgan, who said the arrangement was designed to ensure continuity during the organisation’s leadership transition.
“In view of the forthcoming leadership transition at the Compliance Advisor Ombudsman (CAO), the World Bank Group Boards have designated Ibrahim Pam, Chair of the Inspection Panel, to concurrently serve as acting CAO Director General, effective August 2, 2026,” the statement said.
“Mr Pam will serve in this role until the new World Bank Group Independent Accountability Mechanism Director General/Vice President is appointed.”
The Compliance Advisor Ombudsman is the independent accountability mechanism for projects financed by the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), both members of the World Bank Group.
Created in 1999, the CAO reports directly to the boards of IFC and MIGA and handles complaints from individuals and communities affected by projects supported by the two institutions, while promoting environmental and social accountability.
Mr Pam, who is married with children and grandchildren, brings extensive experience in international law, anti-corruption, compliance, human rights and criminal investigations to the role.
He is the son of the late Lt. Col. James Pam, a former Adjutant General of the Nigerian Army, and Mrs Ngo Elizabeth Pam, a human rights advocate who served on the Human Rights Violations Investigation Commission, popularly known as the Oputa Panel, as well as the Plateau Peace Conference.
Over the years, Mr Pam has built a distinguished international career investigating human rights violations, financial crimes, fraud, institutional misconduct and mass atrocities across several jurisdictions.
He has served as a member of the World Bank Inspection Panel since January 2023. Prior to that, he was Head ad interim of the Independent Redress Mechanism of the Green Climate Fund in Songdo, South Korea, between August 2022 and March 2023, after leading the Fund’s Independent Integrity Unit from November 2016 to November 2022.
His professional experience also includes roles with the United Nations Office of Internal Oversight Services (OIOS), where he served as Resident Investigator with the UN Mission in South Sudan, the African Development Bank’s Integrity and Anti-Corruption Department, and the Office of the Prosecutor at the International Criminal Court in The Hague.
Earlier in his career, he provided legal support to Nigeria’s Human Rights Violations Investigation Commission (Oputa Panel) between 2000 and 2002.
A graduate of the University of Jos, Mr Pam began his legal career at J.Y. Pam & Co. before working in private legal practice, the banking sector and later the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
While at the ICPC, he received the prestigious Chevening Scholarship, which enabled him to earn a Master’s degree in International Law and Justice Policy from the London School of Economics in 2005
His appointment is expected to strengthen the World Bank Group’s accountability and oversight framework, given his extensive background in governance, integrity, compliance and international justice.
Jobs/Appointments
UNIZIK Appoints Nicholas Okoye Visiting Senior Lecturer, to Strengthen Digital Assets Education
Nnamdi Azikiwe University (UNIZIK) has appointed veteran investment banker and capital markets expert, Nicholas “Nicky” Okoye, as a Visiting Senior Lecturer in a move aimed at strengthening its capital markets and digital assets curriculum amid the growing global adoption of virtual assets and blockchain-based finance.
The appointment, which takes immediate effect, is expected to deepen the university’s capacity to train enterprise executives, entrepreneurs and policymakers in emerging areas such as cryptocurrencies, stablecoins, Central Bank Digital Currencies (CBDCs), tokenisation of real-world assets and other digital financial innovations.
UNIZIK, which hosts one of Africa’s few dedicated Capital Markets faculties, said the appointment aligns with its strategy of equipping students and professionals with the knowledge and practical skills required to navigate the rapidly evolving financial ecosystem.
The university, in its statement, described the appointment as a significant milestone for the institution.
“Securing someone of Nicky Okoye’s calibre is a game-changer. As global finance evolves, we must equip enterprise executives, entrepreneurs and policymakers with the technical knowledge required to build long-term capital formation strategies. His real-world experience is invaluable.”
Okoye brings decades of experience across global and Nigerian financial institutions. His career includes serving as a Financial Consultant at Merrill Lynch in the United States, Chief Strategy Officer at the Nigerian Exchange Group, and Founding Group Executive Director of Operations and Strategy at Transcorp Group Plc, where he led fundraising initiatives that collectively exceeded $1 billion.
He currently leads the Global Investment Advisory Community (GIAC), a coalition of local and international banks, asset managers and fintech firms working to develop a digital assets ecosystem across Africa and the Caribbean.
Beyond the private sector, Okoye has contributed to public policy, providing advisory support to the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) on capital market regulatory frameworks.
Stakeholders in the financial services sector have welcomed the appointment, expressing optimism that his academic engagement would help build capacity among investors and professionals as Nigeria expands its digital finance ecosystem.
Okoye also holds an honorary Doctor of Business Administration from Enugu State University of Technology, awarded in recognition of his contributions to enterprise development and business excellence.
He previously served on the Presidential Jobs Board and the National Council of Small and Medium Scale Enterprises, where he provided strategic advice on economic development. Between 2014 and 2018, he advised the Nigeria Content Development and Monitoring Board (NCDMB) on Project Triple E, an initiative designed to strengthen indigenous participation in the upstream oil and gas value chain by integrating community-based contractors.
The appointment comes as Nigeria intensifies efforts to establish a robust regulatory framework for digital assets. The Federal Government recently inaugurated a National Virtual Assets Council to coordinate the oversight and regulation of virtual and digital assets in the country.
The council is chaired by the Central Bank of Nigeria, with support from the Securities and Exchange Commission and the Nigeria Revenue Service, as part of broader efforts to promote innovation while ensuring investor protection and financial system stability.
