Polaris Bank names new acting CEO

Polaris Bank Limited has appointed Innocent C. Ike as its acting managing director/chief executive officer.

Ike’s appointment was announced by the bank’s board in a statement on Saturday.

He will succeed Tokunbo Abiru, who recently retired from the bank after he was nominated by the All Progressives Congress (APC) in Lagos state as a replacement for Bayo Osinowo, the deceased senator who represented Lagos East senatorial district.

Abiru, whose retirement takes effect on August 31, was appointed to head the bridge bank which took over the assets and liabilities of the now-defunct Skye Bank.

According to the statement, Ike’s tenure as acting managing director of the bank will be effective September 1, 2020.

Read full statement below:

The Board of Polaris Bank Limited is pleased to announce that the Managing Director/CEO of Polaris Bank Limited, Mr. Tokunbo Abiru, will be proceeding on his retirement, having successfully completed his two terms of two years each, first as Group Managing Director/CEO, Skye Bank Plc and Managing Director/CEO Polaris Bank Limited. This takes effect from 31 August 2020. We all wish him the best in his future endeavours.

In line with a culture of good corporate governance and succession planning, the Board of Polaris Bank Limited and Asset Management Corporation of Nigeria (AMCON), the Bank’s shareholder, have announced the appointment of Mr. Innocent C. Ike as the Acting Managing Director/CEO of Polaris Bank Limited effective 1 September 2020.

The incoming Acting Managing Director/CEO was until now the Executive Director, Technology & Services while also overseeing the South-South/South East Directorate of the Bank.

Accordingly, not only has he been a pivotal part of the Bank since July 2016, but a major driver of the Corporate Transformation journey. This gives an assurance of continuity: a definite continuation of the strategic plans and initiatives that brought the Bank the successes it has recorded till date.

Mr. Innocent Ike has garnered over three decades’ professional experience in the Banking Industry. He is a graduate of Accounting from the University of Lagos, a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), a Certified IFRS Expert and an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria (CIBN). He holds an Executive Certificate in Strategy & Innovation from MIT Sloan School of Management; Boston and he is also a Member of Institute of Directors (IOD).

With this change of baton, the Bank is set to continue to deliver on the sterling performance reflected in the full year 2019 results in which the Bank posted Profit After Tax (PAT) of N27billion. To buttress the fact that this is sustainable, the Bank’s first half 2020 result showed a PAT of over N18billion, despite the tremendous headwinds brought on by the COVID-19 pandemic.

The Board of Directors of the Bank is confident that Polaris Bank will benefit immensely from Mr. Ike’s skills and wealth of experience. With his hard work and diligence, the Bank is bound to continue to thrive under his leadership.

Polaris Bank is a future-determining Bank committed to the delivery of industry-defining products, and services, across all sectors of the Nigerian economy.

Babatunde Osibodu
Company Secretary