Change Of Guard: Polaris Bank Appoints New MD/CEO

by Barnabas Esiet.

Asset Management Corporation of Nigeria (AMCON) and The Board of Polaris Bank Limited have appointed Innocent Ike, as the Acting Managing Director/Chief Executive Officer of Polaris Bank Limited, effective September 1, 2020.

In a statement, Company Secretary, Babatunde Osibodu, said the appointment was in accordance with the culture of good corporate governance and succession planning.

The board had earlier announced that the outgoing Managing Director/Chief Executive Officer of Polaris Bank, Tokunbo Abiru, would be proceeding on retirement with effect from August 31.

Outgoing MD/CEO of Polaris Bank, Tokunbo Abiru.

Abiru, with three decades of professional experience in the Banking Industry, has completed his two terms of two years each, first as Group MD/CEO, Skye Bank and MD/CEO Polaris Bank.

According to the statement, “the incoming Acting MD/CEO was until now the Executive Director, Technology and Services while also overseeing the South-South/South East Directorate of the Bank.

Ike 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)..

Acting MD/CEO of Polaris Bank, Innocent Ike.

The Company Secretary said the new appointment will boost the sterling performance of the bank as 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”. Osibodu noted.

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