The Board of Polaris Bank Limited and Asset Management Corporation of Nigeria (AMCON), the Bank’s shareholder, have announced the appointment of Mr. Innocent Ike, as the Acting Managing Director/CEO of Polaris Bank Limited, effective Sept. 1
The Company Secretary, Babatunde Osibodu, in a statement on Saturday in Lagos, said the appointment was in line with a culture of good corporate governance and succession planning. Osibodu said that the board had announced that the Managing Director/CEO of Polaris Bank Limited, Mr Tokunbo Abiru, would be proceeding on retirement with effect from Aug. 31. He said Abiru had 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.
“The incoming Acting Managing Director/CEO was until now the Executive Director, Technology and 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,” he said.
Osibodu said Ike had 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 and Innovation from MIT Sloan School of Management; Boston and he is also a Member of Institute of Directors (IOD),” he said.
Osibodu said that with the change of baton, the bank would 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.
He said:”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 said the board of directors of the bank expressed the confidence that the bank would benefit immensely from Ike’s skills and wealth of experience.According to him, with his hard work and diligence, the bank is bound to continue to thrive under his leadership.