The Board of Polaris Bank Limited and the Asset Management Corporation of Nigeria (AMCON), its shareholder, have tapped Mr. Innocent Ike as the Acting Managing Director/CEO of the bank and may have also appointed Segun Opeke as Executive Director subject to confirmation by the Central Bank.
The appointment of the new acting managing director becomes effective from September 1, 2020.
The bank disclosed this in statement that was released yesterday.
The appointment followed the retirement of Mr. Tokunbo Abiru, 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.
Abiru would bow out from the bank from tomorrow.
The statement explained: “In line with a culture of good corporate governance and succession planning, the Board of Polaris Bank Limited and 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 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.
“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).”
According to the statement, with the change of baton, the bank is set to continue to deliver on the positive performance reflected in 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.
“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.”
There have been speculations that Abiru, a former Lagos State Finance Commissioner is to join the race in the forthcoming senatorial bye-election to replace the deceased Lagos East member of the National Assembly, Senator Bayo Osinowo. The election holds on October 31, 2020.
Abiru is from the Ikorodu division of Lagos East.