Polaris Bank appoints Innocent Ike acting MD/CEO

By Chika Otuchikere

Polaris Bank Limited has appointed Mr Innocent Ike as its acting Managing Director. The appointment takes effect from September 1, 2020.

The Board of Polaris Bank Limited and the Asset Management Corporation of Nigeria (AMCON), the Bank’s shareholder, announced the appointment of Ike.

The Board had announced, earlier previous week, that the incumbent Managing Director/CEO of the bank, 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 later Managing Director/CEO Polaris Bank Limited. This takes effect from 31 August 2020.

According to a statement from the bank signed by Babatunde Osibodu, the incoming CEO was, until now, the Executive Director, Technology & Services while also overseeing the South-South/South East Directorate of the Bank.

He has been a major player in the Bank since July 2016, but a 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 to date.

Ike has over three decades of 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).

It is expected that the Bank will 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.

An indication of this is that the Bank’s first-half 2020 result showed a PAT of over N18billion, despite the tremendous headwinds brought on by the COVID-19 pandemic.

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