Uncertainties as CBN May Announce New CEO of Polaris Bank Today

An air of uncertainties pervades one of the nation’s commercial banks as the Central Bank of Nigeria may announce a new Chief Executive Officer today.

Group Managing Director/Chief Executive Officer of Polaris Bank, Mr. Adetokunbo Mikhail Abiru is bowing out apparently to contest election for the Lagos East senatorial seat.

Polaris is a bridge bank owned by Federal Government through the CBN, Assets Management Company of Nigeria and the Nigerian Deposit Insurance Corporation.


NPO Reports gathered that the uncertainties lie in the fact the CBN has the liberty to either appoint a new boss of the bank from within or bring an outsider to oversee the affairs of the financial institution.

According to insiders, if the CBN is to appoint from within the bank, it must be one of the two Executive Directors, Mr. Abdullahi Mohammed and Mr. Innocent Ike.


Information available on the bank’s website reveals that Mohammed, Executive Director of Abuja and North Central Directorate, Polaris Bank, bagged his first and second degrees from the Bowling Green State University, Ohio, USA.


Mohammed started his career in 1987 as a Staff Development and Training Senior Instructor at Cement Company of Northern Nigeria Plc., Sokoto.


His banking career kicked off in 1991 when he joined Century Merchant Bank Limited as an Officer and Head of Treasury Department, Kano Area Office.


Mohammed had traversed Northern Nigeria as part of his responsibility for First Bank’s Business Development.


Ike, Executive Director of Technology and Services, Polaris Bank, has about thirty years of professional banking experience acquired from leading Nigerian banks including Access Bank, GTBank and Keystone Bank serving in strategic roles in those institutions.


His professional career dates back to serving as Senior Associate with Akintola Williams Deloitte, Nigeria, before joining GTBank. 


Ike obtained his first degree in Accounting from the University of Lagos completing as the Best Graduating Student in 1988.

Inside source at the bank said most employees of the financial institution would prefer to have a new CEO who has been in the system with Abiru.

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