How Next Polaris Bank CEO Will Be Determined As Tokunbo Abiru Becomes Ruling Party’s Candidate In Election To Determine Senator ‘’Pepper’’ Osinowo’s Successor

Eniola Adeniyi

It is given, Tokunbo Abiru would resign his appointment as the Chief Executive Officer of Polaris Bank to contest as the ruling party, All Progressives Congress (APC) senatorial candidate for the Lagos East Senatorial election.

The bye-election to determine the successor for the late Bayo Osinowo popularly known as Pepper is scheduled for Saturday, October 31, 2020, but the candidate of the APC is expected to emerge via a shadow election on Saturday, September 5, 2020.

There are strong indications that Abiru has already clinched the ticket ahead of the shadow election based on the unwavering support from Asiwaju Bola Ahmed Tinubu and increasing support from other political caucuses in Lagos State.

Abiru was the finance commissioner when Tinubu served as the Governor Lagos State.

The impending exit of Abiru from Polaris Bank would open up the office of the Chief Executive Officer for interested persons.

‘’But it is not about appointing the next in rank or anybody among the board members’’ societynow.ng learned.

Polaris Bank is a bridge bank owned by the Government with the Central Bank of Nigeria (CBN), Assets Management Corporation (AMCON) and Nigeria Deposit Insurance Corporation (NDIC) as the stakeholders.

Societynow.ng learned that the decision to appoint a new CEO rests with these three stakeholders, with Tinubu the shots caller in the affairs of Lagos State – who reportedly had a hand in the appointment of Abiru – providing silent contributions.

”Anybody can be appointed. It can be from within or outside. It is left for the regulators to decide and you can’t take away the fact that a chunk of politicking comes into play in such things, taking into consideration the fact that Polaris is a government owned Bank” a source stated.

Abiru and his team were appointed to turn around the fortune of Skye Bank that transmuted into Polaris Bank and make it viable for investors to be interested in acquiring.

The team headed by Abiru performed so well with on its mandate that it got a tenure extension.

Abiru and his team have continued the fantastic run with the extension before the talks of Senatorial ambition came into play and those of a replacement for the Polaris Bank CEO gain ground.