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Fresh Crisis Rocks Polaris Bank As Shareholders Accuse GMD, Tokunbo Abiru of Fraud
All appears not to be well with Polaris Bank Limited, a bridge bank created by the Central Bank of Nigeria to take over the assets and liabilities of the defunct Skye Bank as shareholders of the defunct bank have reportedly accused the current management of Polaris Bank, led by its Group Managing Director, Mr. Adetokunboh Abiru of conniving with the CBN to defraud them of their investment.
It was reliably gathered that with the recent takeover of Skye Bank Plc by Polaris Bank, shareholders are now at the risk of losing an estimated N10.69 billion, being the value of the shareholders’ fund.
However, there have been questions about why the apex bank would revoke license of a bank with a performing management.
We were informed that it was understandable when the Mr Tunde Ayeni-led board was sacked by the CBN as it was alleged that the bank found itself in a non-performing loan mess estimated to be almost N700 billion.
“The criss-cross in the statement of the CBN has thus seen questions being asked with no one ready to answer them.
“There are some who said if the interim management set up by the CBN to manage Skye Bank for two years could not prevent its eventual fall, why keep the team to run the bridge bank.
“Also, there are those who insist that there is more to the whole development, as they keep asking if the bank would have been put to rest if it was really doing well. There are also those who believe that the hands of the CBN Governor Emefiele might be tied, hence he is maintaining the set of management and board.
“Whatever is the situation, one basic truth is that Polaris Bank in the hands of the same management that couldn’t salvage Skye Bank Plc is only poised to fail except of course if the Asset Management Company of Nigeria (AMCON) can quickly find a buyer before the invested N786 billion is known,” said a source.
Explaining the consequences of the move recently by the apex bank, a Financial Analyst, Tunde Biobaku, said “when a bank is recapitalized, there is always the need to name a new board who will handle the new investment.
“If you use the same set of people, they will run down the business just like they initially did to make the bank need recapitalization in the first place, so what the CBN has done is very confusing because the same guys that couldn’t do well with Skye Bank are now managing Polaris Bank, the end result is already clear, crystal clear.
“They would leave Polaris Bank worse than they met it, you mark my words.”
Boniface Okezie, National Coordinator, Progressive Shareholders Association of Nigeria (PSAN), said that the CBN need to explain its actions to Nigerians for better understanding.
Okezie said the investors should not be allowed to suffer again for the misdeeds and mistakes of the regulations. He called on the Federal Government to investigate the incessant fall of banks in the country, adding that the past management and board of Skye Bank must be made to account of what led to the bank’s misfortune.
“Signs that the apex bank would move in to takeover the bank became obvious when it failed to declare its result under the mandatory window. The announcement of the takeover by CBN came like a surprise to many.
With the same old wine in a new bottle, it is hard to see a flourishing Polaris Bank in the near future, especially in the hands of Tokunbo Abiru, leader of the team” said a source.
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Moyo Ogunlewe Applauds Bashir’s Solar Empowerment Initiative for Ikeja Youths
The Lagos State Director-General of the City Boy Movement, Hon. Moyo Ogunlewe, has commended Comrade Oluwadamilare Sonayon Adebowale Bashir for launching a transformative solar electrification training programme targeted at youths in Ikeja.
The initiative, described as a multimillion-naira empowerment scheme, is designed to equip young people between the ages of 18 and 40 with practical, market-relevant skills in solar installation, maintenance, and system management. It is expected to open up employment opportunities while fostering entrepreneurship within the renewable energy sector.
According to Bashir, the programme will train 100 beneficiaries in phases, beginning with an initial batch of 40 participants. The phased approach, he explained, is to ensure quality delivery, hands-on learning, and proper supervision throughout the training period.
Speaking on the significance of the initiative, Bashir noted that the programme is a strategic intervention aimed at tackling youth unemployment while addressing Nigeria’s persistent power supply challenges through sustainable energy solutions.
“This is not just about training; it is about creating a new generation of self-reliant youths who can contribute meaningfully to the economy through renewable energy,” he stated.
Reacting to the development, Hon. Moyo Ogunlewe lauded Bashir’s commitment to grassroots empowerment, describing the initiative as timely and impactful.
Ogunlewe emphasized that such forward-thinking programmes align with ongoing efforts to promote youth development and economic inclusion across Lagos State. He further noted that investing in renewable energy skills places young people at the forefront of a rapidly evolving global industry.
Also lending his voice, the Executive Chairman of Kosofe Local Government, Hon. Barrister Moyosore Ogunleye, praised the initiative, highlighting its potential to transform lives and reduce unemployment at the community level.
The much-anticipated training programme, already generating buzz within Ikeja and beyond, is scheduled to hold on Monday, April 27, 2026, at Onigbongbo Local Council Development Area. Participants will be drawn from eight wards across the local government, ensuring broad-based inclusion and community impact.
Stakeholders believe the initiative could serve as a model for similar youth-focused renewable energy programmes across Lagos and Nigeria at large, especially at a time when alternative energy solutions are becoming increasingly critical to national development.
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Tayo Ayinde: The Quiet Engine of Lagos’ Governance
In the complex theatre of governance, where noise often masquerades as impact, few figures embody disciplined authority and strategic boldness like Tayo Ayinde, Chief of Staff to Governor Babajide Sanwo-Olu of Lagos. He is not a headline-chasing leader. Instead, Ayinde represents a rare breed, a calm but commanding operator whose strength is expressed through control, precision, and unwavering loyalty.
Ayinde’s personality is deeply rooted in his formative years within Nigeria’s security architecture. Having served in the State Security Service (SSS), where he rose through the ranks before retiring in 2009, he developed a mindset shaped by vigilance, intelligence gathering, and calculated decision-making.
This background did not just shape his career; it defined his temperament. Those who have observed him closely describe a man who is perpetually alert, mentally agile, and instinctively strategic. He anticipates rather than reacts and focuses on outcomes rather than optics.
His boldness, therefore, is not performative; it is institutional.
Nicknamed “Buffalo” by colleagues and associates, Ayinde’s personality reflects a striking paradox: gentle in appearance, yet formidable in execution. He carries a commanding presence while maintaining a composed and approachable demeanor. In political and administrative circles, he is known to demonstrate focus under pressure, maintain emotional discipline in crisis situations, and project authority that commands respect without coercion.
This blend of calmness and inner strength is what makes his leadership style uniquely effective. He is the type of leader who can enter a room quietly and still shape its direction.
Within the Lagos State Government, Ayinde is more than a chief of staff in title; he is widely regarded as the operational nucleus of the administration. He coordinates complex policy frameworks with precision and serves as a critical bridge between political leadership and administrative execution. In doing so, he manages competing interests without destabilizing governance.
President Bola Ahmed Tinubu has described him as a dependable ally and a stabilizing force, an acknowledgment of his ability to manage responsibility without being consumed by it.
Ayinde’s office is often described as a “solution centre”, a place where issues are addressed with clarity and speed rather than prolonged debate.
In Nigeria’s often unpredictable political environment, loyalty can be fluid. Ayinde, however, represents a different doctrine: loyalty as a strategic principle. From his days as Chief Detail to President Bola Ahmed Tinubu to his current role, he has built a reputation as a leader who understands power, respects hierarchy, and safeguards institutional continuity.
His consistency stands out. He does not shift with political winds, nor does he deploy influence for personal spectacle. Instead, he prioritizes structure, stability, and long-term outcomes. This approach has earned him a trusted position within Lagos’ political landscape, with credibility that cuts across different interests.
Beyond governance, Ayinde’s personality reveals a strong humanitarian dimension. Known for his quiet philanthropy, he has supported widows, orphans, and vulnerable communities over the years, often without public attention. His Ikeja residence is frequently described as an “open door,” reflecting a leadership philosophy grounded in accessibility and compassion.
This balance of firmness in leadership and empathy in human engagement, completes the architecture of his character.
In an era where leadership is often equated with visibility, Tayo Ayinde represents a different model, one defined by substance over spectacle. He is a strategist who thinks ahead, a coordinator who turns policy into reality, and a steady hand in complex systems.
His story is not one of flamboyance but of structured influence, disciplined authority, and consistent delivery. His impact is measured not by volume, but by his ability to guide outcomes, stabilize systems, and sustain governance at the highest level.
In the evolving narrative of Lagos State, Ayinde stands as a reminder that true power does not always announce itself. It operates, delivers, and endures.
~ Ayo Olusegun Writes
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Why Oshodi-Isolo Constituency 1 Should Stand with Engr. Abayomi David Fasanya (FASH)
By Ayodele Adeyeye
In every electoral cycle, constituents are presented with a familiar challenge: choosing not just a candidate, but a leader who embodies the values, vision and commitment required to drive meaningful development. For the people of Oshodi-Isolo Constituency 1, this moment calls for careful reflection and a decisive choice—one that prioritizes credibility, competence and community connection.
Among those seeking to represent the constituency, Engr. Abayomi David Fasanya (popularly known as FASH) has emerged as a compelling option, distinguished by his track record, grassroots engagement and forward-looking vision
At a time when public trust in leadership is often tested, FASH represents a refreshing alternative. He is widely regarded as a man of integrity, whose approach to leadership is rooted in service rather than self-interest. His long-standing connection with the people of Oshodi-Isolo Constituency 1 gives him a clear understanding of the socio-economic realities facing residents—from youth unemployment and infrastructure deficits to the need for sustainable community development.
One of the defining attributes of FASH’s candidacy is his strong grassroots appeal. Unlike many who approach leadership from a distance, he has remained closely connected to the community, engaging with residents, listening to their concerns and participating in initiatives aimed at improving their welfare. This familiarity positions him not just as a representative, but as a true voice of the people.
Equally important is his emphasis on service-driven leadership. In a political climate often dominated by rhetoric, FASH’s message is centered on tangible impact. His agenda reflects a commitment to delivering practical solutions—policies and programs that directly address the needs of the constituency while creating opportunities for growth and empowerment.
Furthermore, FASH has consistently advocated for unity and collective progress. He recognizes that the development of Oshodi-Isolo Constituency 1 depends on collaboration across diverse groups and interests. By promoting inclusiveness, peace and shared purpose, he aims to foster an environment where progress is not only achievable but sustainable.
Central to his campaign is a clear and actionable vision for development. This includes prioritizing youth empowerment through skills acquisition and job creation, supporting small and medium-scale enterprises and advocating for improved infrastructure and social services. His professional background as an engineer further strengthens his capacity to approach development with structure, innovation and efficiency.
As the constituency prepares to make a critical decision about its future, the need for leadership that inspires confidence and delivers results cannot be overstated. Oshodi-Isolo Constituency 1 deserves a representative who will illuminate pathways to progress, restore hope in governance and ensure that the dividends of democracy reach every corner of the community.
Engr. Abayomi David Fasanya (FASH) presents himself as that candidate—one ready to serve with dedication, guided by a vision of light, growth and inclusive development.
The choice ultimately rests with the people. But in FASH, many see not just a contender, but a leader prepared to translate aspiration into action and promise into progress.
Asoludero fun ilu Oshodi.
Ayodele Adeyeye writes from, Mafoluku, Oshodi, Lagos State
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