GT Bank MD Tayo Aderinokun is dead

The Group Managing Director and co-founder of Guaranty Trust Bank Plc (GTBank), Mr Olutayo Adeleye  Aderinokun, is dead.

He passed on at 56 in Wellington Hospital, Saint John’s Wood, North West, London yesterday at 5pm after a failed battle with cancer, which was said to have incapacited him for almost two months.

Wellington is the largest independent private hospital in Britain. It has international reputation for outstanding care in cardiac services, neorosurgery, liver and HPB medicine, rehabilitation, gynacology, orthopadics and many others.

The bank confirmed the late Aderinokun’s death last night in a statement. Its website said: “Tayo Aderinokun passes on ... (1955 - 2011).”

The statement said:” With a deep sense of loss, but with gratitude to the Almighty God, we write to notify you of the passing on to eternal glory of our dearly beloved Managing Director/Chief Executive Officer, Mr. Tayo Aderinokun. Mr. Aderinokun who had been on medical Leave, passed on this afternoon, Tuesday, June 14, 2011, in the United Kingdom.”

GTBank however, said:” The operations of the bank continue to run smoothly under the leadership of Acting Managing Director Mr. Segun Agbaje who was Deputy Managing Director from 2002 till April 20, 2011, when he was appointed Acting Managing Director.”

Aderinokun and Mr Fola Adeola, the pioneer managing director, co-founded GTBank in 1990. The late Aderinokun was the Deputy Managing Director for 12 years between 1990 and 2002, after which he became the Managing Director, a position he held until his passing.

The promoter of Day Waterman College, Aderinokun, was also Chairman of the Association of LekkiLandlords.

The statement noted: “During his time as Managing Director, the Bank witnessed tremendous progress and growth and had emerged over the years as an industry leader, pacesetter of unique and progressive innovations in the banking industry. The Bank is now easily acknowledged and recognised as one of the most profitable and professionally managed corporate institutions in Nigeria and has been the recipient of several awards for exemplary corporate governance practices and excellent customer service.

“In addition, Mr. Aderinokun was also the recipient of numerous awards as an acknowledgement of his sterling leadership role in the achievements of the Bank. The awards include ‘Banker of the Year’ at the inaugural ThisDay Awards in 2006, Most Respected CEO by PricewaterhouseCoopers in 2008 and ‘African Banker of the Year’ by the “African Banker” magazine in September 2009. He was also a recipient of the National Award of Member of the Federal Republic of Nigeria (MFR) and a Fellow of the Chartered Institute of Bankers, Nigeria.”

Aderinokun was flown to the United Kingdom hospital  a few weeks ago after his health deteriorated.
Described as ‘easy going”  and “core professional” by his friends in the industry, who were too shocked to comment, Aderiokun’s tenure as group managing director of GTB  would have ended next year according to the Central Bank of Nigeria (CBN) rules on bank directors and managing directors,  which stipulates 10 year tenure.

The CBN governor said: “Tayo was not just a banker and professional colleague. He was a close personal friend. We first met in the 1980s in Kano where he was manager of Chase (Continental) Merchant Bank and I was head of credit and treasury in Icon Limited (Merchant Bankers). We collaborated on a number of syndications and remained friends since then.

“I must confess that at this point I am devastated. I am grateful to God to have known such a good man and to have visited him in hospital in London before he went into coma. I pray that his gentle soul rest in perfect peace. On a professional note, this is a great loss to the industry. We have lost a solid professional. A man with experience and integrity and a role model of professional conduct at a time when his likes are most needed. I am sure his colleagues at the Bankers’ Committee all feel the same way.”

Customers and stakeholders of the Bank however, do not have to fret because GTBank has a good succession plan in place.

Agbaje who has been the Deputy Managing Director since August 2002 has been acting since Aderinokun’s absence.

Before then, Agbaje has been actively involved in the general management of the bank’s day-to-day operations and is directly responsible for the Institutional Banking Division, which comprises Energy, Telecommunications, Treasury and Corporate Finance Groups.

He has worked in almost all groups in the Bank. These include Commercial Banking, Corporate Finance and Settlements Groups.

Agbaje was appointed an Executive Director in January 2000.

The bank recorded profit before tax of N48.5billon in 2010 as against N27.9billion in 2009. Post-tax profit grew from N23.6billion to N38.34billion, while total assets rose from N1.4trillion to N1.58trillion.

As a result of this stellar performance, the bank  declared a dividend of 75kobo per share, and a bonus of one additional share for every four shares held excluding of 25kobo interim dividend issued at half-year 2010.

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