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Sunday, 19 June 2011

GTBank: After Tayo Aderinokun, what next?

Tayo Aderinokun (standing) and Fola Adeola (sitting) at the start of GTBank in 1990
Tayo Aderinokun and current acting MD, Segun Agbaje
On June 14, 2011, the Nigerian Banking Industry lost one of its most important personalities in former Guaranty Trust bank Managing Director, Tayo Aderinokun, who passed away in London as a result of complications arising from a stroke he suffered earlier in the year.

Whilst the whole industry and Nigeria continues to mourn him, it is interesting to note however that the Bank is still performing exceptionally well in the Nigerian Stock Exchange. Analysts have attributed this to the bank’s excellent corporate governance structures and clear-cut succession strategy and it is widely believed that the bank would continue to post exceptional results in coming years.

In April 2011, the Board of Guaranty Trust Bank appointed Mr. Segun Agbaje as Acting Managing Director to oversee the daily affairs of the Bank, after Mr. Aderinokun proceeded on Medical leave to recuperate as a result of the stroke he suffered.

A protégé of Mr. Aderinokun and former Managing Director of the Bank; Mr. Fola Adeola, Segun Agbaje is an experienced professional, who joined Guaranty Trust Bank at its inception and until his appointment as Acting Managing Director, had been Deputy Managing Director under Mr. Tayo Aderinokun for the past 9 years.

In what is seen as a befitting tribute to the late Tayo Aderinokun and a continuation of his legacy, Mr. Segun Agbaje has, since his appointment, embarked on a prearranged restructuring exercise which has led to the elevation of over 20 young executives within the Bank’s ranks to key management positions overseeing various areas of the Bank’s operations.

This exercise, also involves a structured branch expansion programme and the recently concluded upgrade of the Bank’s Information Technology (IT) systems to the superdome servers, which will enable the Bank meet the ever-increasing demands of its growing clientele.

In a statement to staff, Mr. Agbaje hinged the bank’s growth over the years to the investments made in its young and forward thinking staff who have in no small way, ensured that the Bank consistently recreates itself in the Nigerian financial industry and remains the institution of first choice in Nigeria and beyond.

He further stated that the exercise which saw 4 general managers leave the employment of the Bank, was in order to not only reposition for growth, but also to engender a rejuvenation and provide a ample opportunities for the younger generation to rise up and harness their full potentials.

PROFILE: Mr. J. K. Olusegun Agbaje, Acting Managing Director, Guaranty Trust Bank plc

With over 19 years of investment and international banking experience, Mr. Agbaje oversees the general management of the bank’s day-to-day operations and has earned a reputation as a truly accomplished and highly respected professional within the West Africa sub-region.

Segun joined Guaranty Trust Bank as a pioneer staff in 1991, after a rewarding stint at Ernst & Young, San Francisco, USA. He subsequently rose through the ranks to become an Executive Director in January 2000 and Deputy Managing Director of the Bank in August 2002. His experience cuts across most aspects of the Bank’s business including commercial banking, investment banking, treasury, corporate planning and strategy, settlements and operations.

Mr. Agbaje possesses a deep understanding of the Nigerian business environment, having led the execution of large and complex transactions in financial advisory, structured and project finance, balance sheet restructuring, debt and equity capital raising in the Nigerian Energy, Telecommunications, Financial Services and Manufacturing sectors. In addition, he helped develop the Interbank Derivatives market amongst dealers in the Nigerian banking industry and introduced the Balance Sheet Management Efficiency system.

Segun has been very instrumental in the Bank’s foray into the international capital markets over the years, which has translated into a US$350 million Regulation S Eurobond in January 2007 and a US$750 Global Depository Receipts (GDR) offer that same year, whose listing on the London Stock Exchange made Guaranty Trust Bank the first Nigerian company and African bank to be listed on the Main Market of the London Stock Bourse.

In 2011, he further led GTBank to launch the first Sub-Saharan Africa financial sector benchmark Eurobond when the Bank launched its USD500million Eurobond without a sovereign guarantee or credit enhancement from any international financial institution.

Mr. Agbaje serves on the board of several other notable business concerns, which include; Guaranty Trust Assurance Plc, Guaranty Trust Bank (Ghana) Limited, Guaranty Trust Bank (Gambia) Limited and Guaranty Trust Bank (UK) Limited.

He is an alumnus of the Harvard Business School and holds a B.Sc and MBA from the University of San Francisco, USA. Mr. Agbaje was appointed Acting Managing Director of Guaranty Trust Bank plc in April 2011.
PROFILE: OLUTAYO ADERINOKUN MFR May 8 1955 – June 14, 2011
Tayo Aderinokun was one of the most influential and respected bankers the nation has produced in the last 30 years. An astute and erudite gentleman, his dedication to hardwork, honesty and a thirst to always improve the status quo were a mix that had a colossal impact on the Nigerian financial scene, especially after the inception of Guaranty Trust Bank.
These traits and the simple lifestyle he maintained, led to his becoming a mentor and friend to the vast number of people who knew or worked with him over time.
Earlier in the year, Mr. Aderinokun suffered a stroke and was flown abroad for medical treatment. He died at Wellington Hospital, United Kingdom on June 14th, 2011 from complications arising from the stroke.

A well-loved and respected person, Mr. Aderionkun was married with children

Born on May 8, 1955 in Kano, Nigeria, to a technician father working for the Nigerian Railways, Tayo Aderinokun had his primary education at Baptist Day School, Kano, from 1961 to 1966.  At the onset of the Nigerian Civil War in 1966, he relocated with his parents to Lagos, where he attended Surulere Baptist School from 1966 to 1967, St. Peter’s College, Abeokuta, from 1968 to 1972 and St. Gregory’s Boys College, Lagos from 1973 to 1974. 

He went on to obtain a Bachelor’s degree in Business Administration from the University of Lagos, and much later, an MBA in International Business from the Graduate School of Management, University of California, Los Angeles in 1981.

Tayo Aderinokun began his banking career at the Central Bank of Nigeria, Calabar, where he underwent the mandatory one year national service programme (NYSC) in 1977/78. He went on to work for Chase Merchant Bank Nigeria Limited (later Continental Merchant Bank) between 1981 and 1988.

In 1988, Tayo moved to Prime Merchant Bank as an Assistant General Manager and Head, Financial Services. He resigned this appointment in 1989 to start First Marina Trust Limited – a non-bank financial institution which he oversaw until co-founding Guaranty Trust Bank with his close friend, Fola Adeola in 1990.

At the inception of Guaranty Trust Bank, Tayo Aderinokun assumed the mantle of Deputy Managing Director – a position he was to hold for the next 12 years. During this time, he was involved in the supervision of the Bank's operations with direct responsibility for asset management and liability generation.
His experience, commitment, and contributions during this period were fundamental to the impact the Bank had on the Nigerian economy over the next few years, which included the introduction of a more customer friendly form of banking that has now become the industry norm.
Tayo Aderinokun became Managing Director of Guaranty Trust Bank in August 2002, after the resignation of Fola Adeola, and he successfully steered the affairs of the Bank until his demise on June 14th 2011, to the enviable position of one of Nigeria’s most stable and secure financial institutions.

Under Tayo’s leadership, the Bank gradually became an internationally recognized institution with vast business interests spanning Anglophone West Africa and the United Kingdom. Innovations such GTConnect, Slip free, the Naira Mastercard and Drive Through banking were introduced to ensure banking became a more convenient experience for the public. In addition the Bank pioneered the foray of Nigerian Banks into the international capital markets, by raising funds severally and becoming the first Nigerian Company and African Bank to be listed on the Main Market of the London Stock Exchange.

Tayo Aderinokun’s stewardship is however more ably summarized by the numerous accolades and commendations received by the bank over the years, which include:

  • Commendations in the KPMG Banking Industry Customer Satisfaction Surveys over the last 4 years

  • The 2010 and 2009 best bank in Nigeria awards from the Banker Magazine

  • The 2010 and 2009 best bank in Nigeria awards from Euromoney Awards for Excellence

  • The SIAO 2009 and 2008 Best Corporate Social Responsibility Awards

  • The 2007 Most Respected Company in Nigeria Award from PrizeWaterhouseCoopers and Businesday

  • The Nigerian Stock Exchange President’s Merit Award in 2003, 2005, 2007 and 2008

A further testimonial to his leadership prowess is the fact that Guaranty Trust Bank emerged largely unscathed, from the recent global economic crisis that shook the Nigerian Financial sector, due to sound management principles, good corporate governance structures and overall operational transparency.
Tayo Aderinokun’s statesmanship and contributions to the Nigerian Banking sector led to various recognitions during his lifetime that include; the conferment of the national honor: Member of Federal Republic of Nigeria by erstwhile President Olusegun Obasanjo, the 2009 African Banker of the Year Award by African Banker Magazine, the 2009 CEO of the Year Award from Thisday Newspapers, the 2009 Sun Man of the Year Award and the 2010 PEARL CEO Leadership award.

Mr. Aderinokun was not just a banker, he was also a poet, educationist and philanthropist, supporting various causes, especially those related to the Arts, Child healthcare and Education.


Tobi said...

Tayo was one of Nigeria's finest... He bestrode the Bankijg industry like thoe colossus that he was)... May he RIP... Mw, I think his sucessor will be able to perform creditably... God bless my bank!

Ch5335ng said...

Tobi, i resonate "God bless my bank," the one i use when i'm in Lagos and their online banking is fantastic! When i do transfers both ways, it takes just 24 hours.
I ran away from UBA to GT Bank and they have been exceptional.

May Mr TA rest in perfect peace. His legacy will forever remain.

GT Bank will forge on excellently. They have a fantastic working model. Mr SA was on my flight from Lagos to London last month and the guy is so suave and unassuming. Same like his predecessors.

Gbemi said...

Tayo was truly an innovator and industry leader. The banking industry would not be where it is today without his contributions. since he chose his successor, I expect nothing less

Anonymous said...


dami said...

GT Bank is in a class of it's own. More grease to ur elbows. Other banks should take a cue from them

Anonymous said...

Again this disease claims another life. We need to start spreading awareness about cancer in Nigeria.

Dami said...

RIP Uncle T

@ Anonymous
She said it was a stroke

Anonymous said...

I wish them Goodluck

Anonymous said...

RIP sir. I love Gtbank!

Anonymous said...

will these bank closed? all my savings are in these bank oo please somebody should tell me i am in india

Anonymous said...

@ Anonymous June 20, 2011 12:35 PM :

An article says he died from a protracted illness. Cancer is more of a protracted illness than stroke.

Jay O said...

@Anon 6:36, They said stroke, but the stroke was as a result of something else. What chronic ailment did he have?
protracted disease can be anything, could be complications of long term cardiovascular, any form of cancer, list goes on.

RIP Tayo. The bank will be fine, he built it on solid foundation and there are others connected to him that are part of that foundation.

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