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The late Aderinokun Perhaps the late Group Managing Director and co-founder of Guaranty Trust Bank Plc (GTBank), Mr Olutayo Adeleye Aderinokun would have still been alive if he had not been misadvised by a doctor. This is the multi-million dollar statement that has continued to agitate the minds of close friends and associates of the late banker.
The Nation gathered that the thoroughbred banker had overcome his sickness, which started about two years ago after returning from abroad where he had gone to receive treatment last year. Having fully recovered, he was said to have consulted another doctor who informed him that he was okay and advised that he stopped taking the drugs recommended for him. He was said to have bought that idea and a few months later, the illness that had to do with the clotting of his blood resurfaced - leading to the swelling of the legs and triggering a host of other ailments. Since then the late Aderinokun has been in and out of the hospital until last February when he collapsed in his Lagos residence and was rushed to the United Kingdom where he had been on life support before he eventually passed on last Tuesday. He was 56.
For someone in the class of the late Aderinokun’s standing, money was not the issue as the pure-bred banker and the bank he ran could afford all the best things money can buy. And this explains why during his travails, he was treated in one of the best hospitals of the world - Wellington Hospital, Saint John’s Wood, North West, London.
Wellington is the largest independent private hospital in Britain. It has international reputation for outstanding care in cardiac services, neurosurgery, liver and HPB medicine, rehabilitation, gynecology, orthopedics and many others. But the enormous resources committed to make him stay alive was put to shame as the cold hands of death snatched him away at about 5pm last Tuesday after a failed battle with cancer, which was said to have incapacitated him for over two months.
From the head office of Guaranty Trust Bank Plc to all the branches including the Ikoyi Lagos residence of one of Nigeria’s best bankers and c0-founder of the bank – the late Aderinokun, customers, friends, colleagues, staff have continued to mourn the late banker.
His residence
A visit by The Nation to the late Aderinokun’s Lagos residence - 58a Bourdillon Ikoyi, revealed the home was quiet and deserted. The gate was under lock and nobody came to commiserate with his family. The family was said to have travelled to the United Kingdom to make arrangements for bringing the deceased to Nigeria. Only the security was on hand to respond to enquiries. Save for the state-of-the-art cars in his compound, nothing suggested that the house belonged to the late Aderinokun.
His office
At the GTBank headquarters, the atmosphere was serene. Although many of the staff continued with their normal businesses, but an observer will find out that something was amiss. People were found discussing in clusters about the passage of the former MD. At the security post, many of the security staff numbering about 15 discussed in hushed tones.
Performance post-Aderniokun
The passing away of Aderinokun marked the end of an era that has seen the bank consolidating its position as a middle tier bank to a highly-rated first tier bank. From all performance indices, Aderinokun’s tenure at GTBank witnessed tremendous growth. Fundamentally, the Aderinokun-led management grew all profit and loss and balance sheet items by four digits, with the total assets growing by 2223 per cent from N65.02 billion in 2002 to N1.15 trillion in 2010. Profit before tax, which stood at N3.18 billion at his assumption of office, closed 2010 at N48.5 billion, an increase of 1,400 per cent. GTBank’s shareholders’ funds stands at N204 billion, representing an increase of 2,431 billion on N8.06 billion at Aderinokun’s assumption of office.
Aderinokun consolidated GTBank’s enviable brand as an investors’ friendly and arguably the best-managed financial institution in Nigeria.
Managing the bank through three phases of banking consolidation and reforms, Aderinokun’s dexterity and focus on sustainable growth saw GTBank scaling through unscathed, a fact indicated by its unbroken dividend and profitability records. GTBank has sustained outstanding returns over the years combining cash dividends with bonus issues. Shareholders were issued bonus shares from to 2010.
His professional and management excellence have been adequately commended by many awards that honoured him personally and GTBank as an organization. Within the period of almost nine years, GTBank and Aderinokun won more than 60 awards from reputable Nigerian and international organisations.
Bank’s shares
On Thursday, GTBank gained the highest point of 0.75 per cent in the last 10 days with corresponding volume growth of 267 per cent - a surge despite the sad and painful news about the death of Aderinokun.
Though the price appreciation appears very weak - less than one per cent. From the analysis done so far, the trend is likely to indicate investors confidence level towards the brand/stock and the inevitable introduction of a new but tested CEO for the bank, considering the volume growth of 267 per cent.
Condolence register and customers
Katchy Anumnu: " Your footsteps on the Nigerian soil will not be wiped in centuries to come. Even in death, you will remain an inspiration to many. You have made disciples of yourself who I know will make your legacy live on. Rest in perfect peace. Though your life was short, it was well fulfilled and full of credible achievements. Nigeria will miss u."
Adebowale Adesanya :"My impression of Tayo was that of an unassuming achiever, who did not seek publicity, but allowed his achievements and good works to speak for him. It is not how long we live that ultimately matters but how much we achieve and affect lives. Tayo, rest in the bossom of the Lord."
Tunde Mabayoje: "You were a rare gem in the banking industry. You left a legacy that we pray others in the banking industry will follow, considering the way you transformed GTB astronomically. One thing is certain and obvious (even if myself and millions of other Nigerians did not know you personally), you left the banking industry better than you met it. My sympathy and that of a lot of Nigerians whose lives you touched directly or indirectly go out to your family. May the Good Lord give them the fortitude to bear the loss. RIP."
Isokpan Efe Martins: "He took the industry to a new height! He created a brand that became the dream of many of us! He left a wonderful name behind - a name without stains! Although he was a Nigerian, he never got messed up with the Nigerian thing!, he will surely be missed by all and sundry! We lost more than one man because he was more than one."
Aul Atunlese Balo: "You were unarguably one of the founding fathers of modern day banking in Nigeria. You also inspired people like me that by working hard, I could attain the greatest of heights. I join millions of Nigerians as well as friends of Nigeria at home and abroad to condole with your family and the GTBank family. May God grant them the fortitude to bear this irreparable loss. RIP."
Oladipo Adedeji : "If you had met him or heard him share his thought, you would have realised what a rarity he was. Very kind, gentle, intelligent and clear minded. Indeed, Nigeria is at a loss for her finest banker."
Godwin Aronu: "Oh what a big loss to Nigeria, the banking industry and GTB in particular. He will be solely missed. A nice, energetic and unassuming leader. May the good Lord comfort his family and welcome him to His bosom. Adieu great leader, rest in the bosom of our Lord."
Oluwatosin Akinleye :"A man of disciplinary principles, simple, industrious, a great exponent of GTBank. You lived a fulfilled life, the legacy you left behind shall forever linger in our memory in our industry, rest in the bosom of our Lord Jesus Christ..Adieu."
Comments from colleagues
CBN governor
The CBN governor Sanusi Lamido Sanusi said: "Tayo was not just a banker and professional colleague. He was a close personal friend. We first met in the 80s 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."
Former Trade Bank MD
Former deputy managing director, defunct Trade Bank Plc, Mr Jamiu Ekungba, said Aderinokun was a thorough bred professional as evident by his outstanding performances in GTBank, and the industry in particular.
He said: "Aderinokun was not only a man of integrity, but also adhered to the best practices of corporate governance. This could be gleaned from the ways he piloted the affairs of the bank since he took over after the pioneer CEO, Mr Fola Adeola. One of his major achievements was that he provided robust services for the bank. I’m sure the services can withstand the test of time.
FHAN president
The President, Finance Houses Association of Nigeria (FHAN), Mr Eddie Osaronkhoe, said Aderinokun would always be remembered for the organic growth witnessed by bank in the past few years.
"He was humble, ready to learn, honest, and exhibited professional competence. One thing that is keeping the bank going is its organic mode of operations.
"The bank has never witnessed succession disputes. Aderinokun was deputy managing director of the bank for 12 years, and he eventually succeed Fola Adeola as the MD. Now Agbaje, who worked as a deputy managing director under Aderinokun, would take over.
In terms of corporate governance, GTB is one of the best in the industry." In most of the indices, the bank has performed creditably. It has been rated well annually by local and foreign rating agencies.
NESG DG
Director General of Nigeria Economic Summit Group (NESG) Mr. Frank Nweke, said the news of Aderinokun’s death hit him, and the entire NESG family with much disbelife.
"My personal experience of Tayo was that of a thoroughbred professional, who, like a goldfish, could not hide. His goodness, gentility and candour were most admired. His professional touch to banking changed the landscape for GTBank and positioned it as one of Nigeria’s niche banks with high level respectability and corporate identity.
Ayo Arise
Immediate past Chairman, Senate Committee on Privatisation, Senator Ayo Arise, described the death of Aderinokun as a major tragedy to the financial industry.
Senator Arise in a condolence message to the family of the deceased said the late Tayo was a thorough breed and a quintessential banker to be reckoned with at all times."
Atiku Abubakar
Former Vice President Atiku Abubakar said the demise of Aderinokun is a loss of a national asset.
"His stay with us on earth may have been short, but that could not be said of the huge impact he had on our socio-economic lives. As a pacesetter, he engineered novel ways of banking, which will be with us for a long time," Atiku said.
Shareholders
Shareholders were shell shocked on receiving the news of Aderinokun’s death, saying it was a big blow to the banking industry and the capital market in particular.
A shareholder activist and founding member of the Nigeria Shareholders Solidarity Association (NSSA), Alhaji Gbadebo Olatokunbo, said: "We have lost such an epitome of the new generation bankers. Nigeria has lost an illustrious son who was dedicated to service excellence. If older generation bankers were like Aderinokun, the industry would not have been run aground as we witnessed in the late 80s. I sincerely condole with his family and the entire GTBank family."
The NSSA National Coordinator, Sir Sunny Nwosu, said investors would miss Aderinokun a great deal.
"He was very investor-friendly and a workaholic. He worked hard to make sure that investors get the benefits of their investments. Despite the challenges brought by the banking reforms of the Central Bank of Nigeria in 2009, GTBank remained atop due to Aderinokun’s hard work and dedication. We at ISAN, would miss him greatly but we cannot question God. The only thing is to pray to God to grant him eternal rest and to give the family the fortitude to bear the loss," Nwosu said."
Succession plan One of the things GTBank has going for the organisation is a good succession plan.
About two years ago, when the late Aderinokun was asked about GTBank’s succession plan, he said: "We have built the institution to outlive us. If by accident, the management team of the bank perishes, we already have capable hands to run the bank," he said, gleefully.
Source : The Nation newspaper
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