See Also: Biography & Success Story Of Sani Bello: Founder Of Amni International. Shortly after his death, a legal battle ensued between some of his private companies and GTBank. his own name, and that payments that were made for asset acquisition, or funds 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 . Late Mr. Tayo Aderinokun. A Federal High Court in Lagos on Tuesday adjourned till March 24, 2017, hearing in the suit filed by Miss Oluwatise Aderinokun, the eight-year-old and last child of the late founder and former Managing Director of Guaranty Trust Bank Plc (GTB), Olutayo Aderinokun, against the bank and six others over alleged manipulation of her late father's among other corporate structures, rather than holding these assets directly in And when they finally raised the required capital in 1988, they applied for a banking license which they got (licence 58) on the 2nd of August, 1990. Breaking: Nigerians Condemn Shells Plot to Smear Aiteo, Emir of Kanos Deposition: Why Former Access Bank MD, Aig-Imoukhuede, is the Worst Hit, OMSL to the RescueHow the Nigerian Company Rescued Chinese Vessel from Pirate Attack, So Sad How Coronavirus has Hampered the Nigerian, London and Dubai Socio-Economic Milieu, Femi Otedola Wins African Person of the Year, EXPOSED! He was also the Chairman of the Lagos State Disaster Relief Committee, a team formed as a result of the January 27, 2002, Lagos bomb blast, and he is also a member of the Solid Minerals Committee and the Chairman of the Ogun State Development Trust Fund Committee. [13], Ire is a Google Developer Expert, specializing in the core front-end technologies HTML, CSS, and JavaScript. received in respect of the Proxy companies, were either paid from or into his However, Olumide Aju, lawyer representing Babatunwa Aderinokun, urged the court to strike out the affidavit of fact as it cannot be placed within the realm of any law. Oluwatise is also seeking an order of perpetual injunction restraining GTB Plc and other defendants in the suit from acknowledging/recognising the proxies as being the beneficial owners of the rights accruing to the shares held in their names in GTB Plc, and paying any sum declared as dividends accruing to her late fathers shares held in his name, and the names of the said proxy companies on the instructions of the Directors on record. Mr. One of his most outstanding awards is the recognition of a distinguished officer of the Federal Republic (OFR). 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In Africa, the bank has expanded to Cote dIvoire, Gambia, Ghana, Liberia, Sierra Leone, Uganda, Kenya and Rwanda, including the United Kingdom. who is suing GTBank and other respondents through her mother, Mrs. Salamotu that the recognition of the proxies by the defendants, as being beneficially I would ask him, often, what would you do with such wealth? GTBank in the name of his corporate vehicles used as the proxies. Aderinokun, born in 1955, had been convinced by an ambitious Adeola to start a commercial bank that would serve millions of people in Nigeria. All the resolutions of the three companies were duly passed at meetings validly convened by the companies. She further stated that in the light of the foregoing, she wrote a final letter dated October 9, 2015, to GTB Plc and its asset management company, Datamax, demanding reversal of the payment of dividends to the proxies, failing which she would be left with no option but to institute a court action. Consequently, Babatunwa urged the court to dismiss the plaintiffs suit with substantial cost. I finished from the University of Lagos and I went for my NYSC and got posted to Central Bank, through normal posting, Aderinokun recalled his first romance with banking in an interview with City People. He received many awards for his outstanding leadership, including many others for GTB. Guaranty Trust Bank (GTB) Plc is facing what appears to be a modern-day David and Goliath battle with an 8-year-old daughter of its co-founder, the late Tayo Aderinokun. On this Wikipedia the language links are at the top of the page across from the article title. Copyright 2023 - Startup Tips Daily Media. I finished my MBA at UCLA and I came back to Nigeria. As a young banker,he . Many years later, Fola Adeola would say, My joy is that in my lifetime, an organization that I birthed can stand alone without any input from me or my partner. vehicles used by late Aderinokun, to acquire shares in GTBank, informed the Adeola was made the MD/CEO and he maintained the same position till 2002 before handing over to his friend and deputy MD Tayo. Fola Adeola and Tayo Aderinokun: How unfettered friendship gave birth to one of Africa's biggest banks by Taofik Bankole December 30, 2021 A Yoruba adage, 'ogn omod l ser fn ogn odn', popularly, and quite factually, posits that 20 children can't be friends for 20 years. These Tech Women had the AUDACITY to Pursue their Big Dreams", "Ire Aderinokun Is The First Nigerian Woman To Become Google Developer Expert", "Breaking the code: how women in Nigeria are changing the face of tech", "17 powerful women who have shaped Nigerian culture", "Meet Ire Aderinokun, Nigeria's first female Google Developer Expert", "Women In UX Design: Ire Aderinokun on the Illimitable World of a Developer", "The 10 most influential people in tech this year", "Story of Ire Aderinokun - Enabling knowledge for all", https://en.wikipedia.org/w/index.php?title=Ire_Aderinokun&oldid=1100632081, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 26 July 2022, at 22:13. The bank became listed on the Nigerian Stock Exchange in 1996. He added that she received all her bequests before the wife, children and charity of the deceased were given what was bequeathed to them. In her tribute, wife of the deceased, Funlola, said: 'I am deeply filled with immense gratitude to God Almighty, who made it possible for Tayo to have lived a life worthy of emulation. Tayo Aderinokun is Deceased at Guaranty Trust Bank PLC. He had his basic education at Baptist Day School, Kano, from 1961 to 1966, before the Civil War forced his family to relocate to Lagos. He spent his childhood in Melbourne, and after completing his high school education, he moved and settled in the US.He is an Australian-American national of mixed ethnicity and currently resides in Los Angeles . With their financial & accounting background, Fola Adeola and Tayo Aderinokun were qualified to run a bank individually because then the requirements to open and run one was extremely easy for anyone to do, but to go on the journey together meant they stood a greater chance of success. Tayo Aderinokun died on the 14th of June, 2011. Privacy Policy. Canadian twin-menace, Jyoti and Kiran Matharoo, in police net for trying to blackmail Femi Otedola with their website, naijagistlive, Nigeria to Spend Abacha Loot on Second Niger Bridge, Lagos-Ibadan, Abuja-Kano Expressway Malami, Indian twin-menace: Nigerias most promiscuous sisters, Jyoti and Kiran Matharoo. That was how I started and I found out that I liked it. . She also averred that during the lifetime of her father, he had a peculiar manner of acquiring his assets, using the Proxies, among other corporate structures, rather than holding these assets directly in his own name, and that payments that were made for asset acquisition, or funds received in respect of the Proxy companies, were either paid from or into his personal accounts-, That is the problem that men leave for their families when they pass away and have children from more than one woman. For late Tayo Aderinokus wife, Salamatu, new lease of life. GTBanks shares have been the subject of various discussions between the A Federal High Court in By submitting above, you agree to our privacy policy. However, Olumide Aju, lawyer representing She built her first website at the age of 13 as a fansite for Neopets where she had learned her first basic HTML codes. personal incomes, as he used his personal incomes to purchase assets in the Miss Oluwatise, who is Aderinokun's last child, has instituted a suit against GTB and six others before a Federal High Court, in Lagos, over alleged manipulation of [] Since Yul Edochie and his second wife drama is trending,I believe this is a good opportunity to tell this story. More often than not, great success stories revolve around harnessing the power of synergy. late fathers shares. While his mother would send Fola and his siblings hawking to augment the family income. She declared that none of the proxy companies set up by her late father for the acquisition of his personal assets, were ever run or managed as separate entities during his lifetime, rather all the assets held in the name of the proxy companies were purchased directly using her late fathers funds, and none of the said proxies ever operated independent bank accounts. Until he died on June14, 2011, the late Tayo Aderinokun was the Managing Director/CEO of GTBank, one of Nigeria's leading banks. Wielding a great deal of grit, ambition and business acumen, the serial entrepreneur was able to pull off an exceptional task of starting and growing a multi-billion dollar business in Nigeria. Funlola Aderinokun and Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct. And he would laugh, and reply, wait until I get it.. So, I have to start looking for somebody who will play either the role Fola was playing or the role I was playing before. ISD-114 Nationwide Jukujo Search Corps Manatili tayo sa kanayunan! He is from Nigeria. The plaintiff stated further that other shareholders/directors of the proxy companies were her late fathers appointees for the purpose of compliance with the legal entities of Corporate personality principles, adding that not only were the shareholders/directors of the Proxy companies so aware, but the defendants were also aware and had accepted to treat the proxy companies as being merely corporate vehicles for the acquisition of her late fathers assets. In August 2021, the bank announced its transition from a Public Listed Company (GTBank Plc) to a Limited Liability Company (Guaranty Trust Bank Limited) with Guaranty Trust Holding Company Plc (GTCO Plc) as the parent company. [12] Ire also runs a blog called bitsofcode, where she breaks down coding tips to other developers. He later became the Managing Director of the bank following the resignation of Co-founder, Fola Adeola and maintained the position until his death in June 2011. At that time, banking was it, with all the glamour. Why billionaire housewives dread them. Save my name, email, and website in this browser for the next time I comment. She added that following various Annual General Meetings (AGMs) held between June 14, 2011 and March 31, 2015, GTB and Datamax Registrar Limited, had paid out the sum of over N1 billion as dividends in the names of the proxy companies to unauthorized persons masquerading as the beneficial owners of her late fathers shares in GTB Plc. "By the power vested in me, I now pronounce you husband and wife. Babatunwa stated that the plaintiffs mother, Salamotu, who instituted the suit on her behalf, was never married to the late Aderinokun, whose only legal wife is one Mrs. Olufunlola Kafayat Aderinokun, and the marriage was contracted on January 7, 1983, in New York, United States of America. Heres the story of Fola Adeola, an accountant who co-founded GTBank with his friend, Tayo Aderinokun in the late 80s. AllAfrica is a voice of, by and about Africa - aggregating, producing and distributing 500 news and information items daily from over 100 African news organizations and our own reporters to an African and global public. Parang mukha ni Jessica Soho pero hindi, saka thai yung nakasulat. in the name of the three companies, which by his Will, indicated that his court that it had filed an affidavit of facts before to assist the court in the She was born into the family of Tayo and Mrs. Olunfunlola Aderinokun. 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 proceeded 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. [3], Aderinokun's father was a technician who worked for the Nigerian Railway Corporation. trust of her late fathers Will by the said proxy companies. Babatunwa Aderinokun, urged the court to strike out the affidavit of fact as it She also stated that despite acting contrary to her late fathers instructions, she caused a correspondence dated February 13, 2015, to be written to GTB Plc and other defendants, informing them of the pendency of a court action in suit number LD/953/2012, between Kanali Investments and others vs. GTB Asset Management Limited and others, with a demand to forthwith refrain from paying any dividends out of the shares of the Testator with GTB Plc, both in her fathers name and in the names of his proxy companies pending the determination of the court action and to prepare to render account to a court appointed Receiver/Administrator of all dividends declared and paid since the grant of probate on February 16, 2016, in favour of Testator in his personal capacity and in favour of the Proxy companies in whose names, the Testator held his GTB Plc shares. Save my name, email, and website in this browser for the next time I comment. [1] [2] He was also a recipient of the Member of the Federal Republic, one of Nigeria's prestigious national awards. Aderinokun, and GTBank, and Datamax Registrar Limited, whereby the said He was Nigerian Action Congress (ACN)s vice-presidential running mate in the 2011 presidential elections alongside with running mate, Mallam Nuhu Ribadu. Lagos on Tuesday adjourned till March 24, 2017, hearing in the suit filed by [3] Early life and education [ edit] Under his watch, GTB notched growth, emerged an industry leader in progressive innovations, became one of the most profitable and professionally managed institutions in Nigeria, and received several awards for corporate governance and customer service. Limited, Day Waterman Company Limited and Cariboo Investment Limited (the The plaintiff who is a minor, is also urging the whom were granted Probate on February 16, 2012. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. GTBanks shares held in the names of three companies be distributed equally by personal accounts-. Salamotu Aderinokun, 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 Businessday. Olutayo Aderinokun (May 8, 1955 June 14, 2011) was a Nigerian entrepreneur who until his death was the CEO of Guaranty Trust Bank. He went on to work for Chase Merchant Bank Nigeria Limited (later Continental Merchant Bank) between 1981 and 1988. ISD-109 Nationwide Jukujo Search Corps Manatili tayo sa kanayunan! It has been some time since Aderinokun passed away, precisely 10 years. 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