The banks assets as of Q1 2020 was N4. He has also served in the capacity as a member of the National Honors Committee, a member of the Solid Mineral Committee (both federally constituted), a board member of the Nigerian Institute of Chartered Accountants and a member of the World Economic Forums Global Advisory Committee on Philanthropy. Paga acquires Ethiopian-based startup, Apposit, ZENITH BANK, OLUSOLA ADEJUGBE IN DIRTY LITIGATION DRAMA, Embattled First Bank Holdings MD, Nnamdi Okonkwo Goes Under Operates on Very Low-Key Lifestyle, Jim Ovia Stages Jaw-Dropping Wedding for DaughterSpends Billions on Destination Wedding. 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. While Tayo Aderinokun turns in his grave, the family and company he left behind fight against each other. Required fields are marked *. GTBanks shares have been the subject of various discussions between the He went on to work for Chase Merchant Bank Nigeria Limited (later Continental Merchant Bank) between 1981 and 1988. He further stated that none of them paid for the shares neither do they participated in the management of the companies during his lifetime but only him ran the affairs of the companies. 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 fathers shares. Why billionaire housewives dread them. court for an enquiry into what volume of her late fathers shares issued by The deponent averred further that other Fola Adeola is married to Hajara Fola Adeola and they are blessed with six children. whom were granted Probate on February 16, 2012. Femi Otedola Wins African Person of the Year Once again, Africa's force of nature, billionaire Femi Otedola has been honoured for his philanthropic activities on the continent. Here's the story of Fola Adeola, an accountant who co-founded GTBank with his friend, Tayo Aderinokun in the late '80s. After his training at the ICAN Institute, he worked for some time in the public sector where he eventually rose to the position of the first Chairman of the National Pension Commission in Nigeria. [12] Ire also runs a blog called bitsofcode, where she breaks down coding tips to other developers. who is suing GTBank and other respondents through her mother, Mrs. Salamotu We operate from Cape Town, Dakar, Abuja, Johannesburg, Nairobi and Washington DC. Get the latest in African news delivered straight to your inbox. See Also: Biography & Success Story Of Sani Bello: Founder Of Amni International. His wife is Funlola Aderinokun and 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. Aderinokun, against the bank and six others over alleged manipulation of her He had his basic education at Baptist Day School, Kano, from 1961 to 1966. shares neither do they participated in the management of the companies during The banks total assets are also estimated to be worth over 4 trillion, according to the banks Q1 2021 unaudited results released in April 2021. 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. As we grew up, Tayo always shared his lifes desires with me. accruing to her late fathers shares held in his name, and the names of the Limited), and Mr. Babatunwa Aderinokun as joint Executors and Trustees, both Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct. See Also: Biography & Success Story Of Molade Okoya: Former CEO Of CFAO Nigeria. He accomplished both. He was presented with the African Person of the Year award. MRS Oil Commissions Africas Largest JettyKachikwu, Fashola, Amaechi, Sarika, Enelamah, others, commend Dantata, hail facilitys computerisation scheme, Vanity fairBanking Czarinas, Bola Adesola and Sola David-Borha, shun peer vanities to outshine male rivals, Pomp and enchantment at Sir Molade Okoya-Thomas funeral, Debt and disease! In no time, the bank began operations and was listed on the Nigerian stock exchange in 1996. SAN FRANCISCO, June 14, (THEWILL) - The Group Managing Director (GMD) of Guaranty Trust Bank Plc, Mr. Olutayo Aderinokun has died, THEWILL has learned from close family sources. Learn how your comment data is processed. Fola Adeolas numerous awards include the award of membership at the National Institute of Policy & Strategic Studies (MNI) in Kuru, Jos in 1999, after completing a one-year Sabbatical at the university. He then became the Managing Director, a position he held until his passing. Babatunwa also stated that the plaintiffs claim that her late father held GTB Plcs shares through three companies namely: Kanali Investment Limited, Day Waterman Company Limited, and Cariboo Investment Limited, is erroneous and inaccurate, as the said three companies are validly constituted and registered under Nigerian law and that the deceased was only one of the shareholders and directors of these companies. See Also: Biography & Success Story Of Cosmos Maduka: Founder Of Coscharis Motors. Tayo Aderinokun, co- founder of the Guarranty Trust Bank, Gtb has etched his name in immortality using golden pen. He added that the Letter of Administration issued to the Executors of Aderinokuns Will is only in respect of Estates and shares personally owned by the deceased. cannot be placed within the realm of any law. You may kiss the bride." It was the last line I heard before the corners of his lips rose, his eyes shifted from Father to mine, causing my head to turn to the small crowd to . Miss Oluwatise, who, being underage, sued through her mother, was represented by Osaro Eghobamien (SAN). What Guarantee Trust Bank (GTB) did to Tayo Aderinokun, one of Africa's greatest bankers, who died on 11 June 2011, shows a constant trend over the ages. 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. Sign in for full access to article. Aderinokun had an interesting childhood. Tayo Aderinokun is Deceased at Guaranty Trust Bank PLC. various companies, as his assets are intertwined with the corporate assets of Salamotu Aderinokun. Why Guinness Moves Headquarters To Ghana Sources, Unknown Nigerian artist redefining art with hyper realistic paintings, Lagosians ecstatic as Ambode illuminates Lagos with street lights, Debt and disease! In his tribute to his departed friend and partner, Adeola commended Aderinokun for sustaining the vision, and taking the bank so much higher to a realm I know I could never have taken it to, adding that under Aderinokuns leadership, the bank simply grew in leaps and bounds.. Mga tita, help. GTBank were held in his name and the names the three companies, Kanali The respondent alleged that the mother of the plaintiff Ms. Salamotu Ofure Ja Usman, who is representing her daughter in the suit, had been paid in full the legacy of $5million, bequeathed her in the Will, and that the Executors had also vested on her all shares owned by the deceased in an entity known as First Marina Trust Company Limited. Save my name, email, and website in this browser for the next time I comment. Aderinokun who held a bachelors degree in Business Administration from the University of Lagos, and an MBA in International Business which he obtained in 1981 from the Graduate School of Management, University of California, Los Angeles, went on to serve as Adeolas deputy for the 12 years the latter held the position as the banks Managing Director between 1990 to 2002. said proxy companies on the instructions of the directors on record. Aderinokun, born in 1955, had been convinced by an ambitious Adeola to start a commercial bank that would serve millions of people in Nigeria. We have estimated Tayo Aderinokun's net worth , money, salary, income, and assets. The late Tayo Aderinokun was a wealthy man in | 271 comments on LinkedIn Subscribe to get the latest news, offers and special announcements. proxies as being the beneficial owners of the rights accruing to the shares One of his most outstanding awards is the recognition of a distinguished officer of the Federal Republic (OFR). . 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. She also want the court to make an Order of Specific Performance of the implied contract between her late father, Olutayo Aderinokun, and GTBank, and Datamax Registrar Limited, whereby the said defendants are to accord late Olutayo Aderinokun all the rights and, or beneficial interest in the shares purchased by her late father, and issues by GTBank in the name of his corporate vehicles used as the proxies. estate, being dividend accruals on the shares held in her late fathers names She also averred that during the lifetime of her So far, the court drama has planted animosity and discord among the family members, friends, and acquaintances the loving Tayo Aderinokun left behind. When duty called recently, Ocean Marine Solutions Limited, OMSL, saved Nigeria from what would have been a monumental international embarrassment. During the beginning of the Nigerian Civil War, his family relocated 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. The plaintiff who is a minor, is also urging the He is from Nigeria. And it was something I did very well.. 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. To grow a business and sustain its success over many decades, every entrepreneur must be willing to take risks, build key partnerships and connections, and continue to advance their knowledge. founder and former Managing Director of Guaranty Trust Bank Plc (GTB), Olutayo 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. An order of perpetual injunction restraining GTBank and other defendants in the suit from cknowledging/recognising the proxies as being the beneficial owners of the rights accruing to the shares held in their names in GTBank, 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. Paubos na kasi. GTBank Asset Management Limited (now Investment One Financial Services 06 trillion (over $10 billion). Please look out for your names if you sent in Questions :-) . Mr. Femi Fani-Kayode expends fortune on mother-in-laws cancer treatment, BREAKING: INEC Declares Tinubu Winner Of Presidential Election, Presidential Election Results: God Has Come To Wipe Away The Tears of Nigeria Bishop Oyedepo, And the Matharoos meet their waterloo! The late Tayo Aderinokun was a wealthy man in his lifetime. 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 . . I Want Neusroom By Mail Tags The deponent averred further that the incomes from Heres the story of Fola Adeola, an accountant who co-founded GTBank with his friend, Tayo Aderinokun in the late 80s. He further stated that none of them paid for the In the ensuing legal battle, Oluwatise Aderinokun who is suing GTBank and other respondents through her mother, Mrs. Salamotu Aderinokun, in a suit marked FHC/L/CS/1723/2015, is urging the court to declare that the recognition of three limited liability companies Kanali Investments Limited, Day Waterman Company Limited and Cariboo Investment Limited (the proxies), as being entitled to the rights accruing to the shares issued by GTBank, held in the proxies names and in the name of her late father, Olutayo Aderinokun, is wrong and breach of the implied contract between the defendants and her late father. Though this wasnt the childhood anyone would wish for, young Fola Adeola didnt let this deter him from seizing the opportunity to develop his character, intellects, and entrepreneurial skills. In his grave, the family and company he left behind fight against each other listed on the stock. 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