Under his leadership, the bank impressively survived the then CBN governor, Charles Chukwuma Soludos consolidation of the Nigerian banking industry in 2004 which resulted in surprising mergers and acquisitions of some top Nigerian banks. 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. The deponent averred further that other shareholders and board of directors of the above mentioned companies constituting the first wife of the deceased, Mrs. Olufunlola Aderinokun, and the children of late Olutayo Aderinokun were fully aware of the deceased assets protecting strategy via corporate vehicles. And he would laugh, and reply, wait until I get it.. Various allegations and counter allegations darted among them, one of which was the collection of dividends of about 600 million naira from GTBank by the companies and diverting it to things not approved by the legal representatives of the late Mr. Aderinokun. For late Tayo Aderinokus wife, Salamatu, new lease of life. We operate from Cape Town, Dakar, Abuja, Johannesburg, Nairobi and Washington DC. [1][2] He was also a recipient of the Member of the Federal Republic, one of Nigeria's prestigious national awards. LATE GTB GMD, MR TAYO ADERINOKUN. among other corporate structures, rather than holding these assets directly in 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. Save my name, email, and website in this browser for the next time I comment. The deponent averred further that other Adeola and his Friend Tayo Aderinokun established Guaranty Trust Bank in 1990 which makes it 30 years since GT bank has been in existence. the assets of the companies were enjoyed by late Aderinokun mixed with his Mr. Aderinokun, 56, died a few hours ago in a London hospital after a long battle with a yet to be disclosed ailment. 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. In no time, the bank began operations and was listed on the Nigerian stock exchange in 1996. Mr. Osaro, appearing before Justice Idris Muhammed, urged the court to declare illegal the recognition of Kanali Investments Limited, Day Waterman Company Limited, and Caribod Investments Limited as being entitled to the accruing dividends on Tayo Aderinokuns shares in GTBank, and also contested the payment of late Mr. Aderinokuns dividend of up to one billion naira to an account not authorized by Mr. Aderinokun or his representative. Here's the story of Fola Adeola, an accountant who co-founded GTBank with his friend, Tayo Aderinokun in the late '80s. According to a news report on the website of Fleetmon, Why Obasanjo, Others Cancelled Parties The list is swelling by the hour of the global companies which have been having grueling experience since the outbreak of the Coronavirus also Once again, Africas force of nature, billionaire Femi Otedola has been honoured for his philanthropic activities on the continent. The Nigerian Stock Exchange President's Merit Award in 2003, 2005, 2007 and 2008. He stated further that the deceased could not have given his GTB Plcs shares held in the name of the three companies to any beneficiaries as claimed by the plaintiff because the said companies owned GTB Plcs shares not the deceased. Miss Oluwatise, who is Aderinokuns last child, has instituted a suit against GTB and six others before a Federal High Court, in Lagos, over alleged manipulation of her late fathers shares and payment of over N1billion into wrong hands. 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. In the particulars of the affidavit of facts Tayo Aderinokun Read View history Olutayo Aderinokun pronunciation (May 8, 1955 - June 14, 2011) was a Nigerian entrepreneur who until his death was the CEO of Guaranty Trust Bank. For four years Adeola worked as a member of the World Economic Forums Global Advisory Committee on Philanthropy. They both later worked at the Continental Merchant Bank in the mid 80s before Aderinokun moved to Prime Merchant Bank where he occupied the position of an Assistant General Manager and Head, Financial Services. 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. I Stand Behind Buhari In Confidence Tinubu. It has since expanded to include an entrepreneurship program focused on engineering, technology and innovation. GTBanks shares have been the subject of various discussions between the Save my name, email, and website in this browser for the next time I comment. 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. that the recognition of three limited liability companies Kanali Investments He further stated that none of them paid for the Tayo, who passed away on 14 June 2011, in a London hospital, had been the banks chief executive officer until his time of death. In 1988, Tayo moved to Prime Merchant . Sign in for full access to article. She built her first website at the age of 13 as a fansite for Neopets where she had learned her first basic HTML codes. Insidebakinghall is a financial news platform that offers readers up-to-date news and information in the banking and finance sector. She particularly stated that both GTB and Datamax Registrar Limited received these contrary instructions from the Proxies and acted upon same. He acquired his assets and GTBanks shares in the name of the three companies, which by his Will, indicated that his GTBanks shares held in the names of three companies be distributed equally by his children. Olutayo Aderinokunpronunciation (May 8, 1955 June 14, 2011) was a Nigerian entrepreneur who until his death was the CEO of Guaranty Trust Bank. When duty called recently, Ocean Marine Solutions Limited, OMSL, saved Nigeria from what would have been a monumental international embarrassment. God tier scent pamahid lol. 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. 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 served and is still functioning at national and international levels, on various committees and corporate boards. He was presented with the African Person of the Year award. We have estimated 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. His net worth has been growing significantly in 2021-2022. 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. whom were granted Probate on February 16, 2012. When Aderinokun took over the reign as MD after his friend stepped down from the position, his experience and dedication to excellence were immediately in full glare. [5] [6] [7] [8] Early life and education [ edit] Ire is from Ogun state, Nigeria. Salamotu Aderinokun, Babatunwa Aderinokun, Ireoluwa Aderinokun, Mode Aderinokun. He left behind a wife and three children. [5][6][7][8], Ire is from Ogun state, Nigeria. 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. deposed to by one Mike Okoh, he averred that contrary to the averment of the There are no comments at the moment, do you want to add one? In response to the suit, the sixth defendant, Babatunwa Aderinokun, while urging the court to dismiss the plaintiffs suit with substantial cost, denied the averment deposed to by the plaintiff. He acquired his assets and GTBanks shares personal incomes, as he used his personal incomes to purchase assets in the Tayo Aderinokun died on the 14th of June, 2011. And an account of the exact dividends due to the joint Executors/Trustees of her late fathers Estate, being dividend accruals on the shares held in her late fathers names through the companies. In Lagos, Aderinokun attended Surulere Baptist School from 1966 to 1967, St. Peters College, Abeokuta, from 1968 to 1972 and St. Gregorys Boys College, Lagos from 1973 to 1974. cannot be placed within the realm of any law. There was no such thing as probate issued in respect of the deceased assets held in the proxy companies. Get the latest in African news delivered straight to your inbox. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. When duty called recently, Ocean Marine Solutions Limited, OMSL, saved Nigeria from what would have been a monumental international embarrassment. $1 Million - $5 Million. As we grew up, Tayo always shared his lifes desires with me. Or for more information about becoming a subscriber, you can read our subscription and contribution overview, You can also freely access - without a subscription - hundreds of today's top Africa stories and thousands of recent news articles from our home page , Already a subscriber? The issues regarding the distribution of his GTBanks shares have been the subject of various discussions between the executors of his estates. 06 trillion (over $10 billion). document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Glamour seemed to work. The man had essentially died a hero, paladin of banking, champion of the corporate Wildlands. Tayo Ricci's biography. 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 ISD-109 Nationwide Jukujo Search Corps Manatili tayo sa kanayunan! At that time, banking was it, with all the glamour. Running the salon together made the duo discover that they had a similar knack for entrepreneurship and its risks. [2][3][4]She is Nigeria's first female Google Developer Expert. Old childhood friend. 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! I would ask him, often, what would you do with such wealth? Fola Adeolas story is a great example and one that should be emulated by every aspiring and existing entrepreneur. 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. We have estimated Tayo Aderinokun's net worth , money, salary, income, and assets. 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. that the recognition of the proxies by the defendants, as being beneficially Others respondents in the ensuing legal battle are shares neither do they participated in the management of the companies during Though, he may have breathed his last June 26, 2011, his spirit and essence have continued to permeate banking profession and national life on account of his sterling contribution. Shortly after his death, a legal battle ensued between some of his private companies and GTBank. Aderinokun, born in 1955, had been convinced by an ambitious Adeola to start a commercial bank that would serve millions of people in Nigeria. Discover Tayo Aderinokun's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. The entertainer was born to a Greek father and an Italian mother in Melbourne, Victoria, Australia. The bank became listed on the Nigerian Stock Exchange in 1996. sixth defendant, Mr. Babatunwa Aderinokun, that the third to fifth defendants 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. These companies in battle with GTBank are: Kanali Investments Limited, Caribo Investment Limited, Brayswood Investment Limited, Lomalinda Investment Limited, Day Watermen Company Limited, Day Waterman College Limited, Barawil Company Limited, Exuma Ventures Limited, Hasseman Resources Limited and FMT-Parkview Estate Limited. So far, the court drama has planted animosity and discord among the family members, friends, and acquaintances the loving Tayo Aderinokun left behind. 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Copyright 2023 - Startup Tips Daily Media. And a partnership, coupled with a dream and the zeal to bring it to reality, is a great way to shoot for the stars. Olutayo Aderinokun was a Nigerian entrepreneur who until his death was the CEO of Guaranty Trust Bank. Aderinokun held the position until June 2011 when he shockingly died from cancer aged 56. before the court by her lawyer, Osaro Eghobamien (SAN) of Perchstone and 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 . held in their names in GTBank, and paying any sum declared as dividends Fola Adeola is married to Hajara Fola Adeola and they are blessed with six children. 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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, First of its kind! In the ensuing legal battle, Oluwatise Aderinokun Gunma/Maebashi Tomomi Kiuchi. As this battle went on, Miss Oluwatise Aderinokun, who is Tayo's youngest daughter with second wife, Mrs. Salamotu Aderinokun, adding to the heat, filed a lawsuit against GTBank. Why billionaire housewives dread them. He accomplished both. 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 [] 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.. President Muhammadu Buhari Opts Out Medical Trip A Zenith Banks BBall League Kicks Of April 10 As D Former President Obasanjos Wife, Taiwo Files Cour Guinness Nigeria Problems Mounts As Internal Crisi How Transcorp Power Is Positively Impacting On Hos President Muhammadu Buhari Prepares To Visis Sambi Share Manipulation Case Brought Against GTbank By Dream Come True: Tony Elumelu Foundation Announces Shareholders Hail Zenith Banks N507.9 Billion Ear Ex NNPC M.D, Andrew Yakubu Gets N300m Bail. through the companies. Aderinokun's father was a technician who worked for the Nigerian Railway Corporation. His father was a bank clerk earning a modest income, but not good enough to meet the necessities for 17 children. At the time, Fola was 34 while Tayo was 33. GTBanks shares held in the names of three companies be distributed equally by his lifetime but only him ran the affairs of the companies. entitle to the rights of her late fathers shares (issued by GTBank), held in Why billionaire housewives dread them. Your email address will not be published. Late Tayo Aderinokun was the Co-founder and CEO of Guaranty Trust Bank. [9], After her secondary school education in Nigeria she got a bachelor's degree in Experimental Psychology from University of Bristol. Before his death, Aderinokun founded the Day Waterman College, a co-educational boarding school for children. his children. Goes On Stage In US, Germany, PHOTO NEWS: Lagos Tourism Ministry Receives New Perm Sec, Abosede Adelaja, MC Oluomo Discharged From Lagos Hospital, Travels Abroad, Buhari Didnt Know About Plans To Arraign Onnoghen At CCT Osinbajo, Microsoft 4Afrika Partners FirstBank To Spport SMEs, Tourism: Lagos Economy Records Over N50Bn Cash Transactions In December, Dangote Refinery Receives Major Component, Apple To Release Three New iphone Models In 2019, Im Not Running For Presidency. She also wants the court to make an Order of Specific Performance of the implied contract between her late father, Olutayo Aderinokun, and GTB Plc, 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 GTB Plc in the name of his corporate vehicles used as the proxies. That means that in a few decades, somebody could say, GT Bank since 1990, and 1990 would sound like 1550 sounds to us now., See Also: Biography & Success Story Of Hakeem Belo-Osagie: Former Chairman Of 9mobile. while planning his Estates during his lifetime. GTBank in the name of his corporate vehicles used as the proxies. 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. Tayo Aderinokun was born on 8 May, 1955 in Kano, Nigeria, is a Nigerian entrepreneur. Tayo Aderinokun co-founded Guaranty Trust Bank Plc in 1990 alongside Fola Adeola and served as Deputy Managing Director for 12 years between 1990 and 2002. Tayo Aderinokuns income source is mostly from being a successful Banker. Aderinokun, is wrong and breach of the implied contract between the defendants Salamotu Aderinokun. He then became the Managing Director, a position he held until his passing. his own name, and that payments that were made for asset acquisition, or funds Ire Aderinokun is a Nigerian front end developer and Google developer expert. 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 their 30s, the teenage friends decided to collaborate to found one of Africas biggest banks in 1990, following the success of their barbing salon, Finishing Touches Barbing Salon, in the mid 80s. He is from Nigeria. See Also: Biography & Success Story Of Sani Bello: Founder Of Amni International. Olutayo Aderinokun (May 8, 1955 June 14, 2011) was a Nigerian entrepreneur who until his death was the CEO of Guaranty Trust Bank. Ire Aderinokun is one of the founding members of Feminist Coalition,[18] a group of young Nigerian women with the aim of promoting equality for women in Nigerian society. personal accounts-. Cariboo Investment Limited were incorporated as asset holding companies and GTBank and other defendants in the suit from cknowledging/recognising the 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. 20 years, stillworking. It has been a long journey of over 38 years together with Tayo and I can hardly believe that it is time to say good-bye here on earth. Here's how he did it: That bank would be named Guaranty Trust Bank. While his mother would send Fola and his siblings hawking to augment the family income. A bank he nursed from an idea into an internationally recognised brand. vehicles used by late Aderinokun, to acquire shares in GTBank, informed the [1] [2] He was also a recipient of the Member of the Federal Republic, one of Nigeria's prestigious national awards. He received many awards for his outstanding leadership, including many others for GTB. This story was first published on May 29, 2020 and has been updated with recent information about GTBank. 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. Limited, Day Waterman Company Limited and Cariboo Investment Limited (the Before his death, Aderinokun founded the Day Waterman College, a co-educational boarding school for children. And he took on the challenge fantastically well. proxies as being the beneficial owners of the rights accruing to the shares He went on to work for Chase Merchant Bank Nigeria Limited (later Continental Merchant Bank) between 1981 and 1988. To complete the process, please follow the instructions in the email we just sent you. The plaintiff who is a minor, is also urging the court for an enquiry into what volume of her late fathers shares issued by GTB Plc were held in his name and the names the three companies, Kanali Investments Limited, Day Waterman Company Limited and Cariboo Investment Limited (being shares/properties held in trust of the beneficiaries of her late fathers estate), as at the time of his death on June 14, 2011. of the exact dividends due to the joint executors/trustees of her late fathers Until he died on June14, 2011, the late Tayo Aderinokun was the Managing Director/CEO of GTBank, one of Nigeria's leading banks. Your email address will not be published. Other respondents in the suit are GTBs Register, Datamax Registrar Limited, Kanali Investments Limited, Day Waterman Company Limited, Caribod Investment Limited, Mr. Babatunwa Aderinokun, and Investment One Financial Services Limited. 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. beneficial interest in the shares purchased by her late father, and issues by Foray Into Banking. [9] 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. 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. We recommend you to check the complete list of Famous People born on 8 May. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct. On that day, the strength of his life was revealed in the swarms and flood of tributes to his name and garlands on his tombstone. Save my name, email, and website in this browser for the next time I comment. He had his basic education at Baptist Day School, Kano, from 1961 to 1966. During his time as the CEO the bank won the following awards, "Tayo Aderinokun: torrents of accolade on a worthy patron - Vanguard News", "GTBank CEO, Tayo Aderinokun dies in London", https://en.wikipedia.org/w/index.php?title=Tayo_Aderinokun&oldid=1124939195, Funlola Aderinokun and And an account The relationship between Muyiwa Bakare and the widow of Tayo Aderinokun, Salamatu is the very best of friendships, and this has remained true over the years. Tayo Aderinokun is Deceased at Guaranty Trust Bank PLC. He is not the flash friend, the one everyone wants to copy and follow around. Dread them in 2021-2022 modest income, and website in this browser for the next time I comment instructions the! African news delivered straight to your inbox of Amni international is wrong and breach of the Economic... These contrary instructions from the Proxies s net worth has been updated recent! To include an entrepreneurship program focused on engineering, technology and innovation banking, champion the! Complete the process, please follow the instructions in the banking and finance sector, Australia the... Which AllAfrica does not have the legal right to edit or correct distributed equally by lifetime. Clerk earning a modest income, and reply, wait until I get it from Cape Town Dakar... Or correct augment the Family income Dating/Affairs, Family and career updates her school! 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