Tayo Aderinokun, GTB MD Dies @ 57.

The Managing Director of Guaranty Trust Bank Plc, Tayo Aderinoku is dead. Sources within family told our correspondent that Tayo Aderinokun, who went into a coma some months back, died in a London hospital.

Consequently, a notice of medical leave was filed to the banks regulatory authorities and the media, and at the bank`s annual general meeting, held in April 2011, it announced Mr. Segun Agbaje as its acting Managing Director ,for the period Aderinokun will be away.However, with the demise of Mr. Aderinokun, Segun Agbaje will be confirmed as the managing director of GTB.

A statement issued by Guaranty Trust Bank, confirming Mr. Tayo Aderinokun`s death reads: 

“With a deep sense of loss, but with gratitude to the Almighty God, we write to notify you of the passing on to eternal glory of our dearly beloved Managing Director/Chief Executive Officer, Mr. Tayo Aderinokun. Mr. Aderinokun who had been on Medical Leave, passed on this afternoon, Tuesday, June 14, 2011, in the United Kingdom”. 

“Mr. Aderinokun co-founded Guaranty Trust Bank Plc in 1990 and served as Deputy Managing Director for 12 years between 1990 and 2002, after which he became the Managing Director, a position he held until his passing”. 

“During his time as Managing Director, the Bank witnessed tremendous progress and growth and had emerged over the years as an industry leader, pacesetter of unique and progressive innovations in the banking industry. The Bank is now easily acknowledged and recognised as one of the most profitable and professionally managed corporate institutions in Nigeria and has been the recipient of several awards for exemplary corporate governance practices and excellent customer service”. 

“In addition, Mr. Aderinokun was also the recipient of numerous awards as an acknowledgement of his sterling leadership role in the achievements of the Bank. The awards include ‘Banker of the Year’ at the inaugural ThisDay Awards in 2006, Most Respected CEO by PricewaterhouseCoopers in 2008 and ‘African Banker of the Year’ by the “African Banker” magazine in September 2009. He was also a recipient of the National Award of Member of the Federal Republic of Nigeria (MFR) and a Fellow of the Chartered Institute of Bankers, Nigeria (FCIB)”. 

“We wish to inform you that the operations of the Bank continue to run smoothly under the leadership of the Acting Managing Director, Mr. Segun Agbaje who was Deputy Managing Director from 2002 till April 20, 2011, when he was appointed as Acting Managing Director of the Bank”.

The managing director and co-founder of Guaranty Trust Bank, Tayo Aderinokun, has died. He was 57. Mr Aderinokun, who was on medical leave for some months, died in a United Kingdom hospital on Tuesday afternoon, a press release from the bank's corporate affairs, communication and external affairs division said.

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His last major outing was online at a question and answer webcast session with customers and the general public on January 11.

Until his death, Mr Aderinokun was the chairman of the Association of Lekki Landlords and a supporter of the arts. He co-founded the bank popularly known as GT Bank in 1990 with Fola Adeola and served as deputy managing director for 12 years between 1990 and 2002, after which he became the managing director, a position he held until he died. He took ill in February. When Mr Aderinokun went on leave, an acting managing director, Segun Agbaje, took over. He was deputy managing director from 2002 until April 20.

Family comments

"We have no choice than to accept what has happened," said Bode Agusto, Mr Aderinokun's brother-in-law who spoke on his way to the airport to board a flight to London to finalise arrangements and convey the corpse back to Nigeria.

"We can't judge God," said Mr Agusto. "The wife and two kids are in England. One more kid is in Nigeria. There are no burial arrangements yet. We have lost a national asset. He would be remembered not only for his very high intellect, his significant contribution to his chosen vocation and even to other people and areas of life. He will also be remembered for his school, the Day Waterman College, a co-educational boarding school for children."

During Mr Aderinokun's time as managing director, GTB witnessed progress and growth and had emerged over the years as an industry leader and a pacesetter of innovations in the banking industry. It is now easily acknowledged and recognised as one of the most profitable and professionally managed corporate institutions in Nigeria and has been the recipient of several awards for exemplary corporate governance practices and excellent customer service.

His background

Mr Aderinokun graduated with a first degree in Business Administration from the University of Lagos. He went on to obtain an MBA with a special concentration in International Business from the Graduate School of Management, University of California, Los Angeles. He had Credit and Relationship Management training at the Chase Manhattan Bank Institute for International Banking, New York, USA between 1982 and 1983. He started work with the Central Bank of Nigeria in Calabar, Cross River State where he did his National Youth Service between 1977 and 1978. He worked with Chase Merchant Bank Nigeria Ltd (later renamed Continental Merchant Bank) from 1981 to 1988. He was at Prime Merchant Bank Ltd (1988 and 1989) as an assistant general manager rising to the position of head of the financial services division of the bank. In 1989, he set up a non-bank financial institution, First Marina Trust Ltd., which he ran for a year. In 1990, he co-founded Guaranty Trust Bank where he served as deputy managing director before assuming office as managing director/chief executive officer in August 2002. He was responsible for strategic policy direction as well as day-to-day administration of the bank. He was a fellow of the Chartered Institute of Bankers (CIBN) and also a recipient of numerous awards as an acknowledgement of his sterling leadership role in the achievements of the bank. He was also a recipient of the National Award of Member of the Federal R