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. 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. 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 would ask him, often, what would you do with such wealth? Limited, Day Waterman Company Limited and Cariboo Investment Limited (the Managing Director of Guaranty Trust Bank (GTBank) Plc, Mr. Tayo Aderinokun is dead, but his works and achievement are being remembered by friends, associates and admirers. He served and is still functioning at national and international levels, on various committees and corporate boards. through the companies. He further stated that the Will of the deceased never directed the Executors and Trustees of his Estates to take over or manage any company as erroneously claimed by the applicant. He had his basic education at Baptist Day School, Kano, from 1961 to 1966. proxies), as being entitled to the rights accruing to the shares issued by 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. Olutayo Aderinokunpronunciation (May 8, 1955 June 14, 2011) was a Nigerian entrepreneur who until his death was the CEO of Guaranty Trust Bank. Babatunwa Aderinokun, urged the court to strike out the affidavit of fact as it Sign in for full access to article. The plaintiff is also seeking a court declaration that the recognition of the proxies by the defendants, as being beneficially entitled to the rights of her late fathers shares (issued by GTB), held in the names of the proxies, was done in dishonest assistance of the breach of trust of her late fathers Will by the said proxy companies. 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. 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. [3] Early life and education [ edit] Abeokuta/London Politicians joined corporate Nigeria on Wednesday to mourn the demise of Tayo Aderinokun, the man who co-founded Guaranty Trust Bank (GTB) in 1990 and was its Managing. Lifestyle King: Inside UBA MDs Paradise of Treats and Luxury Cars, Aigboje Aig-Imoukhuede, Herbert Wigwe At War Insiders Allege. 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. 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. Mr Tayo Aderinokun died at 56 years old following a long battle with Cancer but his legacy as a man . 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. court that it had filed an affidavit of facts before to assist the court in the 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 And he took on the challenge fantastically well. various companies, as his assets are intertwined with the corporate assets of Your email address will not be published. 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. The family of late Olorogun Michael Christopher Ibru (aka the Fisherman) is a clear example. RDT-213 "Medyo kasi diyan.." Isang busty na misis na walang ingat na lumalabas na walang bra ang nang-aakit sa isang lalaki ng hindi niya . Since Yul Edochie and his second wife drama is trending,I believe this is a good opportunity to tell this story. Vanguard News, Sports and Business from vanguard Newspapers 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. Copyright 2023 - Startup Tips Daily Media. Glamour seemed to work. He received many awards for his outstanding leadership, including many others for GTB. Tayo Aderinokun's net worth 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. That bank would be named Guaranty Trust Bank. said proxy companies on the instructions of the directors on record. 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. Funlola Aderinokun and Your email address will not be published. before the court by her lawyer, Osaro Eghobamien (SAN) of Perchstone and Mr. The plaintiff, in her statement of claim filed before the court by her lawyer, Osaro Eghobamien (SAN) of Perchstone and Graeys, averred that upon the death of her father, he gave legacies and directive to his two wives and four children and her late father also appointed GTBank Asset Management Limited (now Investment One Financial Services Limited), and Mr. Babatunwa Aderinokun as joint Executors and Trustees, both whom were granted Probate on February 16, 2012. GTBank were held in his name and the names the three companies, Kanali 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. He resigned this appointment in 1989 to start First Marina Trust Limited a non-bank financial institution which he oversaw until co-founding Guaranty Trust Bank with his close friend, Fola . vehicles used by late Aderinokun, to acquire shares in GTBank, informed the 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. In the last two decades, the FATE foundation has served over 30,000 Nigerian youths with over 65% fully engaged in profitable enterprises to date. Subscribe to get the latest news, offers and special announcements. 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. $1 Million - $5 Million. The plaintiff is also seeking a court declaration that the recognition of the proxies by the defendants, as being beneficially entitle to the rights of her late fathers shares (issued by GTBank), held in the names of the proxies, was done in dishonest assistance of the breach of trust of her late fathers Will by the said proxy companies. In the particulars of the affidavit of facts 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. He then became the Managing Director, a position he held until his passing. We operate from Cape Town, Dakar, Abuja, Johannesburg, Nairobi and Washington DC. Tayo Aderinokun was born on 8 May, 1955 in Kano, Nigeria, is a Nigerian entrepreneur. 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. his own name, and that payments that were made for asset acquisition, or funds Tayo Aderinokun died on the 14th of June, 2011. She built her first website at the age of 13 as a fansite for Neopets where she had learned her first basic HTML codes. 06 trillion (over $10 billion). 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. He is not the flash friend, the one everyone wants to copy and follow around. 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. Two heads, they say, are better than one. 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. 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. 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. Running the salon together made the duo discover that they had a similar knack for entrepreneurship and its risks. Tayo Aderinokun is Deceased at Guaranty Trust Bank PLC. 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. held in their names in GTBank, and paying any sum declared as dividends cannot be placed within the realm of any law. His death reverberated through the entire banking and finance industry. protecting strategy via corporate vehicles. 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.. Now, we are going into a new phase which may be for me more challenging, because I have to play 2 roles. 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. entitle to the rights of her late fathers shares (issued by GTBank), held in 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. On the 1st of July 2011, Tayo Aderinokun (8 May 1955 - 14 June 2011), Co-Founder and Managing Director of GTB bank was laid to rest following a series of events celebrating his beautiful life and contribution to the financial sector in Nigeria. his lifetime but only him ran the affairs of the companies. 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 . I finished my MBA at UCLA and I came back to Nigeria. 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. Adeola and his Friend Tayo Aderinokun established Guaranty Trust Bank in 1990 which makes it 30 years since GT bank has been in existence. She was born into the family of Tayo and Mrs. Olunfunlola Aderinokun. [4]. At 56 years old, Tayo Aderinokun height not available right now. GTBanks shares have been the subject of various discussions between the Late Mr. Tayo Aderinokun. LATE GTB GMD, MR TAYO ADERINOKUN. [16][4] She is the co-founder, COO and VP Engineering of Helicarrier, which builds cryptocurrency infrastructure for Africa.[17]. See Also: Biography & Success Story Of Molade Okoya: Former CEO Of CFAO Nigeria. They paid better, the suits were sharper. 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. 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. To address comments or complaints, please Contact us. trust of her late fathers Will by the said proxy companies. 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. However, Justice Mohammed Idris has fixed this week for the hearing of the suit. Aderinokun had an interesting childhood. directive to his two wives and four children and her late father also appointed GTBank, held in the proxies names and in the name of her late father, Olutayo shares neither do they participated in the management of the companies during 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 [] the companies during his lifetime. Mr. Aderinokun, 56, died a few hours ago in a London hospital after a long battle with a yet to be disclosed ailment. On August 2, 1990, Adeola and Aderinokun received a banking license No. Others respondents in the ensuing legal battle are GTBanks Registrar, Datamax Registrar Limited, Kanali Investments Limited, Day Waterman Company Limited, Caribod Investment Limited, Mr. Babatunwa Aderinokun, and Investment One Financial Services Limited. Adeola was made the MD/CEO and he maintained the same position till 2002 before handing over to his friend and deputy MD Tayo. 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. AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. estate, being dividend accruals on the shares held in her late fathers names By submitting above, you agree to our privacy policy. . An order of perpetual injunction restraining 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. For four years Adeola worked as a member of the World Economic Forums Global Advisory Committee on Philanthropy. Save my name, email, and website in this browser for the next time I comment. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct. 58, dated August 1, 1990 and signed by the Federal Minister for Finance, Chief Olu Falae, for Guaranty Trust Bank Limited. He is from Nigeria. Two very important objectives he always emphasized. And it was something I did very well.. The Nigerian Stock Exchange President's Merit Award in 2003, 2005, 2007 and 2008. This page was last edited on 1 December 2022, at 09:37. What He Told City People Before He Died 6 Years Ago. Please look out for your names if you sent in Questions :-) . A bank he nursed from an idea into an internationally recognised brand. Save my name, email, and website in this browser for the next time I comment. Before his death, Aderinokun founded the Day Waterman College, a co-educational boarding school for children. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Limited), and Mr. Babatunwa Aderinokun as joint Executors and Trustees, both 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. 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. We are proud to welcome you ALL to the Inaugural GTBank Webcast with Tayo Aderinokun, MD GTBank. 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! while planning his Estates during his lifetime. Oluwatise, who is acting 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 GTB Plc, held in the proxies names and in the name of her late father, Olutayo Aderinokun, is wrongful and breach of the implied contract between the defendants and her late father. in the name of the three companies, which by his Will, indicated that his 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. [9] 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. Salamotu Aderinokun's philathropy The Nation June 3, 2018 IT is no longer news that the deceased Managing Director of GT Bank, Tayo Aderinokun, was married to two womenOlufunlola and. His wife is Funlola Aderinokun and There was a problem processing your submission. 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. [13], Ire is a Google Developer Expert, specializing in the core front-end technologies HTML, CSS, and JavaScript. She also averred that during the lifetime of her Aderinokun held the position until June 2011 when he shockingly died from cancer aged 56. Rather than refraining from paying dividend to wrong person both GTB Plc and Datamax Registrar Limited have wilfully neglected and refused to reverse the payment of dividends to the proxies as demanded by her. The second wife and widow of the late Guaranty Trust Bank (GTBank) former head honcho, Tayo Aderinokun, has found good measure and fulfillment perhaps, in brightening the world of her very close friend and confidant, Muyiwa Bakare. late fathers shares. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Your email address will not be published. In the ensuing legal battle, Oluwatise Aderinokun Foray Into Banking. Tayo, who passed away on 14 June 2011, in a London hospital, had been the banks chief executive officer until his time of death. [7][14] Ire is also an author at techcabal[15], She organizes Frontstack, a conference for front-end engineering in Nigeria and started a small scholarship program to sponsor Nigerian women to take a Udacity Nanodegree in a technology-related field of their choice. [10][11], Ire is a self-taught frontend developer and user interface designer. Learn How rich is He in this year and how He spends money? He had his basic education at Baptist Day School, Kano, from 1961 to 1966. 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 More often than not, great success stories revolve around harnessing the power of synergy. There was no such thing as probate issued in respect of the deceased assets held in the proxy companies. 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. 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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. immediately after that, I went abroad to get an MBA. You have selected an article from the AllAfrica archive, which requires a subscription. At that time, banking was it, with all the glamour. We recommend you to check the complete list of Famous People born on 8 May. The plaintiff who is a minor, is also urging the Success Story of Molade Okoya: Former CEO of CFAO Nigeria to his friend Tayo Aderinokun at... Edochie and his friend and deputy MD Tayo sent in Questions tayo aderinokun first wife - ) Famous... 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