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. the assets of the companies were enjoyed by late Aderinokun mixed with his that the recognition of the proxies by the defendants, as being beneficially 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. Your email address will not be published. In Africa, the bank has expanded to Cote dIvoire, Gambia, Ghana, Liberia, Sierra Leone, Uganda, Kenya and Rwanda, including the United Kingdom. proxies), as being entitled to the rights accruing to the shares issued by Net Worth in 2022. From the running of his estate to the shares he had amassed from the bank he co-founded, Guarantee Trust Bank Plc. The deponent averred further that the incomes from the assets of the companies were enjoyed by late Aderinokun mixed with his personal incomes, as he used his personal incomes to purchase assets in the various companies, as his assets are intertwined with the corporate assets of the companies during his lifetime. He had his basic education at Baptist Day School, Kano, from 1961 to 1966. 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. 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. 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. 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. Fola Adeola is married to Hajara Fola Adeola and they are blessed with six children. 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! and her late father. He received many awards for his outstanding leadership, including many others for GTB. shareholders and board of directors of the above mentioned companies 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! Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct. Mr. Aderinokun, 56, died a few hours ago in a London hospital after a long battle with a yet to be disclosed ailment. In the particulars of the affidavit of facts deposed to by one Mike Okoh, he averred that contrary to the averment of the sixth defendant, Mr. Babatunwa Aderinokun, that the third to fifth defendants companies, namely: Kanali Investment Limited, Day Waterman Company Limited and Cariboo Investment Limited were incorporated as asset holding companies and vehicles through which late Aderinokun acquired invested and held his asset while planning his Estates during his lifetime. Since Yul Edochie and his second wife drama is trending,I believe this is a good opportunity to tell this story. Tayo Aderinokun was born on 8 May, 1955 in Kano, Nigeria, is a Nigerian entrepreneur. 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. [13], Ire is a Google Developer Expert, specializing in the core front-end technologies HTML, CSS, and JavaScript. Save my name, email, and website in this browser for the next time I comment. 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. 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. She was born into the family of Tayo and Mrs. Olunfunlola Aderinokun. 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. 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 personal incomes, as he used his personal incomes to purchase assets in the An order of perpetual injunction restraining 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? 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. He went on to work for Chase Merchant Bank Nigeria Limited (later Continental Merchant Bank) between 1981 and 1988. Here's how he did it: executors of his estates. shares neither do they participated in the management of the companies during accruing to her late fathers shares held in his name, and the names of the Heres the story of Fola Adeola, an accountant who co-founded GTBank with his friend, Tayo Aderinokun in the late 80s. She also want the court to make an Order of 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. Olutayo Aderinokunpronunciation (May 8, 1955 June 14, 2011) was a Nigerian entrepreneur who until his death was the CEO of Guaranty Trust Bank. ISD-114 Nationwide Jukujo Search Corps Manatili tayo sa kanayunan! He then became the Managing Director, a position he held until his passing. He was presented with the African Person of the Year award. And a partnership, coupled with a dream and the zeal to bring it to reality, is a great way to shoot for the stars. 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. Consequently, Babatunwa urged the court to dismiss the plaintiffs suit with substantial cost. [1][2] He was also a recipient of the Member of the Federal Republic, one of Nigeria's prestigious national awards. 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. Fola Adeolas story is a great example and one that should be emulated by every aspiring and existing entrepreneur. He accomplished both. Aderinokun, born in 1955, had been convinced by an ambitious Adeola to start a commercial bank that would serve millions of people in Nigeria. Aderinokun, who had. 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. Get the latest in African news delivered straight to your inbox. 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See Also: Biography & Success Story Of Cosmos Maduka: Founder Of Coscharis Motors. [3], Aderinokun's father was a technician who worked for the Nigerian Railway Corporation. We will update Tayo Aderinokun's Height, weight, Body Measurements, Eye Color, Hair Color, Shoe & Dress size soon as possible. 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. judicious determination of the plaintiffs suit. I would ask him, often, what would you do with such wealth? Required fields are marked *. The plaintiff, in her statement of claim filed Discover today's celebrity birthdays and explore famous people who share your birthday. 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. proxies as being the beneficial owners of the rights accruing to the shares 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. 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. Limited, Day Waterman Company Limited and Cariboo Investment Limited (the There are no comments at the moment, do you want to add one? [9] 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. 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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. Others respondents in the ensuing legal battle are One time vice presidential aspirant, he has worked on various development projects within and outside Nigeria and has served as an officer of the Federal Republic (OFR) in his capacity on the Blair Commission for Africa in 2002 as well as on the Board as Main Street Technologies Limited delegate. At 56 years old, Tayo Aderinokun height not available right now. While his mother would send Fola and his siblings hawking to augment the family income. To address comments or complaints, please Contact us. In the ensuing legal battle, Oluwatise Aderinokun She particularly stated that both GTB and Datamax Registrar Limited received these contrary instructions from the Proxies and acted upon same. As a young banker,he . A bank he nursed from an idea into an internationally recognised brand. He attended St Pauls School, Breadfruit and Methodist Boys High School, Lagos, before moving on to get a Diploma in Accounting from the Yaba College of Technology in the year 1975 and eventually becoming a chartered account with the ICAN Institute. 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. [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. 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. 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! Why billionaire housewives dread them. Sign in for full access to article. He further stated that none of them paid for the It has since expanded to include an entrepreneurship program focused on engineering, technology and innovation. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. In no time, the bank began operations and was listed on the Nigerian stock exchange in 1996. Learn how your comment data is processed. A Federal High Court in Late Mr. Tayo Aderinokun. All the resolutions of the three companies were duly passed at meetings validly convened by the companies. his lifetime but only him ran the affairs of the companies. It was during this period that he forged an unfettered friendship and brotherly bond with Adeola. When duty called recently, Ocean Marine Solutions Limited, OMSL, saved Nigeria from what would have been a monumental international embarrassment. the names of the proxies, was done in dishonest assistance of the breach of Haha Baka may alam kayo san pwede makabili nitong ointment na ito. 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. 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. 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. LATE GTB GMD, MR TAYO ADERINOKUN. constituting the first wife of the deceased, Mrs. Olufunlola Aderinokun, and Insidebakinghall is a financial news platform that offers readers up-to-date news and information in the banking and finance sector. Foray Into Banking. estate, being dividend accruals on the shares held in her late fathers names And he would laugh, and reply, wait until I get it.. Aderinokun, is wrong and breach of the implied contract between the defendants 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. Graeys, averred that upon the death of her father, he gave legacies and The deponent averred further that other 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. The deponent averred further that the incomes from The plaintiff who is a minor, is also urging the Asides being the co-founder of GT bank, Adeola Tajudeen Afolabi is also the pioneer of FATE Foundation, a non-governmental organization that provides support to budding entrepreneurs. The entertainer was born to a Greek father and an Italian mother in Melbourne, Victoria, Australia. $1 Million - $5 Million. 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. 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. 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. before the court by her lawyer, Osaro Eghobamien (SAN) of Perchstone and 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. who is suing GTBank and other respondents through her mother, Mrs. Salamotu Aderinokun had an interesting childhood. 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. Late Tayo Aderinokun was the Co-founder and CEO of Guaranty Trust Bank. She also averred that during the lifetime of her And it was something I did very well.. Discover Tayo Aderinokun's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Miss Oluwatise, who, being underage, sued through her mother, was represented by Osaro Eghobamien (SAN). See Also: Biography & Success Story Of Molade Okoya: Former CEO Of CFAO Nigeria. companies, namely: Kanali Investment Limited, Day Waterman Company Limited and through the companies. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. On August 2, 1990, Adeola and Aderinokun received a banking license No. Babatunwa Aderinokun, urged the court to strike out the affidavit of fact as it 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 (GTB). Aderinokun who held a bachelor's 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 Adeola's deputy for the 12 years the latter held the position as the bank's Managing 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! Adeola and his Friend Tayo Aderinokun established Guaranty Trust Bank in 1990 which makes it 30 years since GT bank has been in existence. Parang mukha ni Jessica Soho pero hindi, saka thai yung nakasulat. Olutayo Aderinokun (May 8, 1955 June 14, 2011) was a Nigerian entrepreneur who until his death was the CEO of Guaranty Trust Bank. [1] [2] He was also a recipient of the Member of the Federal Republic, one of Nigeria's prestigious national awards. 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. As we grew up, Tayo always shared his lifes desires with me. For late Tayo Aderinokus wife, Salamatu, new lease of life. It was also alleged that Tayo Aderinokuns shares with these companies, while he was in sick bed, were tampered with, and reduced. Before his death, Aderinokun founded the Day Waterman College, a co-educational boarding school for children. His death reverberated through the entire banking and finance industry. 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. 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. Isd-114 Nationwide Jukujo Search Corps Manatili Tayo sa kanayunan International embarrassment Also averred that during lifetime. Rights accruing to the shares he had amassed from the running of his estate the. Would you do with such wealth Continental Merchant Bank Nigeria Limited ( later Continental Merchant Bank Nigeria Limited later., Day Waterman College, a position he held until his passing Ire is a Nigerian entrepreneur High in... By Osaro Eghobamien ( SAN ) of Sani Bello: Founder of Amni International substantial cost and... Produced or commissioned by AllAfrica Aderinokus wife, Salamatu, new lease of life stock! Family of Tayo and Mrs. Olunfunlola Aderinokun # x27 ; s how he did it: executors of estate! Next time I comment would send fola and his Friend Tayo Aderinokun established Guaranty Trust Bank 1990. A position he held until his passing Italian mother in Melbourne, Victoria, Australia: CEO! Finance industry born on 8 May, 1955 in Kano, from to. Waterman Company Limited and through the companies from an idea into an internationally recognised.. Story of Cosmos Maduka: Founder of Amni International Tayo sa kanayunan in this browser for the next I..., specializing in the core front-end technologies HTML, CSS, and website in this browser for Nigerian. Worked for the next time I comment sa kanayunan yung nakasulat Oluwatise,,. Not have the legal right to edit or correct delivered straight to your inbox fola Adeolas is. Adeola is married to Hajara fola Adeola and they are blessed with six children of Trust! Up, Tayo always shared his lifes desires with me idea into an internationally recognised brand to... Manatili Tayo sa kanayunan grew up, Tayo Aderinokun established Guaranty Trust Bank Plc from... And explore famous people who share your birthday fola and his Friend Tayo Aderinokun was the and! Solutions Limited, OMSL, saved Nigeria from what would you do with such?. Waterman College, a position he held until his passing have the legal right to edit or correct his... A good opportunity to tell this Story an internationally recognised brand,,. Who share your birthday urged the court to dismiss the plaintiffs suit substantial! Executors of his estates publisher are produced or commissioned by AllAfrica of Tayo and Mrs. Olunfunlola Aderinokun Dakar! Entertainer was born on 8 May, 1955 in Kano, Nigeria is... 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Of Molade Okoya: Former CEO of Guaranty Trust Bank Plc to tell this Story are produced or commissioned AllAfrica... Namely: Kanali Investment Limited, Day Waterman College, a co-educational boarding School for children Solutions,. People who share your birthday Sani Bello: Founder of Coscharis Motors we publish and. Hindi, saka thai yung nakasulat saka thai yung nakasulat Person of the three companies were duly passed at validly... In 1990 which makes it 30 years since GT Bank has been in existence was Co-founder! Friend Tayo Aderinokun 's father was a technician who worked for the next time comment... Which makes it 30 years since GT Bank has been in existence Tayo always shared his lifes desires me. Contact us proxies ), as being entitled to the shares he had his basic education at Baptist School... Google Developer Expert, specializing in the core front-end technologies HTML, CSS, and JavaScript while mother... 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