Posthumous Largesse: Why GTBank Pays the Aderinokun Family Over N2billion Annually

 Breaking News

Posthumous Largesse: Why GTBank Pays the Aderinokun Family Over N2billion Annually

December 27
10:29 2021

Even in death, the family of late Tayo Aderinokun has known no lack. And, they are not likely to so long Guaranty Trust Bank now known as GTCo Holdings continues to exist.

Sources who should know affirm that the Aderinokun family is the beneficiary of over N2billion annual largesse from one of Nigeria’s foremost new generation banks which their patriarch, the late Aderinokun, co-founded with his bosom friend, Fola Adeola. Adeola led the bank from inception in 1990 to 2002 when he retired to concentrate on his FATE foundation and politics, during which he was a vice-presidential candidate and running mate to Nuhu Ribadu in the 2011 presidential election.

On the other hand, Aderinokun served as Deputy Managing Director for 12 years before succeeding Adeola in 2002. During his time as the CEO, he won several awards like – The 2009 and 2010 best bank in Nigeria awards from The Banker Magazine; The 2009 and 2010 best bank in Nigeria awards from Euromoney Awards for Excellence; The SIAO 2008 and 2009 Best Corporate Social Responsibility Awards; The 2007 Most Respected Company in Nigeria Award from PriceWaterhouseCoopers and Businessday; and The Nigerian Stock Exchange President’s Merit Award in 2003, 2005, 2007 and 2008, among many others.


Aderinokun died in June 2011 after a long battle with cancer. He was 56. He was succeeded by Segun Agbaje who has transmuted from the Group MD/CEO of GTBank to the Group Chief Executive Officer of the holding company, GTCO Plc.

Agbaje may have fallen out with Adeola but his reverence for Aderinokun remains intact. Apart from ensuring his late mentor’s family is well taken care of, Agbaje also recently immortalised him by naming the GTBank Training Complex in Abeokuta, Ogun State, ‘Tayo’s Plaza.’

The eight-storey training complex contains 105 en-suite residential rooms, lecture halls, two fully-equipped libraries, an amphitheatre, and a banking hall with 24 teller terminals amongst other facilities. It was designed as a training ground for all new entrants of the bank to undergo intensive screening and programme on how to deliver the best customer experience in financial services.

Speaking at the opening of ‘Tayo’s Plaza’, Agbaje said, “Through our new training complex, we will continue to nurture and empower young people to think critically and break new grounds in excellence.”

About Author



Related Articles

1 Comment

  1. Per Se
    Per Se December 27, 14:52

    This is a well-written and incisive article. The banking industry is just a fractional part of the rot and stench oozing out from the putrid system known as Nigeria! If you know any financial sector that comes with a clean bill of track record and performance today in Nigeria, please don’t hesitate to let me know!!!
    Kunle Adepitan
    [email protected]

    Reply to this comment

Write a Comment