Aderinokun’s death will not affect GTBank performance – Nweke, stockbrokers, shareholders

By Peter Egwuatu & Michael Eboh
Operators and other stakeholders in the Nigerian capital market have joined in eulogising the immediate past Group Managing Director of Guaranty Trust Bank (GTbank), Mr. Tayo Aderinokun who passed on recently, saying his death will not negatively affect the performance of the bank.

They stated that the founders of GTBank have built an institution that is run by team leaders, noting that the bank will continue to wax stronger.

They admitted that his death is a huge loss not only to the banking industry, but also to the financial sector, and the country in general.

This was even as investors continue to rally on the shares of the bank, Friday, staking N195.07 million on its shares, numbering 12.219 million in 528 transactions.

This is in addition to the bank’s share traded, Thursday and Wednesday, immediately news of his death hit the market. On Thursday, investors exchanged 7.183 million shares valued at N114.74 million in 491 deals, while on Wednesday, investors exchanged 38.57 million shares valued at N619.7 billion in 549 deals.

The rally on the bank’s shares, according to capital market operators was as a result of the professional manner in which his health issues were managed, having no impact, whatsoever, on the operations and activities of the bank.

Capital market operators who spoke to Vanguard in separate interviews, disclosed that despite the depressed mood in which the news plunged the market, shares of the bank were on high demand during trading hours and eventually closed on a bid position.

Mr. David Adonri, Managing Director, Lambeth Trust and Investment Limited said, “A minute silence was observed by market operators in memory of Tayo, Wednesday. Thereafter, the mood of the market became depressed, although, that was not reflected in movements of banking stocks.

“Recent court judgments on certain controversial banking issues appeared to have defined the state of affairs in the banking sector. Despite the sadness of Tayo’s death, GTBank was on high demand and eventually closed on bid.”

Also speaking, Mr. Oluseye Adetunmbi, Chief Responsibility Officer, Value Investing Limited, said, “If there is anything at all apart from the painful loss of Tayo Aderinokun, is the fact that he left behind a legacy of a uniquely structured and well managed bank in Nigeria. See the way his protracted illness was managed which didn’t impact on operations and corporate responsibilities to all ranks of stakeholders.

“Most people didn’t even know that he was ill, which made the news of his passing on sudden in some quarters. As a matter of fact his transition underscores GTB as one of the best professionally run banks in Nigeria,” he said.

His team and co-founder have raised the bar of best practices in commercial banking in Nigeria.

“Albeit, things should look up for the bank because of the consistency in the professional management of the bank and in terms of returns on investment to the shareholders. It is a kind of stock people who have it would wish to hold on to and even increase holdings. Also those don’t have may wish to acquire some having seen banks with their progenitors and CEOs alive going under while GTB remains the pride of banking when the CEO was indisposed for months.

“The feat of GTB speaks volumes about the man in charge who is behind the institution. I still recall my official/working visit to his office over 8 years ago (see the photo attached), there was no congested desk with files or documents on his table. If you raised any business request or issue on your account, he will advise you to get your account officer who had been adequately trained and empowered to buy-in. It can only be better as urge those left behind to keep the flag flying. May his gentle soul rest in peace.”