SENATOR ABIRU CELEBRATES FOLA ADEOLA AT 70
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By ‘Leke Yusuf
The Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Senator Tokunbo Abiru has eulogised the co-founder of Guaranty Trust Bank (GTBank), Fola Adeola on his 70th birthday celebration as a “trailblazer”.
In a tribute to Adeola, who has been described as the founding father of customer-centric retail banking in Nigeria, Abiru said “as I reflect on this milestone in your life, I am reminded of the profound impact you have had as my ‘Big Egbon’ and mentor in the fields of banking and public service. Your journey as an accomplished banker, shrewd investor, and venerable statesman is nothing short of inspiring.
Abiru who was the Pioneer and former Managing Director/Chief Executive Officer of Polaris Bank Limited, further added; “Your dedication to deploying your God-given talents and resources for the development of people, businesses, and society is a testament to your unwavering commitment to making a difference.
“Guaranty Trust Bank (GTbank), which you co-founded alongside the late Tayo Aderiokun, has not only modernised the banking landscape in Nigeria but also served as a nurturing ground for talents, producing industry leaders and notable public servants. Your visionary leadership at GTbank has left an indelible mark.
“You are a true pace-setter, always staying ahead of your contemporaries. Your pioneering work in online and real-time banking has not only transformed the financial services sector in Nigeria but also paved the way for the digital banking revolution we witness today.
“I take immense pride in having been one of your early mentees at Guaranty Trust Bank in 1991. The learning experiences and training under your guidance have profoundly influenced my character and have been instrumental in shaping both my private and public accomplishments.
“As I look back on the path you have paved, I see an epitome of a thoroughbred professional and statesman. Your accomplishments and unwavering dedication to our beloved country and humanity at large fill me with pride.
“On this special occasion of your 70th birthday, I offer my heartfelt prayers that Almighty Allah continues to bless you with wisdom, knowledge, good health, and abundant blessings.
Congratulations and a very Happy 70th Birthday, my dear ‘Big Egbon’ and mentor.”
Born on January 10, 1944; Tajudeen Afolabi Adeola completed his secondary school education at Methodist Boys High School, Lagos. He obtained a Diploma in Accounting from Yaba College of Technology in 1975 and became a Chartered Accountant in 1980 following his training with Deloitte, Haskins and Sells and D.O. Dafinone & Company (both Chartered Accountants). Over the years he received professional development training at notable institutions worldwide including Harvard Business School, INSEAD, and the International Institute for Management Development in Switzerland.
In 1999, he completed a one-year sabbatical at the National Institute for Policy and Strategic Studies in Kuru, Jos, Nigeria, where he carried out research on economic development and job creation policies.
In 1990, he (together with Tayo Aderinokun) established Guaranty Trust Bank, which he served as Managing Director and Chief Executive Officer from 1990 to July 2002.
The bank has since expanded beyond Nigeria to other neighbouring African countries (The Gambia, Sierra Leone, Ghana and Liberia) and in United Kingdom. The bank became listed on the Nigerian Stock Exchange in 1996.
In 2002, Adeola voluntarily retired from Guaranty Trust Bank, after twelve years, handing over to his deputy, Tayo Aderinokun. Since then he has served as the chairman UTC, ARM, Lotus Capital, Eterna Oil, CardinalStone Partners Limited, Tafsan Breweries (board member), and Credit Registry Services.
He is also the chairman of Main One Cable Company Limited which completed the construction of an open access submarine cable system that spanned 14,000 kilometres and provides international and internet connectivity to countries on the Atlantic Coast from Portugal to Lagos in 2010
Adeola served as Chairman of the National Pension Commission, following the promulgation into law of the Pension Bill (principally authored by him), by the National Assembly of Nigeria. He chaired the Lagos State Disaster Relief Committee which was set up following the 27 January 2002 Lagos armoury explosion. He was the Vice-Presidential candidate of the Action Congress of Nigeria (ACN) serving as running mate to former Economic and Financial Crimes Commission chairman (EFCC) Nuhu Ribadu in the 2011 presidential elections.
Adeola was also a member of the National Honours and Awards Committee and was appointed a member of the Governing Council of Lagos State University in November 2004. He served as a member of the Solid Minerals Committee (constituted by the Federal Government) and was the Chairman of Ogun State Development Trust Fund Committee. He was a council member of Lagos State University and until 17 January 2011 served as a council member Olabisi Onabanjo University.
Adeola established the FATE Foundation in 2000. FATE is a non-governmental organisation which aims to encourage entrepreneurship, using a mix of training, mentoring, loan support and consulting to support young Nigerians. To date it has served over 30,000 young Nigerian entrepreneurs, of which over 65% are fully employed by their businesses and are employing on average about four staff.
He was a Council member, and is Fellow of the Institute of Chartered Accountants of Nigeria; Fellow of the Institute of Directors of Nigeria.
He was nationally decorated as Officer of the Order of the Federal Republic (OFR) in December 2002 by President Olusegun Obasanjo. He has an honorary doctorate from Nkumba University, Ntebbe, Uganda. Banker of the Decade in 2009 by the Vanguard Newspaper group. Distinguished Famous Alumni award by Yaba Tech. Zik Leadership in 2003. This Day Awards 2011 – Change Makers in Social Entrepreneurship.
Adeola is married to Hajara and has six children.
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