Update: GTB GMD Tayo Aderinokun Is Dead - Family Sources

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.

Mr. Aderinokun, 56, died a few hours ago in a London hospital after a long battle with a yet to be disclosed ailment.

THEWILL gathered that his body is being transported to Lagos by his wife.

A statement issued later by GTB announcing his demise said, “With a deep sense of loss, but with gratitude to the Almighty God, we write to notify you of the passing on to eternal glory of our dearly beloved Managing Director/Chief Executive Officer, Mr. Tayo Aderinokun. Mr. Aderinokun who had been on Medical Leave, passed on this afternoon, Tuesday, June 14, 2011, in the United Kingdom.

Mr. Aderinokun co-founded Guaranty Trust Bank Plc in 1990 and served as Deputy Managing Director for 12 years between 1990 and 2002, after which he became the Managing Director, a position he held until his passing.

During his time as Managing Director, the Bank witnessed tremendous progress and growth and had emerged over the years as an industry leader, pacesetter of unique and progressive innovations in the banking industry. The Bank is now easily acknowledged and recognized as one of the most profitable and professionally managed corporate institutions in Nigeria and has been the recipient of several awards for exemplary corporate governance practices and excellent customer service.

In addition, Mr. Aderinokun was also the recipient of numerous awards as an acknowledgement of his sterling leadership role in the achievements of the Bank. The awards include ‘Banker of the Year’ at the inaugural ThisDay Awards in 2006, Most Respected CEO by PricewaterhouseCoopers in 2008 and ‘African Banker of the Year’ by the “African Banker” magazine in September 2009. He was also a recipient of the National Award of Member of the Federal Republic of Nigeria (MFR) and a Fellow of the Chartered Institute of Bankers, Nigeria (FCIB).

We wish to inform you that the operations of the Bank continue to run smoothly under the leadership of the Acting Managing Director, Mr. Segun Agbaje who was Deputy Managing Director from 2002 till April 20, 2011, when he was appointed as Acting Managing Director of the Bank."