Fola Adeola: Celebrating a Banking Genius at 70

By Eric Elezuo

In his congratulatory message on January 10, 2024, President Bola Tinubu described ebullient banker, Fola Adeola, as a great asset to Nigeria, and indeed the co-founder of one of Nigeria’s greatest banks, Guaranty Trust Bank (GTB), now Guaranty Trust Holding Company ( GTCO), is an asset of great importance.

In the words of the president as presented by presidential spokesperson, Ajuri Ngelale, Adeola is most reputed for promoting initiatives for the economic advancement of Nigeria.

Ngelale said, “President Tinubu felicitates Mr. Adeola for reaching the milestone age and for his numerous contributions to the Nigerian business ecosystem by creating jobs, opening up investment opportunities across sectors, as well as promoting initiatives for the economic advancement of Nigeria.

“The President extols the brilliance, integrity, courage, and patriotism of the founder of one of Nigeria’s leading banks, describing him as a great asset to the nation.”

Adeola, for the benefit of hindsight, is Tinubu’s long-time friend and foremost business leader. Both has had their time in political alliance, having weathered the storm together in the now defunct Action Congress of Nigeria (ACN) where he was the party’s presidential running mate in 2011.

Born Tajudeen Afolabi Adeola on January 10, 1954, the accomplished businessman and investor had fulfilled every career promise he made posterity, met every target presented before him and excelled in every known facet of endeavour. He is a member of the Commission for Africa, as well as founder and chairman of the FATE Foundation

Adeola attended Yaba College of Technology, where he obtained his HND in Accountancy. He also received degrees from the London School of Accountancy, the International Institute for Management Development, the Lagos Business School and the Harvard Business School.

He completed his secondary school education at Methodist Boys High School, Lagos before attending the Yaba College of Technology, where he obtained a Diploma in Accounting 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 has 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.

Before co-founding GTB Plc in 1990 with his long time friend, Tayo Aderinokun, Adeola was the Deputy General Manager and Divisional Head of the Financial Services Division of the Continental Merchant Bank Limited. He served in this capacity between 1986 and 1990.

At the establishment of GTB, he served as its Managing Director and Chief Executive Officer from 1990 to July 2002. His stewardship at the bank saw the bank expanding its tentacles beyond Nigeria to other neighbouring African countries  including The Gambia, Sierra Leone, Ghana and Liberia, and in the United Kingdom. Under his watch, the bank became listed on the Nigerian Stock Exchange in 1996, just six years after it was founded.

In 2002, when he voluntarily retired from GTB, after twelve meritorious years, he handed over to his deputy and co-founder, Tayo Aderinokun, and dabbled into more private and personal ventures.

Since then he has served as the chairman UTC, ARM, Lotus Capital, Eterna Oil, Cardinal Stone 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.

The financial expert also had stints with the public sector, serving as Chairman of the National Pension Commission as well as the Lagos State Disaster Relief Committee set up following the January 27, 2002, Lagos armoury explosion.

As earlier stated, he was the Vice-Presidential candidate of the Action Congress of Nigeria, serving as running mate to former chairman of the Economic and Financial Crimes Commission (EFCC), Nuhu Ribadu, in the 2011 presidential elections. Adeola is also the founder and chairman of the FATE Foundation and a member of the Commission for Africa.

While serving as Chairman of the National Pension Commission, he principally authored the promulgation into law of the Pension Bill, by the National Assembly of Nigeria.

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 January 17, 2011, served as a council member of the Olabisi Onabanjo University.

In his years of active public and private service, Adeola remained in the forefront of achievements, carting away one honour or award after another.

In December 2002, he was decorated with the national honour of Officer of the Order of the Federal Republic (OFR) by President Olusegun Obasanjo. He also boast of an honorary doctorate from the Nkumba University, Ntebbe, Uganda, and bagged the Banker of the Decade award in 2009 by the Vanguard Newspaper group.

The investor served as a member of the Global Advisory Committee on Philanthropy of the World Economic Forum for four years. In 2001, he was invited to join twenty-four other business leaders for the Aspen Institute ISIB Annual Business Leaders Dialogue in Aspen, Colorado, and in May 2004, he was appointed Commissioner on the Commission for Africa by the British Prime Minister Tony Blair.

He is a recipient of the Distinguished Famous Alumni award by Yaba Tech, the Zik Leadership in 2003. Adeola has also won the ThisDay Awards in 2011 for Change Makers in Social Entrepreneurship.

He was a Council member, and is Fellow of the Institute of Chartered Accountants of Nigeria, and also a Fellow of the Institute of Directors of Nigeria.

Adeola’s numerous achievements in the career front are replicated on the home front as he is hsppily married to Hajara, and they are blessed with six children.