Tag: Atedo Peterside

  • Atedo’s clannish nationalism

    Atedo’s clannish nationalism

    Atedo Peterside, smart banker and illustrious son of Rivers, is angry.  Why? 

    “So, a man leaves Cross River State, comes to Rivers in an inflamed situation to help achieve stability and healing,” he said of the Rivers Sole Administrator, Admiral Ibok Ete Ibas (rtd) on Arise TV, “but he might be inadvertently adding fuel to the fire.”

    How?  Again, hear from the horse’s mouth: “We know ourselves in Rivers State.  You make appointments from the people you’ve chosen.  I can tell you, with due respect to the people he appointed, in my personal opinion, they are riff-raffs.”

    But can appointees be “riff-raffs” just because Peterside disagreed with the way the Sole Administrator — don’t forget: from Cross River! — appointed them? Or because they have specific flaws, which make them “riff-raffs”?

    It would appear they are “riff-raffs” because Peterside did not like the way they were picked.  An opinion, in a democracy, is no crime.  Hardball just wished Peterside would be humble enough that his opinion can’t hold true for others.

    Though he didn’t dismiss Ibas as a “riff-raff” as his Rivers appointees, it was clear Peterside thinks so little of Ibas’s appointment as Sole Administrator.

    To him, Ibas “emerged in an irregular manner”.  Then, the “executive” — read the Presidency– “were misguided”.  Then, the legislature — including members from Rivers — used the “rascality” of “voice vote to confirm his appointment.”  The case is now sub-judice.  But who knows what Peterside’s judgment would be, when it’s decided?

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    Still, wait a minute!  Hardball, thought Peterside was a banker of the purest crust!  When did he morph into a jurist, making sweeping pronouncements in such legal matters?

    It’s all blather and bluster, of course, from an angry and irate son of Rivers!  Fair enough.  Even then, isn’t Peterside’s anger coming a tad too late?

    When Siminilayi Fubara, the suspended governor, was pulling down the Rivers House of Assembly, did Peterside raise his voice?  When he was spending unappropriated money for two years running?  When he seized legislators’ salaries — were the victims too from Cross River?  And when the so-called Rivers elders were talking from both sides of the mouth?  Of course, Peterside’s own contribution was a loud quiet!

    This latter-day Rivers nationalism, hinged on hollow, clannish condescension, is all so unnecessary.  Ibas is not the enemy here.  It’s Rivers people themselves — or more appropriately, the elite — that hee-hawed, instead reining in the wild breed in their public space.

    The enemy is right inside, not some stranger from Cross River.  Let Rivers subdue own demons, instead of blaming others.  Atedo, grumble to the right quarters.

  • Atedo Peterside bows out in style

    Atedo Peterside bows out in style

    In 1989, at 33, when most of his peers were busy lavishing their parent’s wealth, Rivers State-born Atedo Peteside founded Investment Bank and Trust Company (IBTC), which later metamorphosed into Stanbic-IBTC Bank after a series of mergers over the years.

    After running the affairs of the bank for years leading it to the path of profitability and also ensuring the bank livedup to his expectations, he resigned in 2017.

    He later channelled his strength to Anap Jets Ltd he founded in 2015. He also sits on the boards of The Standard Bank of South Africa Limited and Standard Bank Group Limited.

    Those close to the former member of the National Economic Management Team and member of the National Council on Privatisation disclosed that when it comes to finance, economics and business success, he is a walking encyclopaedia.

    His family background as the son of Pa. Clement Atowari Peterside an ophthalmologist and a retired controller of Medical Services in the Old Rivers State ensured he had a sound education. He graduated from The City University, London with a B.Sc. in Economics and an M.Sc. in Economics from the London School of Economics and Political Science.

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    Last weekend, he announced his exit from banking business after over three decades and a half dedicating his wealth of experience to the Nigerian banking sector.

    On his verified social media page, he wrote: “This has been an incredible 35-year journey tha;t ends today, June 10, 2024. Every single day since Feb 2, 1989, I have been either the CEO, Chairman or Bank Director. All good things must come to an end. I give God the glory at age 68.”

    Sources say he is investing his time more in advocacy, charity, philanthropy and human capital development through his foundation.

  • Peterside take friends to Spain for wedding

    Recently, Atedo Peterside’s son, Atowari, took a bold step by picking a wife, Gbemisola Ibitoye. Even though the wedding ceremony was held far away in Seville, Spain, it was well attended by the relatives and friends of the two prominent families.

    The wedding was one of its kind, as Social Circuit gathered that close to 100 guests came from Nigeria. Apart from the occasion, guests, especially first-time visitors, used it as an opportunity to tour and see Spain.

    Atowari and Gbemisola had their traditional wedding in July. Some of the dignitaries sighted at the white and traditional wedding were Alhaji Aliko Dangote, Femi Otedola, Hubert Wigwe, Mo Abudu, Mosunmola Umoru, Betty Irabor, Joke Silva, Dr. Ibijoke Sanwo-Olu and Oyeyimika Adeboye.

  • Atedo Peterside faults forced exit of directors

    •Receives honours at NSE

    Leading investment banker and boardroom guru, Mr. Atedo Peterside, has faulted certain provisions in corporate governance and regulatory codes that stipulate tenures for founders, directors and top management of companies as antithetical regulations that could be counterproductive and inimical to the success of the company.

    Peterside spoke at a ceremony at the Nigerian Stock Exchange (NSE) yesterday to mark his retirement from the board of directors of Stanbic IBTC Holdings Plc. Peterside founded Stanbic IBTC in 1989 and led the company from a private limited liability investment bank to one of the largest financial services groups in Nigeria. He resigned as a non-executive director and chairman of the board of Stanbic IBTC Holdings on March 31, 2017.

    Stanbic IBTC Holdings closed yesterday at the Exchange with a market capitalisation of N265 billion, ranking as the third most capitalised company in the financial services sector and the sixth most capitalised quoted company in Nigeria.

    Peterside, who was given the honour of beating the closing gong for the stock market yesterday, said the decisions on tenures and terms of owners, directors and top management of companies should not be circumscribed into some rigid rules but should be within the ambit of business management decisions by the board of directors and owners of the company.

    He noted that the implications of decisions such as tenures and exit of key owners and directors could vary from company to company adding that such decisions must be taken with consideration for the peculiarities, growth cycle and other factors within a particular company.

    He said his seamless exit from Stanbic IBTC Holdings was facilitated by the depth of human capital development in the company, which discovers and develops new talents.

    “I am not saying anybody can be on the board forever, but I think it is the business of the board of directors and owners of the company to look at that in line with their succession plan,” Peterside said.

    He pointed out that investors take into consideration owners and personalities around a company in taking investment decisions and the exit of such people could lead to withdrawal of investments.

    He urged stockbrokers to be strong advocates for good corporate governance and be at the forefront of the debate on governance and ownership issues.

    A visibly excited Peterside recalled that the first time he performed the ringing of closing bell at the NSE at the listing of the then Investment Banking and Trust Company (IBTC) Plc, the total market capitalisation was about N40 billion but today the market capitalisation of Stanbic IBTC Holdings alone is more than N250 billion.

    The Doyen, the longest-trading stockbroker on the trading floor, Mr Sam Ndata, commended Peterside for his contributions to the development of the Nigerian capital market.

    He said the market would continue to cherish his advice and wealth of experience.

  • Peterside resigns from Stanbic IBTC board

    Peterside resigns from Stanbic IBTC board

    Chairman of Stanbic IBTC Holdings Plc, Atedo Peterside has resigned from the board of the company.

    His resignation takes effect from March 31.

    In an email to directors of the company titled ‘moving on’, Peterside said “having served as the Chief Executive Officer of IBTC from inception in 1989 and all the way up until the merger that created Stanbic IBTC Bank Plc in 2007 and as Chairman thereafter, I believe this is the ideal time for me to resign from the Board and move on.”

    Stating that he is a  stickler for due process, Peterside said from April 2017, he will not be available to discuss the Nigerian operations unless required to do so by the parent board.

    ” In business terms in Nigeria, I would like to be able to concentrate largely on ANAP Business Jets Limited, which I founded a couple of years ago and where I am Chairman,” he said.

  • Celebration times for Atedo Peterside

    It is generally believed that what holds a marriage together is not a chain but hundreds of tiny threads that sew spouses together through decades in matrimony. In an environment where marital values have largely gone with the winds and broken homes have become a normalcy, Atedo Peterside will be rolling out the drums to celebrate his blissful union with his wife of 25 years, Dundun Abiodun.

    In January 2015, the founder and current Chairman of Stanbic IBTC Bank, Atedo Peterside, and his wife, Dundun Abiodun, would be celebrating 25 years of weathering the storms of marriage and building a home that has remained unwavering for more than a decade.

    From the outset of their union, Atedo and Dundun have enjoyed romantic and thrilling journey towards self-discovery. Dundun introduced her husband to horse riding during their courtship. Years later, her hobby became a polo lover like his wife. Today, Peterside, a consummate banker, never misses any polo tournament, while his wife is a top member of the Lagos Polo Club. They both buy their breed as ponies from Argentina and employ the services of professional grooms to train them.

    The elite pair is usually seen together at social events wrapped up in each other’s arms in spite of their long-dated union. The elite couple and polo enthusiasts are blessed with three children. One of their daughters used to be the communications manager of Hennessey.