Tayo Aderinokun, who was 56 and had been ill for several months, co-founded GT Bank in 1990 and oversaw its growth into one of the top-five lenders by assets in sub-Saharan Africa’s second-biggest economy.
“During his time as managing director, the bank witnessed tremendous progress and growth and emerged over the years as an industry leader,” the bank said in a statement.
Former deputy managing director Segun Agbaje took over as acting head of the bank in April while Aderinokun was on medical leave, and executives said there was a smooth succession.
“The operations of the bank continue to run smoothly under the leadership of the Acting Managing Director Segun Agbaje,” the bank said.
GT Bank completed a $90 million naira-denominated bond placement at the end of 2009, Nigeria’s first corporate debt issue in years, and successfully issued $350 million of 5-year Eurobonds in January 2007.
Aderinokun won numerous awards in Nigeria, including “Most Respected CEO” from PricewaterhouseCoopers in 2008 and “African Banker of the Year” from the African Banker magazine in 2009. He was also a leading patron of the arts.