How founder of Stanbic IBTC Atedo Peterside built his billion-dollar business from a tiny office in Lagos

Abu Mubarik April 19, 2024
Atedo Peterside. Photo: Wikimedia Commons/gwatala

Atedo Peterside is a Nigerian entrepreneur, businessman, banker and founder of one of Africa’s most prestigious banks, Stanbic IBTC Bank Plc. The bank started more than three decades ago as Investment Bank and Trust Company Limited (IBTC).

Peterside served as the chief executive of the then Investment Bank and Trust Company Limited (IBTC) from 1989 until 2007 before the bank was renamed Stanbic IBTC following a merger and acquisition process with Standard Bank of South Africa. IBTC was started in 1989 upon his return to Nigeria and was located in a tiny office in Lagos.

Peterside returned to Nigeria amid the economic recession of the 1980s, and with IBTC, he aimed to drive and develop investment banking in Nigeria.

In 2003, IBTC was listed on the Nigerian Stock Exchange and in 2004, the bank merged with Chartered Bank in what became IBTC Chartered Bank, following a recapitalization of Nigerian banks.

He subsequently resigned as the CEO of the bank following the successful merger and acquisition process with Standard Bank of South Africa.

Aside from playing an instrumental role in the establishment of his bank, he also served his country within the corridors of power. He served as a member of the national economic management team under Former President Umar Yar’Adua, according to The Cable.

He also worked with former President Goodluck Jonathan, serving on the National Council on Privatisation (NCP). He was appointed the technical committee chairman, responsible for privatization of the power sector.

His other endeavors included serving as an independent director of Presco plc as well as a non-executive director of Lekoil Limited. Also, he was director of Mobil Oil Nigeria plc and served on the board of Presco plc.

Peterside served as Director of FSDH Merchant Bank Limited and became a member of the private sector advisory board set up by the World Bank to help in setting up a Country Assistance Strategy (CAS) for Nigeria. The Nigerian further earned a role as the non-executive chairman of Cadbury Nigeria Plc and started serving on other boards, including the boards of Flour Mills of Nigeria Plc, Nigerian Breweries Plc (Heineken Subsidiary) and Unilever Nigeria.

Peterside holds a BSc in economics from City University, London, and an MSc in economics from the London School of Economics and Political Science.

Born to the family of Chief Michael Clement Atowari Peterside and Patricia Awune Gboloba Bob-Manuel in 1955, Peterside could have become a doctor. However, his father’s busy schedule as an Ophthalmologist discouraged him.

“Because you were permanently ‘on call’, I decided from a very early age that there must be alternative paths to earning a decent living outside of medicine, which looked like a thankless job to me,” he wrote in a tribute to his father in 2016.

Having opted for a banking career, Peterside worked with the NAL Merchant Bank intending to own a bank one day. With this objective, he attended the Owner/President Management Programme at the Harvard Business School before meeting the requirements to start his bank.

Last Edited by:Mildred Europa Taylor Updated: April 19, 2024


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