Nigerian businessman Atedo Peterside retires from Standard Bank Group after 35 years

Timilehin Adejumobi -

Key Points:

  • Nigerian business leader Atedo Peterside retires as a non-executive director of Standard Bank Group after a distinguished 35-year career.
  • Peterside, founder of Stanbic IBTC Holdings, led significant transformations in Nigeria’s financial services industry.
  • He retains a 1.14% stake in Stanbic IBTC, worth over $4.5 million, maintaining influence as a top investor.

Nigerian business magnate Atedo Peterside has officially retired from his position as a non-executive director of Standard Bank Group Limited, after an illustrious 35-year tenure. The announcement was made by Standard Bank Group, a leading financial institution listed on the Johannesburg Stock Exchange (JSE).

Peterside, the founder and former chairman of Stanbic IBTC Holdings Plc—a subsidiary of Standard Bank Group listed on the Nigerian Exchange (NGX)—has been a pivotal figure in the banking industry. His leadership steered the financial institution through various milestones and transformations.

The prominent Nigerian businessman, who has played a key role in the growth of the Nigerian financial services industry, announced his decision via Twitter following the group’s Annual General Meeting (AGM). “The retirement age is actually 70, but I believe 35 years is enough, and the succession plans have worked well,” he said.

Career highlights and contributions

The 68-year-old banker is considered a titan within Nigeria’s financial sector. He established Stanbic Investment Banking & Trust Company Limited (IBTC) in 1989 at the age of 33, serving as its CEO until its 2007 merger with Stanbic Bank Nigeria. He subsequently led Stanbic IBTC Bank Plc as chairman until 2014 and later chaired Stanbic IBTC Holdings Plc from 2012 to 2017. His leadership saw him spearhead numerous regulatory initiatives.

Stanbic IBTC, a leading end-to-end financial institution in Nigeria, boasts total assets exceeding $4 billion as of December 31, 2023. It ranks among the top 16 most-valuable companies on the NGX with a market capitalization of N683 billion ($450 million). The company recently reported strong financial results for the 2023 fiscal year, exceeding $100 million in profit.

Atedo Peterside’s influence and Standard Bank’s future

Atedo Peterside’s influence extends beyond Stanbic IBTC. He previously chaired the committee responsible for crafting Nigeria’s first Code of Best Practices for Public Companies in 2003. Currently, he chairs Anap Jets FZE and held positions on the boards of The Standard Bank of South Africa Limited (SBSA) and Standard Bank Group Limited from 2014 until his departure.

Atedo Peterside retains a 1.14 percent stake in Stanbic IBTC, translating to 133,611,115 ordinary shares currently valued at over $4.5 million. This holding solidifies his position as one of the group’s significant investors and a prominent figure among Nigeria’s wealthiest individuals.

While Peterside’s departure from the board signifies the end of a long-standing partnership, his contributions to Standard Bank and Nigeria’s financial sector remain undeniable. Attention now turns to Standard Bank’s succession plans and their potential impact on future growth and market leadership.