The board of Stanbic IBTC Holdings Plc, on Wednesday morning informed the Nigerian Stock Exchange (NSE) of the resignation of its founding managing director and later chairman- Mr. Atedo Peterside after 28 years, with effect from March 31, 2017, after 10 of as chairman.
The statement by Chidi Okezie, its Company Secretary, while wishing Peterside well in his future endeavours and thanking him for his leadership, said the “board of directors will appoint a new chairman at its meeting scheduled to hold in April 2017 (subject to any required regulatory approval), following which an announcement would be made to the Nigerian Stock Exchange (NSE).”
The group however noted that Peterside, a consummate investment banker and chairman of the body that drafted the maiden Securities & Exchange Commission (SEC) Code of Corporate Governance in Nigeria in the days of Mallam Suleyman Ndanusa, would however remain a non-executive director on the boards of both Standard Bank Group Limited and Standard Bank of South Africa Limited.
Peterside founded the then Investment Banking & Trust Company Limited in February 1989 and became the pioneer chief executive officer, which merged with the then Chartered Bank Plc, a commercial bank with Moses Adedoyin as CEO to become IBTC Chartered Bank in the way of the Prof Chukwuma Soludo-inspired 18-month banking sector consolidation between July 2004 and December 2005. In 2007, IBTC Chartered Bank again merged with then small sized Stanbic Bank Nigeria Limited, a subsidiary company of Standard Bank Group of South Africa to form Stanbic IBTC Bank Plc.
He resigned as CEO and was appointed chairman of the enlarged Stanbic IBTC Bank Plc in 2007 and then chairman of Stanbic IBTC Holdings Plc, following the group’s restructuring into a holding company in November 2012, the statement added.
Commenting on his exit, Peterside said: “Thankfully the FRC (Financial Reporting Council) matter is now behind us and our Stanbic IBTC Holdings Plc audited accounts for 2015 were approved late last year, whilst our audited accounts for 2016 have already been approved by the authorities this week.
“I would like to seize this opportunity to thank all the Directors of Stanbic IBTC for your support through the years. Some of you have been on this journey with me as investors since 1989. I am leaving the Stanbic IBTC board, but being a part of the parent company board in South Africa, means that I still have some indirect oversight functions.
“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.
“I wish you every success as you pilot the affairs of Stanbic IBTC into the future,” he said.
He is also chairman of Cadbury Nigeria Plc and also sits on the boards of Flour Mills of Nigeria PLC, Nigerian Breweries Plc and Unilever Nigeria Plc.