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Men You Should Know: Atedo Peterside

 

Atedo Peterside (CON) was born in July 1955. He is a Nigerian entrepreneur, investment banker, and an economist. He is the founder of Stanbic IBTC Bank Plc, Anap Business Jets Limited (Anap Jets), and the Atedo N. A. Peterside Foundation (Anap Foundation).


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Education

Peterside had his secondary school education at the King’s College Lagos. He then proceeded to The City University, London (1973-1976) where he obtained a B.Sc. degree in Economics. He went on to obtain an M.Sc. (also in Economics) from the London School of Economics and Political Science in 1977. His executive education is wide and varied and includes the Owner/President Management Program at the Harvard Business School from 1991–1993. He was conferred with an honorary Doctor of Science Degree by the University of Port Harcourt, Nigeria and was also elected an Honorary Fellow of the Chartered Institute of Stockbrokers on 1st April 2019.

Career

Peterside founded the Investment Banking & Trust Company Limited (IBTC) in February 1989 at age 33. He served as the Bank’s CEO till 2007.

IBTC opted to comply with the Central Bank of Nigeria ordered in 2005 (that all commercial banks had to have N25 billion minimum capital base) by raising more capital and also acquiring two commercial banks; Chartered Bank Plc and Regent Bank Plc, in order to become a universal bank on 19 December 2005. It then changed its name to IBTC Chartered Bank Plc.

On 24 September 2007, IBTC Chartered Bank Plc merged with Stanbic Bank Nigeria Limited to form Stanbic IBTC Bank Plc, and he was elected Chairman of Stanbic IBTC Bank in October 2007.

Peterside was Group Chairman of Stanbic IBTC Holdings Plc from August 2012. After overseeing a number of regulatory matters through to completion, he announced his resignation on 21 March 2017 with effect from 31 March 2017.

He is currently the Chairman of Anap Jets Limited which commenced business on 1 January 2015. He also sits on the boards of both The Standard Bank of South Africa Limited and Standard Bank Group Limited.

He was a member of the National Economic Management Team (2007–2015), and member of the National Council on Privatization (2010–2015). Until the end of March 2020, Peterside sat on the Board of Directors of Flour Mills of Nigeria, Nigerian Breweries and Unilever Nigeria. He was the Non-Executive Chairman of Cadbury Nigeria Plc from April 2010 till 30 June 2020. Peterside resigned from the Boards of all these quoted brands in Nigeria so as to focus more of his time on the work of Anap Foundation. He is also the Chairman of ART X Collective Limited and Endeavor High Impact Entrepreneurship Ltd/Gte, a non-profit organisation that provides mentorship and support to scale-up companies. Peterside also serves on the African Advisory Board of the Prince’s Trust International.


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Contribution to Politics and Public Policy in Nigeria

Peterside has used his visible public platforms to comment on, or influence politics and public policy in Nigeria. He has also held various advisory roles to the government of Nigeria but never agreed to accept a full-time public sector appointment.

  • He was appointed the Chairman of the Committee on Corporate Governance of Public Companies in Nigeria. The Committee drafted the first Code of Best Practices for Public Companies operating in Nigeria, which was published in October 2003.
  • He was a member of the National Economic Management Team Between 2007 and 2010 and also between 2011 and 2015
  • He was the honorary adviser to the Governor of Rivers State between 2007 and 2011,
  • He was on the National Council on Privatisation (NCP), and successfully oversaw the privatisation of the Nigerian power sector amongst other transactions between 2011 and 2015.
  • He was also the Chairman of the NCP’s Technical Committee.
  • In January 2012, he made a strong case on national television for the removal of N1.3 trillion petrol subsidy when it was an unpopular position to take.
  • In early 2014 he was appointed a Federal Government of Nigeria Delegate to the National Conference which held in that year.
  • In January 2017, he wrote an op-ed listing eleven recommended actions for the turnaround of the Nigerian economy.
  • Since 30 May 2017, he has served as the Alternate Private Sector Vice-Chairman of the Nigerian Industrial Policy and Competitiveness Advisory Council.

Most Recent Involvement in Nigerian Politics

  • In March 2020, he declined an invitation to attend a forum being organized by Nigeria’s Central Bank because he was not pleased by the dethronement and illegal exile/banishment of the Emir of Kano Muhammadu Sanusi II.
  • On 22 March 2020, Peterside set up the Anap Foundation COVID-19 Think Tank
  • In May 2020 he was named Co-Chairman (alongside the Finance Minister) of the Steering Committee for the new National Development Plan for Nigeria.
  • On 9 September 2020, the National Steering Committee for Agenda 2050 and the 2021-25 Development Plan was inaugurated by President Buhari. Mr Peterside, in his capacity as Co-Chairman, made some pertinent opening remarks on the difficulty of getting Nigerians to embrace economic reforms at the televised Inaugural Meeting of the Steering Committee which held on that same day.

Philanthropic work

Peterside founded the Anap Foundation, a non-profit organisation that is committed to promoting good governance. He has been the President from inception in 2003.

National Honours

In 2010, Peterside was awarded the Commander of the Order of the Niger (CON), one of Nigeria’s top honours.

Peterside lists his hobbies as boating, polo, reading and travelling.

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Jeremiah Aluwong

Jeremiah is a scholar and a poet. He has a keen eye for studying the world and is passionate about people. He tweets at @jeremiahaluwong.

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