Fola Adeola
Encyclopedia
Tajudeen Afolabi Adeola was born in January 1954 to the Adeola household as the 5th of 17 children. His father worked as a bank clerk to cater for their large family. His mother used to send him and his brothers to the streets to hawk wares to supplement the family income. Despite their very humble backgrounds, they made the time to instil the values of hardwork and integrity into the lives of their children.
and then completed his secondary school education at Methodist Boys High School, Lagos. He obtained a Diploma in Accounting from Yaba College of Technology
in 1975 and became a Chartered Accountant
in 1980 following his training with Deloitte, Haskins and Sells and D.O. Dafinone & Company (both Chartered Accountants). Over the years he has received professional development training at notable institutions worldwide including Harvard Business School
, INSEAD
, and the International Institute for Management Development
in Switzerland
.
In 1999, Fola completed a one-year sabbatical at the National Institute for Policy and Strategic Studies in Kuru
, Jos
, Nigeria
, where he carried out research on economic development and job creation policies.
which he managed as Managing Director/CEO from its inception in 1990 to July 2002, during which he firmly established the institution as a strong and credible bank. Guaranty Trust Bank has grown to become one of Nigeria's largest and most profitable companies. The bank has also expanded beyond Nigeria to other neighbouring African countries (The Gambia
, Sierra Leone
, Ghana
and Liberia
) and in United Kingdom
. The bank became listed on the Nigerian Stock Exchange in 1996.
In 2002, Fola voluntarily retired from Guaranty Trust Bank, after twelve years, successfully handing over to his deputy. Since this time period, Fola has served as the chairman of a range of institutions including UTC, ARM
, Lotus Capital, Eterna Oil, Tafsan Breweries (board member), and Credit Registry Services.
Fola Adeola is also the chairman of Main One Cable Company Limited which completed the construction of an open access submarine cable system that spanned 14,000 kilometres and provides international and internet connectivity to countries on the Atlantic Coast from Portugal
to Lagos, Nigeria connecting these countries with each other and with the rest of the world which completed in 2010.
Fola was also a member of the National Honours and Awards Committee and was appointed a member of the Governing Council of Lagos State University
in November 2004. He served as a member of the Solid Minerals Committee (constituted by the Federal Government) and was the Chairman of Ogun State Development Trust Fund Committee. He was a council member of Lagos State University and until January 17, 2011 served as a council member Olabisi Onabanjo University
.
, using an innovative mix of training, mentoring, loan support and consulting to support young Nigerians. To date it has served over 30,000 young Nigerian entrepreneurs, of which over 65% are fully employed by their businesses and are employing on average about four staff.
Through the vision of Fola Adeola, FATE is expanding its offerings to start an innovation centre in Abeokuta
. The Institute for Venture Design in close collaboration with the Centre for Design Research
at Stanford University
is starting a new kind of entrepreneurship program focused on engineering, technology, and innovation with a goal to boost development of industry in Nigeria.
Fola has also engaged in many forms of philanthropy
and has donated generously to many not for profits causes and religious organizations. Internationally, Fola served as a member of the Global Advisory Committee on Philanthropy of the World Economic Forum for 4 years. In 2001, Fola was invited to join twenty-four other business leaders for the Aspen Institute
ISIB Annual Business Leaders Dialogue in Aspen, Colorado
. In May 2004, Fola was appointed Commissioner on the Commission for Africa
by the British Prime Minister Tony Blair
.
Fola was a Council member, and is Fellow of the Institute of Chartered Accountants of Nigeria
; Fellow of the Institute of Directors of Nigeria.
in December 2002 by President Olusegun Obasanjo. He has an honorary doctorate from Nkumba University
, Ntebbe, Uganda
. Banker of the Decade in 2009 by the Vanguard Newspaper group. Distinguished Famous Alumni award by Yaba Tech
.
Zik Leadership in 2003. This Day Awards 2011 - Change Makers in Social Entrepreneurship
Education
Fola started his education at St Paul's school BreadFruit, LagosLagos
Lagos is a port and the most populous conurbation in Nigeria. With a population of 7,937,932, it is currently the third most populous city in Africa after Cairo and Kinshasa, and currently estimated to be the second fastest growing city in Africa...
and then completed his secondary school education at Methodist Boys High School, Lagos. He obtained a Diploma in Accounting from Yaba College of Technology
Yaba College of Technology
Yaba College of Technology, founded in 1947, is Nigeria's first higher educational institution. It is located in Yaba, Lagos. The college is a center of culture and heritage...
in 1975 and became a Chartered Accountant
Chartered Accountant
Chartered Accountants were the first accountants to form a professional body, initially established in Britain in 1854. The Edinburgh Society of Accountants , the Glasgow Institute of Accountants and Actuaries and the Aberdeen Society of Accountants were each granted a royal charter almost from...
in 1980 following his training with Deloitte, Haskins and Sells and D.O. Dafinone & Company (both Chartered Accountants). Over the years he has received professional development training at notable institutions worldwide including Harvard Business School
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
, INSEAD
INSEAD
INSEAD is an international graduate business school and research institution. It has campuses in Europe , Asia , and the Middle East , as well as a research center in Israel...
, and the International Institute for Management Development
International Institute for Management Development
IMD - International Institute for Management Development is a non profit business school located in Lausanne, Switzerland.- History & Mission :...
in Switzerland
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
.
In 1999, Fola completed a one-year sabbatical at the National Institute for Policy and Strategic Studies in Kuru
Kuru, Nigeria
Kuru is located on the Jos Plateau in north-central Nigeria commonly referred as the middle belt region of Nigeria. Located about 20 km to Jos on the Jos-Abuja highway in Plateau State...
, Jos
Jos
Jos is a city in the Middle Belt of Nigeria.The city has a population of about 1.5 million residents. Popularly called "J-town" or "Jesus Our Saviour" by the residents, it is the administrative capital of Plateau State....
, Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
, where he carried out research on economic development and job creation policies.
Leadership in the Private Sector
Fola is widely recognized as a maverick in the Nigerian private sector. In 1990, he established Guaranty Trust BankGuaranty Trust Bank
Guaranty Trust Bank plc also known as GTB or GT Bank is the third biggest, but most profitable bank in Nigeria based in Victoria Island, Lagos.- History :Registered on January 17, 1990 by Central Bank of Nigeria....
which he managed as Managing Director/CEO from its inception in 1990 to July 2002, during which he firmly established the institution as a strong and credible bank. Guaranty Trust Bank has grown to become one of Nigeria's largest and most profitable companies. The bank has also expanded beyond Nigeria to other neighbouring African countries (The Gambia
The Gambia
The Republic of The Gambia, commonly referred to as The Gambia, or Gambia , is a country in West Africa. Gambia is the smallest country on mainland Africa, surrounded by Senegal except for a short coastline on the Atlantic Ocean in the west....
, Sierra Leone
Sierra Leone
Sierra Leone , officially the Republic of Sierra Leone, is a country in West Africa. It is bordered by Guinea to the north and east, Liberia to the southeast, and the Atlantic Ocean to the west and southwest. Sierra Leone covers a total area of and has an estimated population between 5.4 and 6.4...
, Ghana
Ghana
Ghana , officially the Republic of Ghana, is a country located in West Africa. It is bordered by Côte d'Ivoire to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south...
and Liberia
Liberia
Liberia , officially the Republic of Liberia, is a country in West Africa. It is bordered by Sierra Leone on the west, Guinea on the north and Côte d'Ivoire on the east. Liberia's coastline is composed of mostly mangrove forests while the more sparsely populated inland consists of forests that open...
) and in United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. The bank became listed on the Nigerian Stock Exchange in 1996.
In 2002, Fola voluntarily retired from Guaranty Trust Bank, after twelve years, successfully handing over to his deputy. Since this time period, Fola has served as the chairman of a range of institutions including UTC, ARM
ARM
An arm is an upper limb of the body.Arm may also refer to:-Geography:* Arm , a narrow stretch of a larger body of water** Canal arm, a subsidiary branch of a canal or inland waterway** Distributary or arm, a subsidiary branch of a river...
, Lotus Capital, Eterna Oil, Tafsan Breweries (board member), and Credit Registry Services.
Fola Adeola is also the chairman of Main One Cable Company Limited which completed the construction of an open access submarine cable system that spanned 14,000 kilometres and provides international and internet connectivity to countries on the Atlantic Coast from Portugal
Portugal
Portugal , officially the Portuguese Republic is a country situated in southwestern Europe on the Iberian Peninsula. Portugal is the westernmost country of Europe, and is bordered by the Atlantic Ocean to the West and South and by Spain to the North and East. The Atlantic archipelagos of the...
to Lagos, Nigeria connecting these countries with each other and with the rest of the world which completed in 2010.
Leadership in the Public Sector
Fola served as Chairman of the National Pension Commission, following the promulgation into law of the Pension Bill (principally authored by him), by the National Assembly of Nigeria. He chaired the Lagos State Disaster Relief Committee which was set up following the January 27, 2002 bomb blast tragedy in Lagos, Nigeria.Fola was also a member of the National Honours and Awards Committee and was appointed a member of the Governing Council of Lagos State University
Lagos State University
The Lagos State University - also known as LASU - was established in 1983 by the enabling Law of Lagos State of Nigeria, for the advancement of learning and establishment of academic excellence. The university caters for a population of over 61,000, enrolled in full-time and part-time programmes at...
in November 2004. He served as a member of the Solid Minerals Committee (constituted by the Federal Government) and was the Chairman of Ogun State Development Trust Fund Committee. He was a council member of Lagos State University and until January 17, 2011 served as a council member Olabisi Onabanjo University
Olabisi Onabanjo University
Olabisi Onabanjo University, Ago-Iwoye, is a state-owned and -operated university in Ago-Iwoye, Ogun State Nigeria. The university was founded July 7, 1982 as Ogun State University and was renamed Olabisi Onabanjo University on May 29, 2001 in honour of a great citizen of the state, Chief Olabisi...
.
Civil Society Engagement
Given Fola's commitment to empowering Nigerian youth to create jobs for themselves and others, he established the FATE Foundation in 2000.FATE is a non-governmental organization which is dedicated to encouraging the creation of wealth through entrepreneurshipEntrepreneurship
Entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response...
, using an innovative mix of training, mentoring, loan support and consulting to support young Nigerians. To date it has served over 30,000 young Nigerian entrepreneurs, of which over 65% are fully employed by their businesses and are employing on average about four staff.
Through the vision of Fola Adeola, FATE is expanding its offerings to start an innovation centre in Abeokuta
Abeokuta
Abeokuta is the largest city and capital of Ogun State in southwest Nigeria and is situated at , on the Ogun River; 64 miles north of Lagos by railway, or 81 miles by water. As of 2005, Abeokuta and the surrounding area had a population of 593,140....
. The Institute for Venture Design in close collaboration with the Centre for Design Research
Stanford Center for Design Research
The Center for Design Research is a research center at Stanford University, in Stanford, California. The Center for Design Research was founded in 1984 by a collection of faculty from Stanford's famed Design Division, with money from companies including Apple Computer, BMW, Hewlett-Packard, Sun...
at Stanford University
Stanford University
The Leland Stanford Junior University, commonly referred to as Stanford University or Stanford, is a private research university on an campus located near Palo Alto, California. It is situated in the northwestern Santa Clara Valley on the San Francisco Peninsula, approximately northwest of San...
is starting a new kind of entrepreneurship program focused on engineering, technology, and innovation with a goal to boost development of industry in Nigeria.
Fola has also engaged in many forms of philanthropy
Philanthropy
Philanthropy etymologically means "the love of humanity"—love in the sense of caring for, nourishing, developing, or enhancing; humanity in the sense of "what it is to be human," or "human potential." In modern practical terms, it is "private initiatives for public good, focusing on quality of...
and has donated generously to many not for profits causes and religious organizations. Internationally, Fola served as a member of the Global Advisory Committee on Philanthropy of the World Economic Forum for 4 years. In 2001, Fola was invited to join twenty-four other business leaders for the Aspen Institute
Aspen Institute
The Aspen Institute is an international nonprofit organization founded in 1950 as the Aspen Institute of Humanistic Studies. The organization is dedicated to "fostering enlightened leadership, the appreciation of timeless ideas and values, and open-minded dialogue on contemporary issues." The...
ISIB Annual Business Leaders Dialogue in Aspen, Colorado
Aspen, Colorado
The City of Aspen is a Home Rule Municipality that is the county seat and the most populous city of Pitkin County, Colorado, United States. The United States Census Bureau estimates that the city population was 5,804 in 2005...
. In May 2004, Fola was appointed Commissioner on the Commission for Africa
Commission for Africa
The Commission for Africa, also known as the Blair Commission for Africa, was an initiative established by the British government to examine and provide impetus for development in Africa. Initiated in Spring 2004, its objectives include the generation of new ideas for development and to deliver...
by the British Prime Minister Tony Blair
Tony Blair
Anthony Charles Lynton Blair is a former British Labour Party politician who served as the Prime Minister of the United Kingdom from 2 May 1997 to 27 June 2007. He was the Member of Parliament for Sedgefield from 1983 to 2007 and Leader of the Labour Party from 1994 to 2007...
.
Fola was a Council member, and is Fellow of the Institute of Chartered Accountants of Nigeria
Institute of Chartered Accountants of Nigeria
The Institute of Chartered Accountants of Nigeria is a professional accountancy body in Nigeria.It is one of the two professional accountancy associations with regulatory authority in Nigeria, the other being the Association of National Accountants of Nigeria .The relationship between the two...
; Fellow of the Institute of Directors of Nigeria.
Honours and Awards
He was nationally decorated as Officer of the Order of the Federal Republic (OFR)Order of the Federal Republic
The Federal Republic of Nigeria has instituted two orders of merit, the Order of the Federal Republic and the Order of the Niger after gaining independence from the United Kingdom in 1960....
in December 2002 by President Olusegun Obasanjo. He has an honorary doctorate from Nkumba University
Nkumba University
Nkumba University is a private university in Entebbe, Uganda. It was established in 1994 as part of a group of schools and colleges which originally grew from a kindergarten set up in 1951...
, Ntebbe, Uganda
Uganda
Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
. Banker of the Decade in 2009 by the Vanguard Newspaper group. Distinguished Famous Alumni award by Yaba Tech
Yaba College of Technology
Yaba College of Technology, founded in 1947, is Nigeria's first higher educational institution. It is located in Yaba, Lagos. The college is a center of culture and heritage...
.
Zik Leadership in 2003. This Day Awards 2011 - Change Makers in Social Entrepreneurship