ATEDO PETERSIDE
ATEDO PETERSIDE:THE PACE-SETTER
Atedo Peterside, chief executive officer, Investment Banking and Trust Company Limited, IBTC, since inception in 1989, is one of Nigeria's most experienced and successful investment bankers. IBTC lays premium "on adding value by offering innovative solutions to specific client needs and keeping close watch on the operating environment for new opportunities to do so." The bank is very strong in the mergers, acquisition, divestment and corporate restructuring.
In 1996, it was responsible for 80 percent o the major mergers and acquisition transactions in the country totaling N10.5 billion. These include the N1.64 billion acquisition of CWA Holdings Limited (a Unilever subsidiary), remaining shares in Nigeria Breweries by Heinnekan Buouwerijen BV; and the N5.97 billion merger between Thermocool Engineering Company Plc and Paterson Zochonis Industries Plc.
IBTC in earlier years handled Unilever's divestment from UAC of Nigeria Plc; the merger of Level Brothers of Nigeria Plc and Unilever Nigeria Limited. It also handled Sterling Products (Nigeria) Plc and Smithkline Beecham Plc N1.8 billion merger in respect of Nigeria Bottling Company's N1.7 billion acquisition of Sapanda Industries Limited. The professional expertise with which it delivered on these deals continues to recommend IBTC to old and new clients.
Similarly, in 1996, IBTC in response to "favourable changes to the tax, exchange control and Nigerian stock Exchange regime in 1995 and 1996" launched the N2 billion IBTC Nigerian Equity Fund through its subsidiary IBTC Asset Management Limited. The fund offered portfolio investors a vehicle to participate in the Nigerian Stock Market against the backdrop of a relatively stable exchange rate regime and falling domestic interest rates. Investor responded enthusiastically to this product.In spite of poor growth of the economy, IBTC's balance sheet grew by 17 percent from N4. 87 billion to N5.7 billion, loan portfolio rose by 126 percent to N1.61 billion, and deposits jumped more than four times from N314.32 million to N1.81 billion. The bank's gross imcome is N1.33 billion reflecting 24 percent growth and profit before tax of N847 million. With this result, the bank paid shareholders a dividend of N1.00 per share and offered two bonus shares for every existing share as a way of raising its authorised share capital to N600 million and in the process meeting the new equity for banks.
The bank believes in the aphorism "small is beautiful" as it has only one office located in Lagos with only 58 staff but makes up by investing heavily in modern infrastructure to service clients wherever they are. The highly motivated staff have remained loyal and dedicated, with little staff turnover thereby building on enduring relationship both within the organisation and with the clients. Similarly, in 1996, IBTC in response to "favorable changes to the tax, exchange control and Nigerian Stock Exchange regime in 1995 and 1996" launched the N2 billion IBTC Nigerian Equity Fund through its subsidiary IBTC Asset Management Limited. The Fund offered portfolio investors a vehicle to participate in the Nigerian Stock Market against the backdrop of a relatively stable exchange rate regime and falling domestic interest rates. Investors responded enthusiastically to this product.
Inspite of poor growth of the economy, IBTC balance sheet grew 17 percent from N4.87 billion to N5.7 billion, loan portfolio rose by 126 percent to N1.61 billion, and deposits jumped more than four times from N314.32 million to N1.81 billion. The bank's gross income is N1.33 billion reflecting 24 percent growth and profit before tax of N847 million. With this result, the bank paid shareholders a dividend of N1.00 per share and offered two bonus shares for every existing share as a way of raising its authorised share capital to N600 million and in the process meeting the new equity for banks.
The bank believes in the aphorism "small is beautiful" as it has only one office located in Lagos with only 58 staff but makes up by investing heavily in modern infrastructure to service clients wherever they are. The highly motivated staff have remained loyal and dedicated, with little staff turnover thereby building an enduring relationship both within the organisation and with the clients.
Peterside attended the City University, London where he read Economics and obtained a master's degree from the London School of Economics and Political Science. He was assistant general manager, NAL Merchant Bank Plc in 1989 before pioneering IBTC as CEO. He is a fellow of the Chartered Institute of Bankers of Nigeria, and a member of the Business Roundtable and Young Presidents' Organisation.
An informed commentator on economic issues, Peterside is a member of the Nigerian Economic Summit Group and was on the vision 2010 Committee. He is the vice-president, Nigerian-American Chamber of Commerce. He is also director of many companies including Seven-Up Bottling Company Plc.
Newswatch June 29, 1998
" Newswatch 1998