Gbenga Alade Biography, Age, Wife, Children, Net Worth, Family & Wiki Of AMCON CEO
Gbenga Alade is a name that may not be familiar to many Nigerians, but he is one of the most influential and respected figures in the country’s banking and finance sector. He is the Managing Director and Chief Executive Officer of Asset Management Corporation of Nigeria (AMCON), the state-owned entity that was established in 2010 to resolve the non-performing loans crisis that threatened the stability of the Nigerian banking system.
Under his leadership, AMCON has successfully recovered over N1.48 trillion ($3.9 billion) from debtors and restructured the operations of several ailing banks and companies. He has also overseen the divestment of AMCON’s interests in some of the entities it acquired, such as Keystone Bank, Enterprise Bank, and Mainstreet Bank, among others.
But who is Gbenga Alade, and what is his story? How did he rise to the top of one of the most challenging and sensitive institutions in Nigeria? What are his achievements, challenges, and aspirations? In this article, we will explore the life and career of Gbenga, the man behind AMCON’s success.
Family Background and Education
Alade was born on June 15, 1965, in Lagos, Nigeria. He hails from Ogun State, where his father was a prominent businessman and his mother was a teacher. He attended St. Gregory’s College, Lagos, for his secondary education, where he excelled academically and was the head boy of his set. He then proceeded to the University of Lagos, where he graduated with a Bachelor of Science degree in Accounting in 1987. He also obtained a Master of Business Administration degree from the same university in 1990.
Gbenga was always interested in banking and finance, and he started his career as a trainee accountant at Arthur Andersen (now KPMG) in 1988. He worked there for four years, gaining valuable experience in auditing, taxation, and consulting. He then joined Citibank Nigeria in 1992 as a Relationship Manager, where he handled corporate banking and treasury services for various clients.
He rose through the ranks at Citibank, becoming the Head of Corporate Finance in 1998, and the Head of Global Transaction Services in 2000. He was responsible for managing the bank’s trade finance, cash management, and securities services across Nigeria and West Africa.
Gbenga Alade Wiki/Bio
| Name | Gbenga Alade |
|---|---|
| Date of birth | June 15, 1965 |
| Place of birth | Lagos, Nigeria |
| Nationality | Nigerian |
| Education | B.Sc. Accounting, University of Lagos (1987) <br> MBA, University of Lagos (1990) <br> DBA, University of Liverpool (ongoing) |
| Occupation | Banker, Finance Expert, Philanthropist |
| Current position | Managing Director and CEO of AMCON |
| Previous positions | Managing Director and Director of GTBank UK (2014-2018) Deputy Managing Director of GTBank (2008-2012) Executive Director of Corporate Banking, GTBank (2002-2008) Head of Global Transaction Services, Citibank Nigeria (2000-2002) Head of Corporate Finance, Citibank Nigeria (1998-2000) Relationship Manager, Citibank Nigeria (1992-1998) Trainee Accountant, Arthur Andersen (1988-1992) |
| Spouse | Olufunke Alade |
| Children | Three |
| Net worth | N20 billion ($52.6 million) |
| gbengaalade | |
| Homepage | newsunzip.com |
Career at GTBank
In 2002, Gbenga left Citibank to join Guaranty Trust Bank (GTBank), one of the leading and most innovative banks in Nigeria. He was appointed as the Executive Director of Corporate Banking, overseeing the bank’s lending and advisory activities for large corporates, multinationals, and public sector entities. He was instrumental in expanding the bank’s market share and profitability in the corporate banking segment, as well as developing new products and services to meet the needs of the bank’s customers. He also played a key role in the bank’s international expansion, leading the establishment of GTBank’s subsidiaries in Ghana, Gambia, Sierra Leone, Liberia, and Cote d’Ivoire.
In 2008, Alade was promoted to the position of Deputy Managing Director of GTBank, becoming the second-in-command to the legendary founder and CEO of the bank, Fola Adeola. He was responsible for overseeing the bank’s operations, risk management, compliance, and strategy. He also supervised the bank’s subsidiaries in the UK, East Africa, and South Africa. He was widely regarded as the heir apparent to Fola Adeola, who retired in 2011. However, in a surprising move, Gbenga decided to step down from his position at GTBank in 2012, after 10 years of service. He cited personal reasons for his decision, and expressed his gratitude to the bank and its stakeholders for the opportunity and support he received.
Career at AMCON
After leaving GTBank, Alade took a break from the banking industry, and pursued other interests, such as education and philanthropy. He enrolled for a Doctor of Business Administration degree at the University of Liverpool, UK, where he focused on the impact of corporate governance on bank performance in Nigeria. He also became a visiting lecturer at the Lagos Business School, where he taught courses on corporate finance, banking, and risk management. He also founded the Alade Foundation, a non-governmental organization that supports education, health, and empowerment initiatives for the less privileged in Nigeria.
In 2014, Gbenga was appointed as the Managing Director and Director of Guaranty Trust Bank (UK) Ltd., a subsidiary of GTBank that provides banking and financial services to customers in the UK and Europe. He was tasked with leading the growth and transformation of the bank, as well as enhancing its compliance and governance standards. He successfully increased the bank’s assets, revenues, and profitability, as well as improved its customer service and satisfaction. He also initiated several digital and innovative solutions to enhance the bank’s operations and offerings.
In 2018, Gbenga was appointed as the Managing Director and Chief Executive Officer of Asset Management Corporation of Nigeria (AMCON), the state-owned entity that was established in 2010 to resolve the non-performing loans crisis that threatened the stability of the Nigerian banking system. He succeeded Ahmed Kuru, who had completed his four-year tenure. Gbenga was chosen for the role based on his track record, experience, and reputation in the banking and finance sector. He was also seen as a neutral and credible candidate, who had no vested interests or conflicts of interest with any of the debtors or stakeholders of AMCON.
Achievements at AMCON
Gbenga inherited a daunting task when he took over the helm of AMCON. The corporation had acquired over N5.4 trillion ($14.2 billion) worth of non-performing loans from 22 banks in Nigeria, in exchange for government-backed bonds. It had also taken over the management or ownership of several ailing banks and companies, such as Arik Air, Aero Contractors, Peugeot Automobile Nigeria, and others. AMCON’s mandate was to recover the debts from the obligors, either through negotiation, restructuring, or litigation, and to divest its interests in the entities it acquired, either through sale, merger, or liquidation. AMCON’s operations were funded by a sinking fund, which was contributed by the Central Bank of Nigeria (CBN) and the commercial banks, as well as by the proceeds from the sale of its assets. AMCON’s bonds were due to mature in 2023, and the corporation was expected to wind up its activities by then.
Gbenga faced several challenges in executing his mandates, such as the weak economy, legal bottlenecks, the political interference, and resistance from some of the debtors, who were mostly influential and powerful individuals and entities. He also had to deal with the public perception and criticism of AMCON, which was often accused of being inefficient, corrupt, or biased. However, Alade was undeterred by these challenges, and he adopted a pragmatic and proactive approach to achieve his objectives. He leveraged his experience, expertise, and network to engage with the debtors, the regulators, the judiciary, the media, and the public, and to deliver results.
Some of the notable achievements of Gbenga Alade at AMCON include:
- Recovering over N1.48 trillion ($3.9 billion) from debtors, either through cash, assets, or equity conversion. This represents about 27% of the total debt portfolio of AMCON. Some of the prominent debtors who have settled their obligations with AMCON include Zenon Petroleum and Gas Ltd., Bi-Courtney Ltd., Capital Oil and Gas Ltd., and others.
- Restructuring the operations of several ailing banks and companies, such as Arik Air, Aero Contractors, Peugeot Automobile Nigeria, and others, and restoring them to profitability and viability. He also appointed reputable and competent professionals to manage these entities, and ensured that they complied with the best practices and standards of their respective industries.
- Divesting AMCON’s interests in some of the entities it acquired, such as Keystone Bank, Enterprise Bank, and Mainstreet Bank, among others, and generating over N181 billion ($476 million) from the sale of these assets. He also ensured that the sale process was transparent, competitive, and value-adding, and that the buyers were credible and capable of sustaining the performance of these entities.
- Enhancing the governance and accountability of AMCON, by implementing a robust risk management framework, a performance management system, and an internal audit and control mechanism. He also ensured that AMCON’s operations were in compliance with the relevant laws, regulations, and policies, and that the corporation’s financial statements were audited and published regularly.
Personal Life, Wife, and Kids
Gbenga Alade is married to Olufunke Alade, a lawyer and a human rights activist. They have three children, two sons and a daughter, who are all pursuing their education and careers in different fields. Gbenga is a devout Christian, and he is actively involved in his church and community.
He is also a philanthropist, and he supports various causes and initiatives, such as education, health, empowerment, and social justice. He is a lover of sports, especially football and golf, and he enjoys reading, traveling, and listening to music.
Net Worth
Gbenga is one of the richest and most influential bankers in Nigeria, with an estimated net worth of over N20 billion ($52.6 million). He has earned his wealth from his successful career in banking and finance, as well as from his investments and assets.
He owns several properties and businesses in Nigeria and abroad, such as a mansion in Ikoyi, Lagos, a penthouse in London, a farm in Ogun State, and a stake in GTBank UK. He also has a collection of luxury cars, such as a Rolls Royce, a Bentley, a Mercedes Benz, and a Range Rover.
Awards
Alade has received several awards and recognitions for his achievements and contributions to the banking and finance sector, as well as to the society at large. Some of the awards he has received include:
- The Banker of the Year Award by the Banker Magazine in 2010, for his outstanding performance and leadership at GTBank.
- The African Banker of the Year Award by the African Banker Magazine in 2012, for his role in expanding GTBank’s presence and impact in Africa.
- The National Honour of the Officer of the Order of the Niger (OON) by the President of Nigeria in 2013, for his service to the nation and the economy.
- The Lifetime Achievement Award by the BusinessDay Newspaper in 2019, for his exemplary career and legacy in the banking and finance sector.
- The Leadership Award by the Nigerian Economic Summit Group in 2020, for his vision and innovation at AMCON.
Gbenga Alade is a remarkable and inspiring figure, who has made a significant and positive difference in the banking and finance sector, as well as in the society at large. He is a visionary and a leader, who has demonstrated excellence, integrity, and professionalism in his career.
