At the height of the COVID-19 pandemic, when most people were seeking ways to hold on to their jobs and prepare for the economic hardship that was bound to ensue, one man was busy resigning from his positions on the boards of several listed companies.   

What were his reasons? Well, he wanted to focus on other interests, precisely on the ANAP Foundation COVID-19 Think Tank which he had just founded at the time. The non-governmental organisation was established with the aim of helping combat the pandemic.   

That man is Atedo Nari Atowari Peterside, who also goes by the acronym, ANAP. Besides founding IBTC which is currently a part of Stanbic IBTC Holdings Plc, Peterside also founded ANAP Jets. He has been instrumental to the growth of several companies in the private sector and is a key player in influencing public policy in the country. Peterside has also been appointed by successive governments to serve on different important committees.   

This week on our founder’s profile, we bring you Atedo Peterside, the man who runs in when everyone is running out.   

Explore Economic Research Data From Nairametrics on Nairalytics

Let’s talk about his early years  

Mr Peterside was born to the family of Chief Michael Clement Atowari Peterside and Patricia Awune Gboloba Bob-Manuel in 1955. As the only boy in a family of three children, he grew up under a strong parental influence. His father was an Ophthalmologist, and whenever his job allowed him to be at home, he devoted the time to raising his kids with stern lectures as well as he did with lighthearted jokes.   

In 1965, ten-year-old Atedo finished his primary education and proceeded to boarding school at Kings College,  Lagos. However, the onset of the Nigerian Civil War suspended his education until 1970 when the war ended.   

Despite losing all his savings in the war, Chief Peterside worked and saved enough to send his son to the City University, London in 1973. It was there that he obtained his first degree in Economics. He later obtained his Master’s degree in 1977, also in Economics from the London School of Economics and Political Science.   

READ ALSO: Atedo Peterside shares throwback picture of pioneer Stanbic IBTC staff members

Why he chose his career path  

In a tribute to his father in 2016, Atedo recalled that his father’s profession as a medical doctor meant that he was always on call and hardly at home with the family. Much as he wanted to follow his father’s footsteps and be a “force for good,” Atedo knew even then that there had to be another way to make positive impacts in the world without being a medical doctor.   

“Because you were permanently ‘on call’, I decided from a very early age that there must be alternative paths to earning a decent living outside of medicine, which looked like a thankless job to me,” he wrote in the tribute.  

Even though that was the time when it was more fashionable to take a career as a medical doctor or a lawyer, Atedo would not go with the flow.   

The consciousness that some ‘good soldiers’ had been killed in the coups, political crisis and civil war in the 1960s also discouraged him from toeing that line. The stories of the war, as he later noted, was his first painful encounter with the concept of “collateral damage,” and it seemed so unfair that people should have to suffer such consequences trying to put things right in their fatherland.   

It was then that he decided he was going to be an entrepreneur and settled for studying Economics when he went to the United Kingdom for his first degree.   

After schooling, Atedo started his banking career with full consciousness of his main objective – becoming an entrepreneur. He took up a job with the NAL Merchant Bank (now known as Sterling Bank Plc), which was considered one of the foremost merchant banks at the time. He already knew for a fact at this time that he wanted to go into Investment banking. And he wanted to own one of such banks. 

READ ALSO: Royal Rumble at first trading week of Q3 2020, ASI down 1.99% WoW

While talking about this years later, Atedo said “I was more of an entrepreneur who just happened to be in banking. I took to banking as a career with the clear intention of becoming a bank entrepreneur.”  

With these dreams in mind, he attended the Owner/President Management Programme at the Harvard Business School from 1991–1993.  

IBTC Management in the early 1990s. Sitting from L to R: Atedo Peterside, Angela Omo-Dare, Wale Edun & Oluwande Muoyo. Standing from L to R: Sola David-Borha & Late Toyin Daniju

Founding IBTC  

Despite knowing that he wanted to start a bank, Atedo had to stay on for 10 years at NAL Merchant Bank. The Central Bank of Nigeria’s regulations at the time stipulated that one needed at least 10 years of banking experience to qualify as the Chief Executive Officer of a bank.  

“I stayed for 10 years, not because I couldn’t have started it earlier, but because I needed to have the required 10 years’ experience. And as soon as I did, I went ahead to start the bank,” he said.   

To get a bank started around the time Peterside founded Stanbic IBTC, one had to apply for a banking license and also get investors, which at the time was not so easy. So Chief Peterside started off the process by investing in the bank. Atedo had insisted that it would be inappropriate to seek outside investors for a venture which his own father was afraid of.   

READ MORE: Atedo Peterside says Nigerian Youths can’t start a bank at 33

Atedo recalled that this act of belief reinforced his desire to preserve the bank’s capital at all cost, knowing that he did not only have his money at stake, but that of his father and other shareholders. He stayed as CEO for 18 straight years after incorporation, taking the bank through the early tough years. Under his watch, the bank continued to grow steadily, showing good figures year after year.   

“I don’t think being a CEO at age 33 was such a big issue” he later remarked. “It was being a founder, largest shareholder and entrepreneur, and being the pillar carrying the bank, that was where the pressure really came from. It was a case of being at the forefront taking decisions and bearing the consequences.”  

Values he had gotten from his father came in handy at this time. “My father trained me to disbelieve first and question the message anyone was giving me and only proceed if the proposal makes sense to me,” he recalled.  

It was courtesy of this trait that he never fell prey to fraudsters in his business. Fraudulent schemes were popular at the time, with some of them pitching fake businesses to investors and banks. Unfortunately for them, they soon understood that it was a waste of time trying to get IBTC.    

The experience of working under (now late) Chief Wole Adeosun, his Managing Director and former boss at NAL Merchant Bank, had also given him sufficient exposure. He admitted that the responsibilities which he had to handle so early in his career helped build his confidence, reassuring him that he could run a bank.   

Acquisitions and mergers  

When CBN raised the minimum capital base for banks to N25 billion in 2005, IBTC acquired two commercial banks – Chartered Bank Plc and Regent Bank Plc. Consequently, IBTC became a universal bank on 19 December 2005, with a new name – IBTC Chartered Bank Plc.  

In 2007, the bank again merged with Standard Chartered Bank to form the Stanbic IBTC Bank Plc, and Atedo was elected Chairman in October 2007.   

About the merger, he remarked that it was a deliberate decision not influenced by any financial or technical problems in the bank.   

“We could have gone on without the merger and still not had any problems. It was a decision we made after 18 years and we took it because we thought we had seen the right banking partners that will take the bank to the next level.  

“Also as a founder, I was concerned about the careers of those who had given their lives and careers to grow IBTC, and my priority was getting them into an arrangement and institution that could go on forever so that they could have safe and secure jobs and careers,” he later said.  

The wisdom in his decision can be seen in the fact that lots of the staff who had worked with him in IBTC went on to have fulfilling careers in the new entity even long after he left.   

For instance, Sola David-Borha, who was his deputy from IBTC and later at Stanbic IBTC, succeeded him as MD and went on to become head of Africa region for the parent bank.   

Another principle which Atedo enforced as MD was using merit as a first criterion in all recruitments and appointments. Not even gender or ethnicity could get anyone an appointment unless he was first qualified, and Atedo insisted that he did not mind having all males or all females if those were the most qualified persons.   

The implication of this practice was that the bank often had more female representation in its management than other banks, and sometime in 2004, it was the only bank that had more females on its management team than males.   

The bank also had a lot of qualified bankers coming in, because they knew that it was an environment where they would be allowed to thrive irrespective of gender, ethnicity or other factors.   

Handling Challenges  

As CEO and later Chairman of a big bank, Atedo had to deal with many challenges. But he would later recall that the most significant challenge came in October 2015 when the Financial Reporting Council of Nigeria accused the bank of falsifying its 2013 and 2014 accounts by including sums which had not been disbursed as part of its operations costs.   

It was a bad day for the bank, especially since the regulatory agency had taken its accusations public whilst asking the bank to withdraw and rectify the statements. The bank’s management also went public with its explanation. Even though the funds had not been disbursed at the time the financial reports were sent in, they had to be included in order to make provisions for disbursement later.   

The explanation should have helped set issues straight but this was not to be. As a matter of fact, the issue dragged on for over a year until the Federal Government appointed CBN to conduct an investigation into it. Eventually, CBN cleared the air and upheld the bank’s practice as the standard – making provisions for the expenses which formed part of its operations costs.  

“I was conversant with all of the accounts and I knew we had done nothing wrong. The only issue was getting everyone to see it. I was also very confident in the team that I had built,” he said in an interview later.   

In his resignation notice later on, Atedo stated that he planned to leave the company in 2015, but the protracted dispute with the Financial Reporting Council forced him to delay his plans.  

Pursuing other interests  

After seeing to the end of the issues with regulatory agencies, Atedo Peterside retired as Chairman in March 2017. Although he still had interests in the bank, he wanted to give more time to other interests. However, he remained on the boards of both The Standard Bank of South Africa Limited and Standard Bank Group Limited.  

His focus after this time was the ANAP Jets Limited which he had started while still heading the board in 2015.  He is the  Chairman of ANAP Jets Limited, as well as a major shareholder. ANAP Jets provides fractional ownership platform, charter and aircraft management services, to serve the business sector, taking care of every detail in operating, maintaining, crewing, catering, and fueling the jet.  

The company has a technical partnership, which brings in Aliserio S.r.l. (formerly Eurofly Service S.p.A.) chaired by Mr Rodolfo Baviera, Aliserio S.r.l., of Italy as a technical partner.  Not only is the company over 40 years old, Mr. Rodolfo Baviera has also been the Chairman of The European Business Aviation Association between 2000 and 2016, giving him the expertise and network needed to make a valuable technical partnership.  

Atedo also served as board Chairman at Cadbury, and board member of Nigerian Breweries (Heineken subsidiary), Unilever and a Non-Executive Director of Flour Mills Nigeria Plc, until the onset of the pandemic when he resigned to devote more time to combatting the pandemic under the auspices of the ANAP foundation COVID-19 think tank.   

He is the Chairman of ART X Collective Limited and Endeavour High Impact Entrepreneurship Ltd/Gte, a non-profit organization that provides mentorship and support to scale-up companies. Mr Peterside also serves on the African Advisory Board of the Prince’s Trust International.  

Obviously, his hobbies of boating, polo, reading and traveling are not enough to occupy the 65-year old as he continues to pick up new pursuits. Now, he concerns himself with influencing public policy for a better society and has served on several committees at the instance of the government.   

READ ALSO: CBN imposes fresh CRR debits on banks to the tune of N118 billion

“I am sad that today, no young Nigerian at age 33 can start a bank the same way I did because the rules will not even permit him. I feel like the rules have been rigged against the younger generation and that is why you see most of them going into the creative arts like singing, dancing and acting because that is where they feel they have an advantage over the older generation. We need to look at influencing public policy to give them competitive advantage in every sector including public offices,” he said.   

Without entering the theatre like his father, Atedo has made his mark in his chosen path. However, what will speak most for the tireless entrepreneur are the professionals whom he has mentored in the banking industry.   

He was conferred with an honorary Doctor of Science Degree by the University of Port Harcourt, Nigeria, and also elected an Honorary Fellow of the Chartered Institute of Stockbrokers on 1 April 2019.  

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continue to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 31,323 confirmed cases.

On the 10th of July 2020, 575 new confirmed cases and 20 deaths were recorded in Nigeria, having carried out a total daily test of 3,725 samples across the country.

To date, 31,323 cases have been confirmed, 12,795 cases have been discharged and 709 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 175,656 tests have been carried out as of July 10th, 2020 compared to 171,931 tests a day earlier.

COVID-19 Case Updates- 10th July 2020,

• Total Number of Cases – 31,323
• Total Number Discharged – 12,795
• Total Deaths – 709
• Total Tests Carried out – 175,656

According to the NCDC, the 575 new cases are reported from 18 states- Lagos (224), Oyo (85), FCT (68), Rivers (49), Kaduna (39), Edo (31), Enugu (30), Delta (11), Niger (10), Katsina (9), Ebonyi (5), Gombe (3), Jigawa (3), Plateau (2), Nassarawa (2), Borno (2), Kano (1), Abia (1)

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 12,051, followed by Abuja (2,433), Oyo (1,689), Edo (1,593), Delta (1,348), Rivers (1,343), Kano (1,303), Ogun (1,063),  Kaduna (946), Katsina (655), Ondo (606), Borno (586), Gombe (527), Bauchi (519), Ebonyi (508), Plateau (499), Enugu (469), Abia (402),  Imo (359), Jigawa (321).

Kwara state has recorded 311 cases, Bayelsa (299), Nasarawa (238), Osun (212), Sokoto (153), Niger (135), Akwa Ibom (134), Benue (121), Adamawa (100), Anambra (93), Kebbi (86), Zamfara (76), Yobe (62), Ekiti (46), Taraba (27), while Kogi and Cross River state have recorded 5 cases each.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

Prices of major household items such as vegetable oil, tomatoes, pepper, rice and several others have once again spiked across major markets. This is according to the latest household market survey carried out by Nairametrics Research.

The latest household survey conducted by Nairametrics Research Team, revealed that Nigerians may be in for a sustained challenging time due to COVID-19 pandemic as major markets across Lagos state have been hit with low patronage, low sales and rising prices.

Key Highlights

A medium-sized bag of pepper that was initially sold for an average of N8,000 in June has now increased by 20% to sell for an average of N10,000. Also, a big basket of oval-shaped tomatoes that was initially sold for an average of N8,500 now sells for an average of N10,000.

Explore Economic Research Data From Nairametrics on Nairalytics

The team also found that 25 litres gallon of vegetable oil increased by 4.01% from an initial average of N12,575 to an average of N13,100. Surprisingly, the price of onions increased in the past weeks as a big bag of dry onions now sells for an average of N17,000 from an initial drop reported in June.

The report detailed items that recorded an increase in price, items that decreased in price, items that maintained initial prices, special markets and key insights.

Items that witnessed price increase

Some of the items that recorded an increase in price compared to last month include;

• A big bag of dry onions now sells for an average of N17,000, indicating a 2.94% increase compared to an average of N16,500 recorded a fortnight ago.
• The big basket of oval-shaped tomatoes that was initially sold for an average of N8,500 increased by 15% to sell for an average of N10,000.
• A small basket of oval-shaped tomatoes recorded a 13.3% increase to sell for an average of N7,500 compared to N6,500 recorded last month.
• The price of a bag of 50kg Mama Gold rice increased marginally by 1.17% to sell for an average of N21,375
• Mama’s Pride rice (50kg) also increased marginally by 0.59% to sell for an average of N21,125.
• A 50kg bag of Foreign rice now sells for an average of N28,500 compared to an initial average of N27,500 indicating a 3.51% increase in price.
• A big bag of melon increased by 15.38% to sell for an average of N39,000 compared to N33,000 recorded in June 2020.
• The price of a big bag Bush mango seed (Ogbono) currently sells for an average of N75,000. This is a 9.33% increase compared to N68,000 recorded two weeks ago.
• 1 loaf of Butterfield bread increased by 5.7% as it now sells for an average of N438 compared to an initial average of N413.
• A 5kg cylinder of household cooking gas is currently filled across the four markets for an average of N1,400 compared to an initial average N1,375 recorded two weeks ago. This indicates a 1.79% increase.

READ MORE: Cocoa prices melt lower as COVID-19 weakens demand 

Items that recorded decrease in price

Despite the increase in the price of most of the items, some items however recorded marginal decrease in price.

• A big tuber of Abuja yam now sells for an average of N838, compared to an initial average of N930, which indicates a 13.4% reduction in price.
• Also, a smaller tuber of yam recorded a 12% reduction in price from an initial average of N700 to an average of N625.
• The price of 1 big Titus fish now sells for an average of N563 compared to an initial average of N575.

Items that maintained initial price

Household items that maintained their initial prices include milk, cocoa beverages, bread, and flour.

• A 400g Peak Powdered (Tin) milk continues to sell for an average of N1,213 while 900g still sells for an average of N2,375.
• A big basket of sweet potatoes still sells for an average of N8,000 while a small basket of the same items continues to sell for an average of 600.
• 5kg of household cooking gas (Refilling) continues to sell for an average of N3,375 while 5kg cylinder is still filled for an average of N1,375.
• A bag of yellow maize still sells for an average of N17,250 while White maize also maintains average of N17,500.
• 500g and 900g Milo Tin still sell for an average of N1,038 and N2,075 respectively across the four markets.
• The price of Kote and Titus fish continues to sell for N563 and 575 respectively.
• A bag of 50kg beans (Oloyin) still sells for an average of N12,750, white beans sells for an average of N21,125 and brown beans sells for an average of N20,625.

READ MORE: Household Survey: Nigerians dump imported rice, others, as prices jump high 

Special Markets/Items

• A big nylon of crayfish increased by 15.4% in July to sell for an average of N15,000 compared to N13,000 recorded in June 2020.
• Round shaped tomatoes are yet to be sold in the markets due to the raining season. Meanwhile, oval-shaped tomatoes popularly regarded as Yoruba tomatoes is being sold in the major markets visited in Lagos. However, the price of the oval-shaped tomatoes is high due to the scarcity of the commodity. We found that a big basket is sold for an average of N10,000 while a small basket is sold for an average of N7,500.
• Big sized bag of pepper was not sighted by Nairametrics team at Mile 12 market and traders of the commodity explained that no truck conveying pepper arrived from the north in recent times, and this has forced the price of the limited stock to rise in the last two weeks. A medium-sized bag sells for an average of N10,000 at Mile 12 market.

Market Insights

Sellers at various markets who spoke to Nairametrics research revealed that sales have dipped in recent weeks due to increase in price, traffic situation and alternate opening of the market.

According to a trader at Daleko market, “sales have dropped significantly in the past month as the price of food items keeps increasing with markets only opening on specific days of the week. I think the increase in price of goods has discouraged consumers from purchasing as much as they do before which is affecting our revenue at the end of the day.”

Another trader interviewed at Mushin market by Nairametrics research team explained that, “Our goods are spending more time on display now compared to pre-COVID period, which has affected our turnover in recent times.” 

About Nairametrics Food Price Survey

The Nairametrics Food Price Watch is a bi-weekly household market survey that covers the prices of major food items, with emphasis on five major markets in Lagos – Mushin Market, Daleko Market, Oyingbo Market, Idi-Oro Market and Mile 12.