Nigerian Exchange Limited (NGX), Chartered Institute of Stockbrokers (CIS), and other market stakeholders on Monday held a mock-trading session and Closing Gong Ceremony in honour of the late Otunba Subomi Balogun, the founder of FCMB Group.
Speaking during the ceremony, the Chief Executive Officer, NGX, Mr Temi Popoola, noted that the late Subomi Balogun was a blessing to the capital market.
- “We are here to pay tribute to somebody that without him, we really cannot talk about our markets, and I am sure that there are many careers here that he helped shaped and mine is a good example.
- “We can’t express our gratitude to him enough for what he did to help our industry expand. It is difficult to locate another family in Nigeria like the Subomis that can represent on the Exchange as they are doing now.
- We are very grateful, and we assure them that they can count on our support going forward as the family continues to drive their strategic goals,” Popoola said.
In his remarks, the Chairman of NGX Group, Alhaji (Dr) Umaru Kwairanga, noted that Subomi had played a significant role in the development of investment banking in Nigeria and had laid the foundation for many of the nation’s first equity offerings while working at ICON Securities.
- “He leaves a significant legacy and several monuments that would serve as evidence of his greatness well into the future.”
- The Group Chief Executive Officer, of NGX Group, Oscar N. Onyema, said the market could take solace in the fact that Subomi led a great life and left a huge legacy that the capital market community will continue to talk about for years to come.
- “Otunba ensured that he looked out for the best interests of the capital market, especially during his tenure on the Council of the Exchange years ago,” he said.
On his part, the CIS President, Mr Oluwole Adeosun, said:
- “We are celebrating the life of a colossus, Otunba Subomi Balogun who was the pioneer first Vice President of our Institute. We commiserate with the family and will keep remembering his deeds in the capital market”.
Mr Bolaji Balogun, the Group CEO, of Chapel Hill Denham during his remarks said:
- “That you still remember our father, who retired 20 years ago, speaks a lot about him and the calibre of outstanding people you are.
- He was very concerned about this market, the harmony of this nation, and the youth of Nigeria. I want to reassure each of you that the work we perform is essential to the growth of this nation.”
The Group Chief Executive, of FCMB Group Plc, Mr Ladi Balogun, said this is an encouragement for the family to keep his legacy on.
- “Whilst this has been a very emotional time for our family, the way our father has been honoured by the Exchange, CIS, and the entire country is truly inspiring to us. It is motivating us to go further, do better, and make sure that his legacy lives on. We will not be alone in doing that.
- “We will make sure we uphold his value and seek ways together with the exchange to transform the market and the economy”, Balogun said.
What you should know
Nairametrics reported recently the death of the founder of First City Monument Bank (FCMB) Otunba Michael Olasubomi Balogun.
Balogun, who was Otunba Tunwase of Ijebuland, was aged 89.
The Ogun State Governor, Dapo Abiodun, who confirmed his death, said he will be remembered for his visionary leadership and the dedication of his life to the betterment of our society.
Governor Abiodun said, ‘’It is with a heavy heart and sadness that we receive the news of the passing of our dear father, Otunba Michael Subomi Balogun, the Asiwaju Omooba of Ijeband and founder, of First City Monument Bank (FCMB).
- ‘’He will be remembered as a visionary leader who dedicated his life to the betterment of our society and his unwavering commitment, tireless efforts, and remarkable contributions will continue to inspire generations to come,” he said.
Chief has played his part and gone home to rest. I will not forget his humility. I could remember a year I saw him with Ladi and another of his sons (not Bolaji).In a regulatory office I wish to.keep the name secret. Baba greeted me with a smile as if he has known for ages. I knew the children would wonder if I was the head of the office. As junior as i was then he stretched his hands to shake me. To me that speaks volume because that was the first and only time I saw him.at very close range in his life time. .Baba, fair thee well…Your name shall not be forgotten for the good you did.