Nigerian Exchange Limited and other stakeholders honor founder of FCMB Group, late Otunba Subomi Balogun

On July 3rd the Nigerian Exchange Limited, the Chartered Institute of Stockbrokers, and other market stakeholders hosted a mock-trading session and Closing Gong Ceremony in honor of late FCMB Group founder, Otunba Subomi Balogun, FCS, CON.

Mr Temi Popoola, Chief Executive Officer of NGX, stated during the occasion that the late Subomi Balogun was a blessing to the capital market. “We’re here to pay tribute to someone who, without him, we really couldn’t talk about our markets, and I’m sure there are many careers here that he helped shape, including mine.”

“We can’t thank him enough for what he’s done to help our industry grow.” It is rare to find another Nigerian family like the Subomis that can represent on the Exchange as they do currently. “We are grateful, and we assure them that they can count on our continued support as the family pursues their strategic goals,” Popoola added.

Alhaji (Dr) Umaru Kwairanga, Chairman of NGX Group, stated in his remarks that Subomi had played a vital role in the growth of investment banking in Nigeria and had built the groundwork for many of the country’s initial equity issues while working at ICON Securities. “He leaves a significant legacy as well as a number of monuments that will serve as evidence of his greatness for many years to come.”

Oscar N. Onyema, OON, Group Chief Executive Officer of NGX Group, said the market could take comfort in the fact that Subomi had a fantastic life and left a big 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 Exchange’s Council years ago.”

“We are celebrating the life of a colossus, Otunba Subomi Balogun, who was the pioneer first Vice President of our Institute,” stated CIS President Oluwole Adeosun. We express our condolences to the family and will remember his contributions to the capital market.”

During his remarks, Mr Bolaji Balogun, Group CEO of Chapel Hill Denham, stated, “That you still remember our father, who retired 20 years ago, says a lot about him and the caliber of outstanding people you are.” He was deeply concerned about this market, the nation’s cohesion, and Nigeria’s youth. I want to tell each of you that the work we do is critical to the growth of this country.”

Mr Ladi Balogun, Group Chief Executive, FCMB Group Plc, praised the leadership of the Exchange and CIS, saying it is an inspiration for the family to carry on his legacy.

“Although this has been a difficult time for our family, the way our father has been honored by the Exchange, the CIS, and the entire country has been truly inspiring to us.” It inspires us to strive further, to accomplish better, and to ensure that his legacy continues on. We will not be alone in our endeavor. “We will ensure that we uphold his value and work with the exchange to transform the market and the economy,” Balogun added.