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A SPECIAL TRIBUTE TO MY MENTOR OTUNBA MICHAEL OLASUBOMI BALOGUN I wish to add my voice to the thousands who without a doubt have already paid tribute to the man I regard as one of the greatest Nigerians I have ever known. I met Otunba Subomi Balogun shortly after joining Lawson Group of Companies recruited by another pioneer business giant Chief Adeyemi OLusola Lawson, who earlier established himself as a father and mentor to me. My brother Kolapo Lawson has written about Otunba’s humility and simplicity. I could not agree more. Otunba “walked with kings but did not lose the common touch”. Shortly after meeting him, he took a special liking to me the bond between us just grew stronger by the day. He referred to me as his Aburo and I called him my Egbon. His long time personal secretary and assistant Mrs. Adekusibe could testify to the numerous occasions I was in Primerose Towers summoned by him for no other reason but just to see how I was doing. My encounters with the Olori Omoba of Ijebu land were numerous but some stand out and are worth mentioning. One summer afternoon, I was walking back to my service flat on Hyde Park Square in London. I had gone shopping along the famous Oxford Street. As I turned the corner to enter the building, I heard a car hooting and the driver came very close to the pavement where I was walking. I stopped, turned around to see who it was. The rear glass wound down, and there was my Egbon the Otunba with his dear wife The Olori in their chauffeur driven Rolls Royce. My jaw dropped and he smiled. Then he said “I just wanted to be sure it was you and that you are alright”. All I could mutter was thank you sir. When my mother passed in 1997, Otunba drove all the way from Victoria Island to my house in Festac Town to pay me a condolence visit. It is hard to forget such a gesture from a man of such great stature. But that was Otunba for you. Before then I served on the Governing Council of the University of Ibadan for two terms of 4 years each. In the course of my service, I persuaded the then Vice Chancellor Professor Ayo Banjo and the University Council to incorporate a limited liability company wholly owned by the University; to be used as a vehicle to commercialize the University’s services with the aim of increasing internally generated revenue for the institution. With the approval of the Vice Chancellor, U.I Ventures Ltd was established. I persuaded Otunba to be the first Chairman of the company, and he accepted and would drive all the way from Lagos to Ibadan to chair the Board Meetings of U.I Ventures Ltd. This was in the 1980s. in its first year, U.I Ventures Ltd was able to make a lease payment of N250,000 to the University to take over management of certain services (guest house, petrol station, bakery, consultancy, supermarket etc.). At the end of the year a dividend of another N250,000 was paid bringing the total sum realized in the first year to N500,000. This was in addition to savings on salaries by the University for staff taken over by U.I Ventures Ltd. Today I understand the idea of U.I Ventures Ltd has taken firm root and the company has metamorphosed into a successful and growing group. I take this opportunity to commend the authorities of the institution for sustaining the vision of U.I Ventures Ltd. Even when I left Lagos and relocated to Calabar in December 1999, and subsequently went into the Senate in 2003, my Egbon did not give up on me. One day he met at the lobby of the Transcorp Hilton Hotel Abuja and right there on the spot he arranged for his driver to pick me up later that evening and bring me to his penthouse apartment on the top of his bank building. Visits to his Ijebu Ode mansion for one function or the other especially his birthdays were almost routine. Otunba Tunwashe loved to entertain and on several occasions, my wife and I savored the entertainments which were always lavish. Otunba had also endowed a Professional Chair in the Department of Economic and Finance. I then nominated him for an honorary degree and presented his resume to council. He was subsequently award the degree of Doctor of Laws (Honoris Causa) This was an honor more than well deserved. I was therefore extremely delighted to learn that the University’s multi-purpose Conference Center was named The Otunba Subomi Balogun Conference Center. And I will never forget the grand tour he gave a group of us on one occasion of the Otunba Tunwase Nation Pediatric Center as we returned to Lagos from Ijebu. As a man of great foresight that he is, he has ensured the perpetuity of the Centre by handing it over to the University College Hospital (UCH). My Egbon, the Olori of Omoba of Ijebu Land was a cultured gentleman endowed with a huge amount of empathy, generosity, simplicity and humility. He was a rare breed. Nigeria has lost a son, an icon and a thorough-bred entrepreneur. May God reward his earthly kindness with a secure place in Heaven. My wife Consola and I are deeply shocked and saddened by this loss. And our hearts of sympathy and prayers go out to Olori Abimbola Balogun, the children, grandchildren and extended family. May God grant you all the strength and fortitude to bear this devastating and irreplaceable loss. AMEN. Senator Bassey Ewa Henshaw • Page 99 •
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Even when the less faithful would believe that prospects are bleak, my prayers and my strong faith have always shown me bright light at the end of the tunnel. OTUNBA M.O. BALOGUN, CON • Page 107 •
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Otunba, Olori with Otunba’s best friend, Chief Kola Daisi, during the church service for his 80th celebration Otunba Balogun and Chief Kola Daisi, friends like brothers Former Head of State, General Yakubu Gowon (rtd.), GCFR, late Chief Ernest Shonekan, former Head of Interim Government, Otunba Balogun, Chief Chris Onabanjo, Chief Razaq Okoya and others with Otunba. Otunba Balogun with the Awujale and paramount ruler of Ijebu Kingdom, Oba (Dr.) Sikiru Kayode Adetọna, CFR, JP Otunba during the thanksgiving service of his 80th birthday celebration; the Awujale, Justice Oguntade and Emeritus Professor are in the congregation. Otunba Balogun with his mentor, Chief Chris Ogunbanjo • Page 109 •
TRIBUTE Subomi and I met in London during The Fresher’s Night in the autumn of 1956. We were both staying at The Passfield Hall which is an exclusive hall of residence for the London School of Economics (LSE) where we were studying Law and Economics respectively. I also had the intention of studying Law, which I later did. For me and Subomi, It was “Love at first sight”, which was to deepen and consolidated between 1956 and 1960 as students. That love and mutual respect has endured till Subomi took his last breath. Subomi is rightfully credited for bringing Sherifat Agbeke (Nee Animashaun) my beloved wife into my life. He was instrumental in ensuring that the courtship bloomed and blossomed. My wife and I got married in July 1960 and until she passed away in October 2018, my wife would call Subomi ‘egbon mi’, and he would reply ‘aburo’. Such was the bond and love between us. As young ambitious lawyers, we returned to Nigeria to make our mark in the early sixties. I went into private practice and Subomi worked as a State Counsel. I spent many years in legal practice and commerce and industry while Subomi eventually went into banking via The NIDB. He founded his stock broking firm – City Securities Ltd in 1978 and then went into Banking. He founded The First City Merchant Bank. This is notable because he was to become one of the first successful private indigenous promoters of a bank in Nigeria, which later became First City Monument Bank. People often ask and wonder how our friendship endured for so long. I can tell you that it was a friendship based on love, trust, shared intrinsic values and selflessness. Subomi’s zest for life belied a heart of gold. He demanded excellence in all aspects of his life. He walked the walk and talked the talk. There were no half measures. As my ‘twin’ brother and friend, we celebrated my 90th Birthday Anniversary last year with Subomi by my side and looked forward to celebrating his own 90th next year. But alas, it was not to be. God knows best. Today, the ‘unbreakable’ bond of an everlasting friendship is severed by his death. The memories of such an amazing brotherhood (of 67 years) will remain with me forever. Farewell! – Brother and friend. Chief Kola Daisi • Page 110 •
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UNFORGETTABLE SUBOMI The tremor generated by the sudden departure of Nigeria’s one and only Subomi Balogun will take some time to subside. For me, it will take forever. Our paths first converged at Igbobi College, Yaba in 1948 when he was admitted to Form I and I into Form 2, meaning that I left Igbobi one year before him. But our paths converged again in 1953 when we were both admitted for the A Level course at the Nigerian College of Arts, Science and Technology, Ibadan. This time, we were classmates. The bond grew stronger and remained very strong until his much-lamented passing. He had indeed called me the night before his last journey to London, just to let me know, and I had no reason to suspect that that was going to be the last conversation between us. Imagine my utter disbelief therefore when a few days later, I was stupefied by the report of his passing. We had linked up again in Britain, where he read Law at the London School of Economics, and where he met another friend who was to become his bosom friend, Kola Daisi, while I was admitted to the University of Glasgow in Scotland. In spite of the distance, we remained close as, in any case, I spent my holidays in the warmer climate of London among many other Nigerians. When I decided to have my engagement ceremony before returning to Nigeria in 1960, the obvious venue was Subomi’s flat on Fellows Road, which he shared with two of our mutual friends, Bandele Ogutuga and the late Gbenro Ajayi. And at my wedding in 1963, the obvious choice of best man was Subomi. He later made me the Godfather of his first son. Subomi was ever loyal to his friends. He kept us updated throughout his epic struggle to the top of the banking world in Nigeria. During this time, also, Subomi revealed the deeply religious aspect of his nature. On achieving the final success of being the first private individual to establish a bank in the country, he ascribed his success to the special grace of God. And it is remarkable how, for the rest of his life, he stayed ever close to God, thanking, praising and worshipping Him. He even had a Chapel in his residence where he spent quality time with Him. I believe this was why he was always radiant with an inner happiness. Subomi, in turn, blessed Ijebu-Ode and the country with his good fortune. In Ijebu-Ode, he held a pivotal position in the sociology of the ancient kingdom. He was a close companion of the Awujale, Oba Sikiru Adetona, and combined the traditional role of the Olori Omooba and Head of the Christians. He gave everyone their due, and in turn was loved by everyone. In the country at large, he was a symbol of what a middle-aged man with appropriate grit can single- handedly achieve, and thus served as an inspiration to young Nigerians in business. Since he was not given to making a public show of his charitable interventions, it is difficult to say how many of such acts there have been, but I am in a position to recount his benefaction to the University of Ibadan and the University College Hospital. In the late 1980s, during my term as the Vice-Chancellor of the University of Ibadan, I expectedly turned to him to help the university. The university at that time had decided to turn some of its activities to profitable business and had established, for this purpose, UI Ventures. I invited Subomi to be the pioneer chairman of the organization, and he readily agreed. At the end of the first year of operations, UI Ventures, in addition to paying the salaries of all the workforce, turned over half a million naira to the university as its own dividends. Talk of Mida’s touch! • Page 112 •
In anticipation, the university had made Subomi an honorary graduate of the university by conferring on him the honorary degree of LL.D. At the end of his stint at UI Ventures, a grateful university named its famous Conference Centre after him. In the University College Hospital, he had already endowed a paediatrics ward. Meanwhile, Subomi had been putting up a state-of-the-art Paediatrics Hospital in his native Ijebu-Ode. On completion of the construction, he offered a partnership to UCH, which was to provide the hospital with its top administrative and research staff. In the end, he made an outright gift of the institution to the UCH. His was a silent philanthropist. At this time, our thoughts must go to Olori Abimbola, Subomi’s inseparable wife and constant companion. She had stood gallantly by him throughout his memorable odyssey, and together they had created a loving marriage in which the boys had been brought up. May God comfort her and be her pillar of strength in the coming days and years. It is hardly surprising that by the time Subomi left them, all the boys had firmly embraced their father’s legacy, thereby ensuring that Subomi’s hard work will endure for generations. We pray for God to spread his wings over them, and be their fortress, as He had been their father’s. May He continue to prosper succeeding generations of the family. Sleep well, Subomi, and have your deserved rest. Professor Emeritus Ayo Banjo, CON, Hon D.Litt (Ibadan), NNOM, FNAL • Page 113 •
TRIBUTE TO OTUNBA MICHAEL OLASUBOMI BALOGUN My brother, my classmate, my friend and confidant. It is with an incredibly heavy heart that I write this tribute. Words cannot describe a relationship that has spanned over 70 years. From our days as students in Nigerian College of Arts Science & Technology in the late 1940s, to our early professional life on Broad Street and Tinubu Square, as we plodded on hand in hand through early adolescence pursuing our common business and professional targets, with the blessings of God, always with each other in sight. In 1979, the Federal Government embarked on 60% acquisition of all foreign owned Oil Companies in Nigeria. We faced the indigenisation era together with City Securities Limited successfully handling the indigenisation of Mobil Oil Limited. Again in 1982, we worked together alongside my late brother in - law Kenneth Dublin Green, who was the Junior Minister of Finance to secure the banking licence for First City Merchant Bank in 1983 with great input from the late Vice President Alex Ekwueme. Professionally you proved to be a banker per excellence, surviving the toxic business environment where foreign owned banks and partisan Nigerian banks would not give breathing space. Many fell by the wayside, but you survived it all. You were a true friend. There are very few people who knew me as well as you did - a relationship of complete trust and mutual respect, non - betrayal. Family life was also good for you. Your children grew up to become responsible mature citizens, contributing their quota to the society. You were beside me when I lost my wife Derry in November 2022 and shared my 90th birthday cake with me on January 17, 2023. That day you recounted in detail our journey of friendship from inception to date before all present. In hindsight, it was as if you knew that it was coming to an end. We were looking forward to your own 90th birthday in March 2024. You said that you were traveling for a short rest in London and we would see when you return. Alas it was not meant to be. Olori Bimbo you have always been a good and calm support to my brother. I know that you and the children will miss him dearly. I pray the good Lord to comfort you all. I will truly miss you Otunba Re. Rest in peace dear brother. “Goddy O” Godwin T. S. Adokpaye • Page 114 •
Chief Olusegun Osunkeye, CON, OFR. Integrity Gardens Estate, 1 Adeyemo Alakija Street, GRA, Ikeja, Lagos State, Nigeria Mobile +234 8022237615, +234 8034027966 Email: [email protected] TRIBUTE TO THE LATE OTUNBA MICHAEL OLASUBOMI BALOGUN, CON, THE OLORI OMO-OBA & THE ASIWAJU OF IJEBU CHRISTIANS I never could imagine that I would be writing this tribute barely two months after we dined together at our Metropolitan Club Tuesday lunch on 25 April 2023. As usual, the conversation flowed, during which Otunba Subomi Balogun said he would be in London in May, and I said I would be in London too in the latter part of May, and there was an understanding that we would meet somewhere for lunch. Alas, this was not to be. I arrived in London (from Miami) on Sunday 21 May, 2023, switched on my phone, only to read a WhatsApp message “Otunba Balogun is dead, he died in London”. I went numb. Incomprehensible! Erin Lakatabu ti lo! End of 50 years of our camaraderie, just like that! Otunba Balogun and I first met in 1972. The fortuitous circumstance is best described by lifting a passage from his autobiography, titled “The Cross, the Triumph and the Crown” extracted from pages 74 and 75 as follows: “By fortuitous coincidence, I had just completed a bungalow and a storey building on a property allocated to me by the government of Western Region on Isaac John Street in Ikeja Government Reservation Area, for which I took a loan from Nigerian Acceptances Limited headed by my friend and subsequently my General Manager at City Securities limited, the late Mr. Bryan Isaac. Another friend of mine introduced the property to a Mr. Ed Downing, who was the Chief Executive of Food Specialities, the former name of Nestle. Mr. Ed Downing inspected the property and was ready to pay N67,500 for three years. This cheque came handy. Chief Segun Osunkeye who later became the Chairman and Chief Executive of Nestle was then the Accountant and Company Secretary. He it was, who either brought the cheque personally or sent it to me. I immediately paid N60,000.00 towards the rent of the premises at Mandilas House and the remaining N7,500.00. I handed over to my wife until I would earn money.” • Page 115 •
When I became a General Titled Chief in Abeokuta in August 1983, Otunba Balogun came to my Iwuye Ceremonies and brought a handsome gift to me, perhaps a reflection that he did not forget our first fortuitous meeting in 1972! Otunba Balogun was a man of excellence. The Latin phrase “nihil tangit quod non ornet” translated, “he touches nothing that he does not adorn” aptly applied to him. In everything he did, he did with great panache. His sartorial elegance, whether in his resplendent regal national dress (always in an array of white, with complete beads and gold chain) or in Saville Row cool striped suits, forms a distinct brand. He was a man of noble character and carriage. When he is greeted just by the “Otunba” appellation, he responds warmly “nle aburo”. In my case, I delight in greeting and calling him by his full title, "Egbon, Otunba Tunwase, Olori Omoba Akile Ijebu” which he relished, and he would respond to me “ose aburo”. When we are parting, he would always say “bami ki iyawo e” (greet your wife for me). Every year and for many years, his signed Christmas greeting card would arrive early “from our home to your home” with the picture of his other palatial home, Otunba Tunwase Court, Tunwase Drive, in Ijebu-Ode. Alas, we would not receive a card this year, the great Otunba has passed on to glory to join the saints triumphant. His was a life well lived, his legacy endures, he made his mark, indelible I would say, in the Financial Services Sector of our economy. He was ever so prayerful, and he put God first in everything, with an attitude of gratitude to Him, and no wonder, he reached a high altitude in life. He was so happy when I chose Mobolaji (a corporate chieftain himself, and an illustrious son of an illustrious father) to succeed me as the Chairman of the Board of Lafarge Africa Plc in 2015; for many months, even extending to years thereafter, Otunba would still make reference to it and thank me, in appreciation. Otunba was noble in character. Let me illustrate by an episode in the course of our corporate activities. My employer, Nestle Nigeria Plc, was putting a Scheme of Arrangement together in 1996. I had already pencilled down the Professional Parties and Advisers to the Scheme before Otunba got wind of the exercise. He sent his loyal colleague Dr. Jonathan Long, of blessed memory, for talks, requesting that FCMB be appointed the Financial Adviser to the Principal Company in the merger but I did not change my stance, despite pressure. Not satisfied, Otunba Balogun “went on appeal” to Elder Statesman Pa Akintola Williams, who is my mentor and Otunba’s mentor also. Elder Akintola Williams then invited me to see him. I stated my side of the matter, that I had given my word to another party, and my word is my bond, “as you taught us, Sir”. Elder Williams retorted, “is that what happened, very well, leave it with me!!”. Two days later, Otunba Balogun was on the phone to me. He said if he had known that another Financial Adviser, (less known but competent) had been pencilled down for the assignment, he would not have persisted as he did. Otunba was quite magnanimous in his comments to me, for sticking to my word, and our mutual admiration for each other went a notch higher. Otunba was of noble disposition indeed! The Metropolitan Club, the club of gentlemen to which we both belonged, offered us the chance to meet often, when we do attend, sitting at Table 2, before COVID- 19 rendered attendance asunder and the elderly members in particular avoided club attendance (out of prudence or precaution or both). Post COVID-19, we started meeting again, and this time, Otunba and myself were sitting side by side at Table 1, which afforded better opportunity for one on one conversation, and we reminisced about events in life, family, the business and political environment, corrected former perspectives in the light of better and more information, all this over good lunch and choice wines. We talked about the (then) forthcoming 89th birthday which he, (Otunba) would mark on a low key (by Otunba’s standard that is!) – Holy Communion Service at his private Chapel, “The Chapel of Reaffirmation” at his palatial residence in Milverton Street, Ikoyi, Lagos, followed by cocktails and lunch. My wife and I attended the Holy Communion Service and the sumptuous lunch to celebrate the 89th birthday in the company of other close associates, friends and relations invited by Otunba. As discussed, this was to be a precursor and rehearsal perhaps for the nonagenarian 90th birthday to be celebrated in splendour. Alas, it was not to be. Man proposes, God disposes, who are we to query Him except to thank God for a life well lived. He served God and he served humanity, he made impact and his good legacy lives on. O death, where is your victory? O death, where is your sting? But thanks be to God! He gives us the victory through our Lord Jesus Christ (1 Corinthians 15:55 & 57). My wife, Chief Mrs Abosede Osunkeye and I condole with Olori Abimbola Balogun, and Mobolaji, Babajide, Ladipupo and Gboyega (fondly referred to as “The four Musketeers” by their doting father) on the irreparable loss of your husband and father, Otunba Michael Olasubomi Balogun, CON. He was a great man indeed. May his soul through the mercy of God, rest in perfect peace, and may his memory be a blessing. Amen. Chief Olusegun Osunkeye, CON, OFR. Ikeja, 20th June, 2023 • Page 116 •
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MY TRIBUTE TO SUBOMI BALOGUN Although we both have affiliations with the Tunwase Royal Family (Subomi from Ijebu-Ode and I, from Isonyin), I first met Subomi Balogun at Igbobi College, Yaba. He joined us at Igbobi College from Ijebu-Ode Grammar School for the last two years of his secondary schooling. Subomi Balogun (or ‘Subby’ or ‘Su-Boy’ as I used to call him) was a year behind us and finished at Igbobi in 1952. I recall also he had a half-brother at Igbobi College, the late Femi Ashiru. Although he was in the year below us, a group of us including Ayo Banjo and I formed what would become a lifelong friendship. After Igbobi College, we met up again in London where we were young students. Subomi was in his last year at the London School of Economics, and I was beginning my second year in London on my accountancy course. At the time we met up again, I was looking for accommodation and friends happened to mention that ‘some young Nigerian men were looking for a flatmate’. Imagine my surprise when I discovered that the young men were Subomi Balogun and the late Gbenro Ajayi (who happened to be my cousin through a maternal relationship – our mothers were cousins). Our flat was at 46 Fellowes Road in Camden, London; Subomi had his own room, and Gbenro and I shared a living room and bedroom. We all got along and lived peaceably. This was between 1959 and 1961. Having returned to Lagos, our paths crossed again as young fathers who had children at Corona School, which was then located in Yaba (just between the University of Lagos junction and the turnoff to the Yaba College of Technology). At that time, his late son – Timi – was friends with my son Ayodele (Junior) and Jide Mafe. The three boys were like the three musketeers! We were also members of the Cathedral Church of Christ, Marina and we have both served as stewards, I believe he was in Group B and I served in Group C. The friendship we forged in Igbobi College, and nurtured through London and back to Lagos lasted a lifetime. We enjoyed brief chats every Sunday until about four years ago, which was the last time I was physically in a service. My children would let me know each Sunday (when he was in church) that both he and his wife would always ask ‘Daddy e nko?’ (meaning ‘How’s your Daddy?’) May his soul continue to rest in peace. Otunba Dolanimi Babafemi Olabamidele Ogutuga • Page 118 •
TRIBUTE TO OTUNBA SUBOMI BALOGUN My Dad would often speak of his relationship with his dear friend and how they as young Ijebu-Ode boys found themselves in the same County in the UK while studying their respective courses, this was where their relationship began. It was not a relationship that was based on fanfare or societal appearances but rather they found a deep and meaningful appreciation of one another which allowed them share intimate and personal matters with each other, I recall my dad being on the phone for hours when he had called only for Otunba to call him back to continue their talk further, I would think.... aren’t they tired? Subomi, as my father would fondly call him, was his go-to man when it concerned any matter regarding Ijebu-Ode, this scope was further expanded when my dad handed my brother over to him, recently out of University to join the FCMB empire; it was an automatic albeit short lived employment, an opportunity that would eventually last a longer period was latter given to my cousin. Over the years, we as a family felt the impact of their friendship, Otunba was a benevolent factor in my dads life, while he I believe in return found in my dad a confidant who could be trusted, true to fact, and upright, this was the basis of their relationship which my dad never took for granted. As a testament, I remember an occasion of Otunbas birthday when he had a very small but intimate gathering at his home with a private Chapel service held to mark the occasion, I had brought my dad to the occasion and on seeing Jide, his first reaction was “Fresh! what are you doing here?” Like him I was asking myself the same question, but this was the depth of their relationship unknown to many. We as the Folarin Ajidagba family celebrate Otunba Subomi Balogun and join the family to thank God for the enduring legacy which he left behind, our prayer is that his soul continues to rest in the perfect peace of the Lord. Obafemi Ajidagba For the Family • Page 119 •
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TRIBUTE TO OTUNBA MICHAEL OLASUBOMI BALOGUN CON: A MASTER OF HIS CRAFT The last time I met Otunba Subomi Balogun was, if I remember rightly, in January 2023. Following a brief phone call, he had given me an appointment to come to his grand and palatial ‘White House’ Ikoyi abode. As ever, the house was resplendent in his favourite signature white colour, both inside and out. I was ushered into a seat by an immaculately clad attendant and, as I waited for Otunba I took the opportunity not so much as to survey and take in the opulence and elegance of my surroundings, but more to reflect on this pioneering and highly successful banker’s seemingly effortless ability to reach and sustain great heights. Here was a man I had heard of long before I met him; as my first boss, (at Chase Merchant Bank) Mr.Tola Mobolurin, (to whom by the way, I have always felt indebted for giving me my first professional job) used to often regale his team at the end of the days’ work with tales of his experiences in his previous job, working for Otunba Balogun at City Securities Limited. It was in these moments that I learnt of the high technical standards, commitment to administrative excellence and spirited determination that Otunba Balogun instilled to propel his firm to the top. What always stuck in my memory and made a great impression were the amazing number of breakthroughs and firsts he achieved, culminating in landing the mandate for, and successfully executing, what was then the largest share sale equity offer in the history of the Nigerian Stock Exchange – the iconic Mobil Oil shares sale. That was of course part of the indigenisation exercise under which the vast majority of international companies were required to sell a majority of their shares to Nigerians. That exercise reflected the prevailing economic policy thrust and sentiments of the time. Whatever the long term effects of the indigenisation policy, one consequence was that it spurred capital market activity and gave bright young financiers such as the likes of Otunba Subomi Balogun the opportunity to emerge and seek to build top quality institutions. These were the precursors of the current crop of Nigerian banking leaders and financiers. In short, Otunba Subunmi Balogun and his cohorts led the way, and he was among the very best of them. I remember, even as a rookie investment banker, being enthralled by what seemed to be a titanic battle with the authorities in order to establish the first privately-owned merchant bank, “First City Merchant Bank” , licensed by Central Bank of Nigeria. In the end he triumphed and the rest, as they say, is history. A whole generation of Nigerian entrepreneurs and professionals, not just bankers, owe much to Otunba Michael Olasubomi Balogun. His pioneering spirit, courage and determination inspired us; his commitment to professional excellence taught us; his record of sterling success and achievement emboldened us; and his elegance and style impressed us. As I offer condolences to the family he leaves behind, my hope is that they are able to maintain and indeed build on his wonderful legacy. Rest in peace. Amen A. Olawale Edun • Page 126 •
June 22nd, 2023. The Otunba Balogun Family 1 Milverton Road Ikoyi, Lagos. Attention: Olori Abimbola Balogun. CONDOLENCE MESSAGE On behalf of the Orjiako family, my wife, Henrietta and I, commiserate with the entire Balogun family on the demise of a most respected Statesman and the patriarch of the Balogun Family, Otunba (Dr.) Michael Olasubomi Balogun (Otunba Tunwase of Ijebuland, Olori Omoba of Ijebuland and Asiwaju of Ijebu Christians). Otunba Balogun was a very rare breed of man, who lived a fulfilled life in the service of God and Man. He was a man of many attributes, too numerous to mention. Almost everyone who knew him experienced the generosity of his kindness, wisdom, outstanding knowledge, experience and wealth. In many ways than one, Otumba was a pioneer. He was the first Nigerian to be trained as a legal draftsman and had the fortune of sitting in the official gallery when the Nigerian Independence Act was being passed in the British Houses of Commons and Lords. Otunba was also the pioneer of Investment Banking in Nigeria. His natural flair and deep interest in investment banking spurred him to champion the establishment of a merchant bank, under the Nigerian Industrial Development Bank (NIDB). Following his sterling success, he secured a merchant banking license in 1979, culminating to the establishment of First City Merchant Bank. Through the bank, Otumba championed the entrepreneurial culture of an owner managed bank. His many achievements in the enterprise world will remain legendary for generations to come. Otunba touched many lives positively and left an enduring legacy of love and care. He was extremely altruistic and made outstanding strides in philanthropy. His charity knew no bounds. I recall the passion with which he discussed the determination to build a multibillion Naira Peadiatrics Center at Ijebode. That was monumental charity. He was very caring man. He always had a unique smile that was from the heart. His was a genuine charm and positive energy at all times. Delightfully, my wife and I enjoyed the pleasure of Otunba’s friendship, as well as that of his wife and family. Despite the age difference, affluence, and extraordinary achievements, he showed us lots of care and courtesies. He was, indeed, an Icon of humility. His dedication to family won our admiration. Otunba will surely be missed by humanity. Our hearts go to his family as we pray God to grant them fortitude and comfort at this time. May God's Perpetual light shine upon his soul, and may Otunba rest in peace. Please accept our condolences. With Deep Sympathy, Henn/ABC Orjiako • Page 127 •
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TO THE OLORI ABIMBOLA BALOGUN, THE CHILDREN AND FAMILY OF OTUNBA SUBOMI BALOGUN. Everyone in the business world in Nigeria and thousands of others around the world knew who Otunba Subomi Balogun was. To all these people, he was a larger than life character, a titan! Definitely countless tributes chronicling his achievements and impact on society will be written. However, in this short tribute I shall focus on an aspect of his character that many would probably not have given much thought to: his humility. Humility is not a word often used to describe people who have achieved great things, but in the case of Otunba Balogun I can say from personal experience that he possessed this virtue in a large measure. Humility does not diminish a man, but instead adds to his stature, because it wells from an inner acknowledgement that everything he is, everything that he has achieved, has only been possible through the Grace of One who is mightier than him and from whom all blessings flow. This inner acknowledgment then births friendliness, kindness, consideration for others and a genuine love of one’s fellow men. My first encounter that I recall having with Otunba Balogun was sometime in 1978. My late father’s pioneering real estate project, Agbara Estate, had just emerged from nearly two years of negotiations with the Ogun State Military Government after the whole estate had been compulsorily acquired without notice or compensation. The negotiations had resulted in a workable solution which made it possible for the development of the Estate to continue. Subsequently my father put me in charge of the development company and asked me to create and execute a viable business plan. Unknown to me Otunba Balogun who was then running City Securities Limited, had been following the developments and one day left his office on Lagos Island and turned up in my little office in Apapa to ask how he could be of help. A highly respected business leader leaving his office to visit a young man, still in his twenties, to offer help! If that is not humility then I don’t know what is! In the following years there have been several occasions on which I would be facing a seemingly insoluble crisis and I would pick up the phone to call Otunba Balogun. He would immediately invite me over for a discussion. On some occasions he was able to help directly and on other occasions, not, but in every case I left feeling lighter and relieved for having had the discussion with him. He did not show any sense of being disturbed at short notice requests to see him either at home or in the office. Of course my wife and I also enjoyed his great hospitality at the Ijebu-Ode home. He played a very prominent role at the wedding of my son to his cousin Dr. Sonny Kuku’s daughter. He loved to share his joy of life. The last encounter I had with him was in his suite at the Burj al Arab (the seven star hotel) in Dubai. As usual he was very gracious and charming. Then he revealed his humility again. Quite out of the blue he expressed his gratitude to the Creator for all the blessings he had received in his life. Then he said: ‘I don’t need anything else in life. I only pray that the Lord grants me a healthy old age, maybe up to 90 years.’ Well, the Lord answered his prayers. By all accounts he was healthy to the end and though he had not yet celebrated his 90th birthday he was called away in his 90th year. May we all learn to emulate his humility and may the Grace of the Lord continue to guide him as he proceeds on his journey towards the lighter and more joyful planes of God’s wonderful Creation! Amen! My wife, Adeyinka and I send our best wishes and prayers to the loved ones he left behind, for the fortitude to bear the pain of parting. KOLAPO LAWSON 3rd June 2023. • Page 129 •
Konyin Ajayi Copperleaves 4 Goriola Street, Victoria Island, Lagos Mr. Bolaji Balogun Head of The Olori Omooba Otunba Olasubomi Balogun Family, Otunba Tunwase Court Ijebu Ode, Ogun State. My dear aburo, (as he called me), Memorial To A Man Of Noble Gentry: The Times Of Olori Omooba, Akile Ijebu & Asiwaju Ijebu Christians Of one of the founding fathers of the Nigerian economy, the late Otunba Michael Olasubomi Balogun, CON, (till the end Asiwaju of Ijebu Christians), with ardent and benevolent zeal, served the Lord till the very end, when in the full tide of happy toil, he was called to higher service by God our Father, his Father, through His Son, his Cornerstone – Whom he much sang and celebrated in all the change scenes of his most noble life, sired in noble gentry. It, therefore, cannot but be great gain to have known this tower: (as he would say), an embodiment of the testament of the goodness of Christ in the life of the faithful, honest, and diligent. His, was traits of qualities that reflect the nature and will of God in a person's life – a man with a good conscience. Thanks be to God, “Otunba”, in his words, “rediscovered God”, received Christ, put his past life in order, and then proceeding with all his actions in the light of Christ, the Great Light – in the knowledge, as he said, of the support of providence. His exploits were then of one with renewed strength, vanquishing the forces arrayed against him, to bring he and his monument down. That was for me considerable lesson as his lawyer in those tempestuous days – the day of those that reminds us of the poetry of John Bunyan – that “he that is down needs fear no fall, he that is low, no pride; he that is humble ever shall have God to be his guide.” An apt lesson for a fast changing world of impatience and discontent: the life of good Christian character of resilience. 2 Unmoveable as Christ the Rock in his determination to excel in making life better, as for me, and I know, countless others, he lived up to his reading of Romans 15:2 - pleasing, mentoring and elevating me for my good to edification. But for him, on his unction by the Holy Spirit, many a successful banker and businessman would not be today as they are, neither would Olaniwun Ajayi LP, or he he called egbon to the end, Olaniwun, nor even me, would have occupied some place in investment banking or defining the legal aspects of money. So much to say of his unhurried wisdom and style, so it is sufficient to say “Otunba” was, (and I am certain with his testament, and through all you who he sired), remains selfless, in thinking about the disadvantaged, and restoring the life of wounded spirits of men - as God works it in the heart of the called. His thus was a life, as Romans 15:7 says, serving and giving in obedience to the commandment to love, with all he was endowed. So in talking above love, his was tough as was required to make you straight, good and outstanding as he was, as his blessed and dear wife, Olori, told me in the week of his passing. With uncommon ways lived at once in both opulence and openness, warmth and yet majesty, I borrow from his biography in saying this was a man who remained fresh and evergreen in Solomonic splendor, luxuriating in the courts of God with the crown of the aged - worthy children and grandchildren, who themselves, in a mark of his achievements as a loving family man, are all, in his footsteps, wrapped in immense success layered with selfeffacing humility. Lest I forget, I am reminded of the measure of “Otunba’s” talent and power of his dominating mind told in the enviable undying love he displayed for his wife, Olori Abimbola, and she for him till death did eventually part them. I celebrate the passage to eternal glory of this great soldier of Christ, a good man, who changed the landscape for good and left an indelible mark in his time. By dint of his industry, the episodic strides of the different phases of his impactful undertakings, “Otunba” wrote his name into history of post-independence Nigeria. Like many, I am enthralled and captivated by his achievements, about which much has been chronicled - in life and in death, as saints that fought like Paul, whose names echo, and the triumphant, like Abraham, whose faith, like his, earned him righteousness of God. The feet of “Otunba” fit the feats of the greats, reminding us all of the uphill task he set for himself, pivoting from teaching to law and from there pole vaulting to the true beginnings of indigenisation of banking in Nigeria: an enormity that created at a time the largest segment of our capital market, and today the engine room of the financial system of Africa’s largest economy. The weighty legacy of “Otunba” punch through the writings of many he made, as well as the works of his hands, including his essays in the vigorous style of men of letters. “Otunba’s” • Page 130 •
3 rich heritage of class, success, and above all the abiding faith in Christ, will by His grace find expression in you and his heirs. Bolaji, “Otunba” remains a famous man to whom, (as the Scriptures say), God apportioned great glory, as seen in the depth of his “omoluabi”. His sum of days were great, and long, yet though in your eyes, they may be like just a drop of sea water, like a grain of sand, as you all wanted him yet for longer. But thanks be to God for 89 good years of majesty, style and aplomb – defined for me, not by his aristocracy, but his most inviting ever beaming smile, projecting the defining gifts in his gap teeth, as sages say, of creativity, artistry, energy, charisma, confidence, independence, and innovativeness – in pushing boundaries that brought tomorrow to his day. So I write today, in eulogising “Otunba” not about pioneering indigenous stockbroking nor banking; nor about enterprise (all in which he excelled); nor even the law – (his roots in tutelage) - but about his success in Christ, his avowed cornerstone; his faithfulness and steadfastness; his style and manner; his charity and friendliness; his loyalty and fidelity; his honour and integrity; and his foresight, boldness and fearlessness, by which he saw the future, and lived it before its time. God, His maker, as he confessed, was patient with him, and showered him with the richest of His blessings – and he, as the Scriptures say, made a name for himself by his valor; by his wise counsel; and acting in prophetic oracles seen in the monument he left behind. He remains a pride of his times, and so join me in giving glory to God for a truly worthy life. Bolaji, I write through you to my dear Aunty, your siblings and all of your great family, in praying that the mercies of God may never end in the enduring and enviable edifice and social infrastructure your father built; and may the Davidic covenant and Abraham’s blessings be all yours forever. Bolaji, truly, (as put in 1 John 2:29), “Everyone who practices righteousness is born of Him.” So was the lot of your father. Bolaji, as Paul said in 2 Corinthians 2:14 “now thanks be to God who always leads us in triumph in Christ …”, as He did for your father, our continuing shining light in dazzling white. Hallelujah! Konyin Ajayi 27 July 2023 • Page 131 •
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OLORI OMO OBA, OTUNBA OLASUBOMI BALOGUN A Noble Nigerian, I believe he was the second oldest living Igbobian before he passed. For us he was our leader. On the banking side, I gave him a loan as a junior officer to put up Primrose Towers. My boss the late Mr. John Membu, who had worked with him introduced him to us at Chase. He never fully utilized the loan, as he had a lot of float from his capital issues. In 1986, my friend and colleague Akin Fatade, convinced me to join him at FCMB, as Otunba was trying to build a formidable team to become the leading merchant bank. My bosses did not let me go. Otunba was disappointed. My 8 years at Fountain Trust with Bashorun Kola Daisi, his twin brother brought us closer together. He had a seat on the Board and was represented by Olori. I got to know him better. He was a colossus. An achiever. A trailblazer. A leader. A mentor. A philanthropist. A Noble Nigerian. And a devoted Christian. May his soul rest in peace. Amen. Bolaji, it really is a celebration of life. Yes you will miss him but you should be proud of him. God bless. Tunde Dabiri • Page 134 •
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TRIBUTE TO A BELOVED ICON It is sad to learn of the inevitable passing beyond of a beloved icon, age long friend & cousin Otunba Micheal Olasubomi Balogun. “Olori Omoba of Akile Ijebu”. May the Merciful Lord forgive him and all other deceased family members and grant them eternal rest in the blissful Paradise. (Amen) May his immediate families, loved ones and all mourning public at large, be preserved and granted divine grace to bear the colossus loss. (Amen) No doubt, he lived a glorious and successful life. May he therefore rest in perfect peace in the blossom of the most forgiving Lord. Our prayers and thoughts are with his families, all bereaved and grieving relations at this difficult period. Everyone should take heart and trust in the Most Able God. Survived by a pious wife, humble and respectful junior sister. He was also blessed with well disciplined children who are all professionaly successful. He left a legacy of happy, trustworthy and prosperous family behind. He was a noble man born to the eminent “Ashiru Oniga” family of “Eti Moro” fame Ijebu Ode. The mother as the “Iyasuna” was a notable woman Muslim leader at Ijebu Ode Central Mosque. Olori-Omoba was a great confidant of His Royal Majesty Oba (Dr) S.K Adetona, The Awujale & paramount ruler of Ijebu land. He was also loved and hailed by all monarchs in Ijebu land. It is on record, that he hosted them to a sumptuous feast annually. The list of his good and old bosom friends like Chief Kola Daisi is too numerous to mention. May they all be consoled by the Merciful God. (Amen) It is noteworthy that he made an indelible mark in Nigerian banking history. He founded the well established and most profitably run commercial bank in the country, The First City Monument Bank “FCMB for short”. The establishment, no doubt provided useful employments for thousands of Nigerian youths. He donated a massive Building Complex on an expanse of land on I’Ode/Sagamu expressway to the University of Ibadan College Hospital for medical facilities to the nation. His love for humanity and kindness to man are exceptional. He displayed large heart of philanthropy and charity towards all religious bodies, social and voluntary organizations, the less privileged and the poor generally. May the Merciful Lord bless his commendable efforts. May divine protection, mercies, and blessings be upon all he left behind. (Amen) A.M Ashi-Sulaiman • Page 136 •
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There is no difficulty which industry, prayers and perseverance cannot overcome. OTUNBA M.O. BALOGUN, CON • Page 138 •
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The Board of Directors of FCMB in the early days with the Company Secretary, Ms Molokwu, standing in the middle, with Mrs Martina Nwakoby and Dr Jonathan Long flanking Otunba • Page 140 •
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A most heartfelt tribute to Otunba Michael Olasubomi Balogun, CON The Otunba Tunwase of Ijebu, Olori Omo-Oba Akile Ijebu, Asiwaju of Ijebu Christians A most heartfelt tribute to Otunba Michael Olasubomi Balogun, The Otunba Tunwase of Ijebu, The Olori Omo-Oba Akile Ijebu, The Asiwaju of Ijebu Christians, he was an especial and consequential man. To liberally paraphrase the famous quotation attributed to Calpurnia, the wife of perhaps the greatest and most famous Roman Emperors and Generals at the time of his death - no comets are seen on the passing of most mortals. However, the very heavens themselves blaze forth the death of Princes. This is demonstrably the case with the sudden, painful and totally unexpected loss of the Founder, as he’ll forever be fondly remembered. He and my late brother, Gboyega, were friends from their early youth, but I first met him when he returned from the United Kingdom as a dashing young lawyer, having graduated from one of the most famous and prestigious schools in the world, the London School of Economics and Political Science. He had also been specially identified and trained as a parliamentary legal draftsman, the first in Nigeria, and was engaged in that capacity by the Western Nigerian Regional Government in Ibadan, the regional capital. I was still in high school then, but I clearly remember being taken by his distinctive panache and savoir-faire, which set him apart from his peers even then. He eventually relocated to Lagos to work at the Nigerian Industrial Development Bank, NIDB. He was later headhunted, amidst very stiff competition from hundreds of other candidates as Executive Director at ICON Merchant Bank, the move that presaged his predestined feat in Nigeria’s financial space. What distinguishes the merely great from that rare visionary is the ability of the visionary to see and dare to seize opportunities that others are either completely oblivious of or need more ability or boldness to pursue. He started with City Securities Limited (CSL) as a stockbroking and issuing house. CSL was an instant success, successfully handling some of the largest initial public offerings of the time, like the Mobil and Texaco marketing companies. Then, with supreme self-belief and daring, he pursued a banking license. It’s impossible to fathom how bold and audacious a move that was. No one else had so much as dreamt of doing so. His dogged determination assured his successful application. Thus was born what is now the First City Group, with First City Monument Bank Plc at the centre of the banking and full range of financial services companies. It is stating the obvious to observe that to follow a successful example once set is considerably easier than being the first to light up the trail. That is the distinguishing mark of the visionary. Only one person can be first, and the Founder will have the preeminent pride of place as the Grand Master and father of modern-day banking in Nigeria. Fortuitously our paths crossed again just as he was embarking on the journey with the founding of CSL. I was privileged to be by his side as he put the pieces together. We went together to all the world’s financial centres, London, Zurich, Geneva and Wall Street, in the quest for a banking partner. We received polite hearing everywhere, but there was little prospect of • Page 142 •
success because Nigeria at the time was of zero interest to foreign investors given the parlous state of the economy. Our foreign reserves were below the minimum comfort level relative to imports, there was a direct scarcity of foreign exchange, requiring an urgent need for a wholesale macroeconomic restructuring, and the endless list goes on and on. He was characteristically undaunted and pressed ahead with even more gusto, focus, uncommon grit, determination, boundless energy and ingenuity. On the face of it, he started the bank at a most inauspicious moment, given the adverse prevailing economic conditions in the country at the time. However, the boldest and bravest move when others run for cover. He went on to establish, without the benefit of any foreign partner, one of the very few brands in banking to have successfully navigated all the seismic twists and turns the industry has experienced over the last few decades. The Group now includes a United Kingdom subsidiary, FCMB UK Plc. He was a devout Christian who loudly proclaimed at every opportunity and, in his many books and other writings, how he owed all his successes, victories and vast achievements in life entirely to the Munificence, Grace and Blessings from on High. He was a great and generous philanthropist whose material support to evangelism generally and the Anglican Communion in particular, both in Lagos and his native Ijebu Ode, is legendary. He took it to heart, cherished his role as the Asiwaju of Ijebu Christians, and was the staunchest pillar of Christendom in Ijebu land. He was particularly interested in the medical care of children and established paediatric centres in the University College Hospital (UCH) in Ibadan, the Ijebu Ode general hospital and bequeathed the substantial Otunba Tunwase National Paediatric Centre in Ijebu Ode to same UCH. He attended his traditional royal offices as Otunba Tunwase and Olori-Omo Obale Ikile Ijebu with generosity and acumen. He was, above all, a family man and a loving father and grandfather. He glowed when surrounded by his children and grandchildren, as seen in the group photographs of his 89th birthday party. His immense joy and pride were to see his four sons achieve and fulfil their promise becoming matured chips of the old bloc himself decades before his sudden departure. I last spent time with him on the very day he later left for London, with absolutely no hint that it would be for the last time. My thoughts and prayers go to all his family, especially the widow he left behind, Olori Abimbola Balogun, his rock, devoted companion, spouse and life partner. May Almighty God be their Comforter, one and all. He shone like the brightest of stars as he streaked his chosen path across the firmament. He’ll forever remain fresh in our memories. Requiescat in pace Ladi Jadesimi • Page 143 •
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OLUTOLA OLUSENI MOBOLURIN Lagos The Family of Otunba Michael Olasubomi Balogun 1 Milverton Road Ikoyi Lagos TRIBUTE TO THE GRANDMASTER To say the news of Otunba’s passing was not a shock would be an understatement. It was totally against the run of play and expectations. I had a meeting with him just before his last birthday. We chatted about the video making the rounds about his supposed 100th birthday and noted it as people’s wish for him. I commended his remarkable good health and mental agility. I wished him many more years. As he was wont to do, he put it all to the abiding grace of God in his life. A couple of weeks later, an alumnus of FCMB Group casually asked what we would do for the Founder’s 90th Birthday. He said he was involved with the 80th and I looked forward to engaging him further in due time. Therefore, the news of his passing came as a rude shock. We had a game plan, God had a different one. And who are we to question Him? Otunba gave me my first job after NYSC and thus inspired my career choice. He was a great mentor, giving me uncommon exposure very early in my career, not only in the range of transactions but also in the size. Though I left eleven months after, he remained a promoter of my career. Once when he visited Chase Merchant Bank some years after I had left City Securities, he was full of praises for me in the presence of my then MD. When he had a vacancy on the Board of FCMB, after I retired, he offered it to me. The sobriquet, The Grandmaster of the Capital Market was well earned. He blazed the trail by being the first to set up a wholly Nigerian owned Stockbroking / Issuing House - City Securities Limited; just in time for the indegenisation exercise of 1977. The first Initial Public Offer managed by City Securities as Issuing House, Stockbrokers and Underwriter was the Nigerian Bottling Company, a transaction that dwarfed all the other transactions in the market that year. This was followed by Texaco, Total and several others and finally capped with Mobil which again became the largest offer of the era. It was a loud announcement of the arrival of a Master on the Capital Market scene. Justice cannot be done to the transaction breadth he led in a tribute like this. It needs to be recorded that jointly with Charterhouse Japhet Limited, City Securities was contracted to advise on the capital structure of Nigerian National Petroleum Corporation in 1979/80. City Securities within two years became the bright, new kid on the block of investment banking. Otunba, however, had his sight higher. He founded First City Merchant Ban Limited; again becoming the first Nigerian to promote a merchant bank. Otunba Balogun inspired a generation of Nigerian bankers who challenged the expatriate banks and wrested the leadership of the Nigerian banking industry from them. The insurance industry has done the same for theirs. I have no doubt that his entrepreneurial zeal must have inspired many Nigerian professionals. In the banking industry, many came after him and many also failed. The resilience of First City Monument Bank is a testimony to his discipline and as Otunba himself would say, the abundant grace of God, who was the Cornerstone of all his earthly exertions. Otunba Michael Olasubomi Balogun, LL.B, B.L, CON, Otunba Tunwase of Ijebu, Olori OmoOba Akile Ijebu, Asiwaju of Ijebu Christians, No 2 Stockbroker in the Register of Stockbrokers in Nigeria, the Beacon for many, the Exemplar, a man who showed the world how to be extravagantly but tastefully elegant, a man with courage and a spirit that did not recognise impossibility in whatever goals he set his sight on. Inimitable in style and accomplishments; Otunba will be sorely missed, not just by his nuclear and extended family to whom he devoted lavish attention, but also by his associates, friends, and the financial services industry to which he dedicated most of his life to inspire and lead. We cannot but bow to the will of God. May He grant him eternal rest in His bosom. May his legacy be granted eternal relevance and continue to inspire generations yet unborn. Adieu Grandmaster. • Page 145 •