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TRIBUTE TO OTUNBA MICHAEL OLASUBOMI OLAYIWOLA OLAONIPEKUN BALOGUN, CON Over the course of almost 44 years that I have been Otunba Michael Olasubomi Olayiwola Balogun’s Executive Personal Assistant, I have had the pleasure of writing tributes to celebrate him at several milestone birthday celebrations. This tribute has been the toughest one to write! I have blanked out several times, drained from the thought that I will never hear that booming voice – Busola! again for the rest of my life. Whenever he needed me to complete a task, confirm an appointment, co-ordinate many of his numerous projects, all he had to do was call out my name and I would be right there to give a report, or suggestion or take notes, and in many cases over the years he emboldened me to make suggestions. On occasions when he was so pleased with my work, he called me Busi! Baba’s passing has been very tough for me. It feels like I lost a father all over again. Almost my entire professional career, and over 60 percent of my life so far has been working with him. I am in a strange reality, not just professionally, but also personally. I almost cannot even remember my life before First City Group! It is hard to put into words just how much he meant to me and my family. Everyone around me knows Baba’s dependence on my reliability over the years. When I first met Baba in 1980, he personally interviewed me and almost immediately offered me the job. At that time, I never thought that over four decades later, I would have remained with the First City Group. Many of my friends thought I could not survive working as Baba’s Executive Personal Assistant because of his reputation as a no-nonsense and driven banker. However, from this great man who became like a father to me, I have gained so much and will remain eternally grateful to him for the life lessons and amazing experiences that I was blessed with under his tutelage. I have been a willing passenger in Baba’s journey as the Father of The Nigerian Capital Markets. I watched him deal with life head-on as he enjoyed his success, and as life inevitably dealt him some very tough blows. He fought a lot of battles and some of these can be seen in his first book, his autobiography, “The Cross, The Triumph and The Crown”, but he was a man who believed so much in the unflinching support of the Almighty God. Baba was faithful to God till his last moments, and when you thought he was down and out, he always bounced back stronger than ever before. He never believed that anything was impossible with God. He believed that all his institutions had God’s backing and that all will always be well with them. Baba has also cemented his legacy as an astute businessman who used his skills to build an industry to employ and train people. While I have so many great memories with Otunba, and I learned so much from him. The three main things about him that I admired so much, was his love and passion for God, his family and his unbiased nature. Otunba lived for his children and grandchildren. His eyes danced with joy whenever they were in his presence. He loved to guide them, pray for them, and support them. Above all was his love for his wife of over 55 years, Olori Abimbola Balogun, who was truly a dedicated partner in all ramifications till he took his last breath. Theirs was an enviable love story and he rarely went anywhere without her by his side. Baba’s love for and devotion to Olori knew no bounds! Baba also was someone who hired people based on their competence regardless of where they came from or their gender. He had a very diverse Board of Directors, and women at very senior levels long before it became ‘fashionable’ in Nigeria. He believed in excellence, and that it could come from anyone from anywhere, not just people with the same background as his. • Page 147 •
Baba promised me he would work till he was 95 and then ‘retire’ then and enjoy another 5 years to be 100 years, after which if it pleases God, he will not mind the extra years after 100 and that all he will be doing then is just thanking and praising his Maker for the abundant life He has given him, and I believed him, because he was someone who achieved anything once he set his mind to it. I thought we had another 6 years together, though I was not sure how it was going to be as I always told him I was advancing in age too and his reply was, Busola, are you older than me?, and if I can do it, you can too, being a younger person. I would just laugh and say, “lets see how it goes, Sir”. I just took it for granted that he would always be around, calling me numerous times, sharing jokes and watching him shower his family with so much love. Many might say he lived a long and incredibly great 89 years, and we should celebrate it, and that I should not be too sad, but in my mind I just thought he would be here much longer. I am glad that I got to spend time with him close to his final moments. It was the honor of my life to work with Baba, and to learn from him, while occupying the passenger seat while driving through the ups and downs of his incredible life and playing my role as his able Executive Personal Assistant. My deepest condolences to my darling mummy, Olori Abimbola, my awesome brothers, Bolaji, Jide, Ladi, Gboyega and my beautiful sisters, their respective spouses and all the lovely grandchildren. God blessed us with an incredible man who lived an amazing life and touched humanity in ways that most would never imagine. I pray for the peaceful repose of his soul, and you have my commitment to always be there for all of you the way that Baba was for me. Rest in perfect peace my darling Baba, the Grandmaster of the Nigerian Banking and Financial Industry. I am heartbroken, but I know you are in a better place and taking your deserved rest. Mrs. Olubusola Adekusibe Executive Personal Assistant to Otunba Michael O. Balogun, CON, from 1980 – 2023 • Page 148 •
2, Olunola Coker Close, GRA, Ibara, Abeokuta +2348023020004 Aderemi Adokunbo Adayo email: [email protected] Otunba Balogun allowed me into his world nearly four decades ago after seeking me out through Late Chief Victor Olabisi Onabanjo,a former governor of Ogun State.. This was at a time his children were all abroad. He brought me and some others under his gigantic wings and treated us all as though we were his biological children. On a personal level, he had a father-son relationship with me, and not employer-employee as was and still common with most men of means. As a newly employed Head of Corporate Affairs of the then First City Merchant bank Limited (FCMB), Otunba put me in a posh hotel for three months! He later accommodated me in a flat in one of his newly completed buildings in Yaba, Lagos. I lived large. I wasn't just one of his numerous employees, he connected and related with me beyond the job. He knew every member of my immediate family and did so intimately. He knew my mom. Throughout my stewardship, Olori Abimbola Balogun never failed to buy my kids candies whenever she and Otunba travelled abroad. And remarkably, Otunba kept this relationship with me even long after I had left his employ. TRIBUTE TO A TITAN A lot of encomiums have, deservedly, been showered on Otunba Michael Olasubomi Balogun since he passed unto glory in London on 18 May 2023. As would be expected, many of these tributes focused on his accomplishments, brilliance, lifestyle and philanthropy. He has been described as a trailblazer and a true icon who pioneered investment banking and indigenous financial entrepreneurship in the country. He has also been called a philanthropist extraordinaire. Some have acknowledged him as a titan whose footprints were golden tracks across different aspects of the Nigerian society. Without any iota of doubt, his epithets were many and could fill a basin. For those of us who were privileged to know and work for him, Otunba Subomi's success was all this and more. One of his attributes that is less known or rarely talked about was his uncommon ability to hunt for and nurture human talents. As one of his mentees, I remember him as a great talent spotter who inspired all those within his sphere of influence to incredible heights. He was not just my employer, he was my confidant and source of inspiration and motivation. For this, I shall remain eternally grateful and indebted to him. Let me quickly add that I was not the only beneficiary of such kindness. Otunba Balogun in ways both small and great shared happiness, joy and love with his entire workforce. He drove us to work hard and aided us to play hard. He encouraged diligence but frowned at indolence. As one who believed in adequate compensation for talent, he put in place a system that recognized and rewarded excellence fairly. Although a generous man who was not known to have ever sent anyone in need of help away without doing something, Otunba at the professional level was a stickler for merit. In all my years at the bank he employed only the best and ensured everyone who worked for him honed their skills under his rigorous tutelage. BALOGUN AKE He infused the workplace with his entrepreneurial spirit. His business philosophy was unique and this accounted for the soaring success of FCMB and everything he birthed. He was an indefatigable investor in talent, ideas and innovations which was why in the 80s and 90s when merchant banking was in vogue, FCMB was where most of the pioneering management staff and key personnel of virtually all the reputable merchant banks and new generation banks of that era recruited from. Not only that, FCMB's Standard Operating Procedure was the gold standard for the Nigerian merchant banks. Indeed, Otunba Subomi Balogun was a great man of purpose. He was distinguished in every sense of the word. He was a giant among men who changed the course of history and touched numerous lives positively. He was immensely successful. I am convinced that Ralph Waldo Emerson, had people like him in mind when he said, “What is success? To laugh often and much; to win the respect of intelligent people and the affection of children; to earn the appreciation of honest critics and endure the betrayal of false friends; to appreciate the beauty; to find the best in others; to leave the world a bit better, whether by a healthy child, a garden patch or a redeemed social condition; to know even one life has breathed easier because you have lived. This is to have succeeded!” I commiserate with the family, friends and all those who came in contact with him. He lived to an advanced age of 89, but I am extremely saddened by his exit. I am still struggling to come to terms with it. I didn't expect that he would leave us so soon and at this time. I am, however, consoled by the fact that he left behind indelible marks on the sands of time. These are things and memories his death cannot wipe off. In the immortal words of Scottish poet, Thomas Campbell, “To live in hearts we leave behind is not to die.” Otunba lives on in many hearts. Rest in the bosom of the Almighty, my great mentor. Adieu till we meet again. Balogun Aderemi Adetayo Balogun Ake ti Ile . Egba. . • Page 149 •
TRIBUTE TO A GREAT MAN Attempting to write a tribute for any close relative or friend is a very emotionally draining exercise, but writing a tribute for Otunba Subomi Balogun is a most difficult endeavour. It is impossible for me in particular to think of the Otunba in the past. He is a man so full of life and vigour. When I got a call from the family from the UK that our Otunba had passed on to the realm of the ancestors, I was in shock, disbelief, sadness and above all depressed. It took me a few days and weeks to begin internalizing it. I remember the Otunba for his kindness, candour, generosity and intellectual depth. He was a close younger friend and associate of my late uncle Alfred Rewane as they shared an affinity for their mentor, the sage Obafemi Awolowo of blessed memory. When I first met the Otunba, he immediately transferred his love and friendship for my uncle Alfred, my father Ogbemi Rewane and the Rewane family to me unreservedly. Otunba Balogun: A Man Of unflinching Loyalty When in 1993 a few colleagues and I were victims of a corporate witch-hunt, it was Otunba Subomi who first hinted my uncle in London on his stopover from Washington to Lagos after the World Bank meetings. He warned him not to underestimate the thickness of the plot. The Rewane family fought back the attack gallantly until we prevailed. After I eventually bowed out of the sector, the Otunba supported me for many years until I found my feet in another sphere of the industry macroeconomic consulting and the broader aspects of financial services. Otunba Balogun inspires men not only by words but by deeds. When his flagship institution was threatened by political victimization, he demonstrated courage and commitment to truth in the battle for survival. I was an integral part of his war room that put up a spirited fight to protect the franchise. During this diabolical attack, he relied mainly on two catchphrases: • God will not abandon his own • The truth will always prevail In the end and after bitter struggle, the two beliefs he stood for held up. In the Board room and as a Director in three of the companies he chaired, I found out that the Otunba was not just a shrewd businessman but was also a man of detail. Working closely with him and becoming one of his close mentees, I discovered that from a distance most people mistook him as a flamboyant entrepreneur but little did they know of his intellectual depth and love for reading. He was an avid reader and a lucid writer. The closer I got to Otunba Subomi the more I got to respect, admire and adore his virtues. He remains one of those iconic leaders with a unique combination of class, wealth, brawn and character. I am very proud to have known him, worked with him and become one of his younger associates, especially in a society where true loyalty is very rare. Our Otunba rest in perfect peace Bismarck Rewane • Page 150 •
OTUNBA MICHAEL OLASUBOMI BALOGUN: A LEGEND OF OUR TIME Today, we gather to pay tribute to a remarkable individual, a visionary leader, and my extraordinary uncle, Otunba Subomi Balogun, CON. His passing has left a void in our hearts, but his legacy will forever spur and guide us. I had the privilege of having a close relationship with him. Ten years ago, he graciously appointed me as a Non-Executive Director of the esteemed financial institution he founded, FCMB Group, granting me a remarkable opportunity. Moreover, he extended another door of opportunity when I assumed also the role of Chairman at CSL Stockbrokers Ltd, the goose that laid the golden eggs, his pioneer company known for its remarkable success. I still remember the day he summoned me to his home. He said, “Toyin, please come and see me today. I have an assignment for you.” Little did I know that the meeting would not only entail a professional undertaking but also a journey of enlightenment that positively changed the course of my life. Before discussing the task at hand, he handed me two books, his biography and the captivating story of his empire, FCMB Group. The narratives in the books were nothing short of fascinating, reflecting the remarkable life he had led. They were testaments to his remarkable journey, his struggles, and his triumphs. They revealed the depth of his character and the unwavering determination that drove him to success. His life was a testament to the power of resilience, hard work, and a strong sense of purpose. Otunba Balogun was a man of class and attention to detail. He held himself and others to the highest standards, refusing to settle for anything less than excellence or perfection. His impeccable taste and panache were evident in every aspect of his life, leaving an indelible mark wherever he went. His pursuit of greatness inspired all those of us who had the privilege of working closely with him. He instilled in us the belief that mediocrity has no place in our endeavors. His faith in me was not only a humbling experience but also a catalyst for personal and professional growth. Being associated with him and his ventures not only allowed me to witness firsthand his incredible entrepreneurial spirit but also exposed me to a wealth of knowledge and expertise in the financial industry. His astute business acumen and remarkable foresight have always been an inspiration to me and countless others fortunate enough to have worked alongside him. But beyond his professional achievements, Otunba Balogun was a kind and supportive soul. He took genuine interest in the lives of those around him and always extended a helping hand. His wisdom was unmatched, and his commitment to the betterment of society was unwavering. He was a beacon of hope and an embodiment of compassion. Otunba Balogun’s impact extended far beyond the banking sector. He was a great philanthropist who dedicated his life to making a difference in the lives of others. Countless individuals and communities have benefited from his generosity. His charitable endeavors have left an indelible mark, and his legacy of compassion will continue to touch lives for generations to come. • Page 151 •
Otunba Balogun exemplified a strong-willed dedication to his family. His profound love for his inseparable partner, Olori Abimbola Adetutu Balogun was admirable. She was a loyal pillar of support on their remarkable journey together. They nurtured four exceptional sons who have emerged as luminaries in finance, banking, stockbroking, investment and real estate. Otunba Balogun’s steadfast devotion to his family showcased his outstanding character and the profound affection that emanated from his very being. In conclusion, the privilege of knowing him closely and being a part of his ventures has been a transformative experience. The opportunities he bestowed upon me, both as a Non-Executive Director of FCMB Group and Chairman of CSL Stockbrokers Ltd, have been instrumental in my personal and professional development. I am eternally grateful for his guidance, support, and unwavering belief in my abilities. May his legacy continue to shine brightly, illuminating the path for future generations to follow. Rest in eternal peace, Otunba, for you have left an indelible mark on our hearts and in the world. OTUNBA (PROF.) TOYIN ASHIRU, OON Chairman of Governing Council, Olabisi Onabanjo University • Page 152 •
I am honored yet sad to write this tribute to celebrate the life of The Doyen of the Nigerian Capital Markets and The Grandmaster as we fondly called him – Otunba Michael Olasubomi Balogun, CON (‘Otunba’). I first met Otunba in June 2003 when I was hired from Goldman Sachs, USA to head The FCMB Capital Markets Subgroup consisting of City Securities Limited, FCMB Capital Markets Ltd., First City Asset Management and CSL Registrars. I was subsequently asked by Otunba Balogun to join the Board of City Securities Limited. It is hard for me to condense my 3 years working with Otunba into a few words, but I will try. Otunba was unforgettable. He was unlike anyone I had ever met. He had a charming, boisterous, larger than life personality, voice, and presence. If he admired your work product, his commitment and love for you was boundless. Thankfully, I was led to believe by many that I belonged in this category – well, most of the time. A few of my best memories of my 3 years in Nigeria and with Otunba’s First City Group included – Otunba calling at almost midnight while I was at an evening event on a Friday night to discuss a deal that I was working on. I saw a call from him on my caller ID, and sprinted into my car to take that call. My friends were shocked that he could call me at any time of the day, that he was up working so late at night and still so actively involved in the affairs of the Bank. For him, the deal must go on, and if he trusted your judgment he would contact you at any time for your opinion or to receive an update! Second, was during the Initial Public Offering of FCMB. I worked with Otunba on the hectic roadshow schedule that literally took us and the management team to all corners of Nigeria to sell those shares. I studied him as a charming, brilliant, endearing detribalized Nigerian who blended well with people wherever we went. Investors were always shocked to see him ‘at his age’ so active with the marketing of the shares, and so sharp and knowledgeable about the banking industry. In many places we went, he was treated as a living legend. I am also grateful for this experience, because it gave me the opportunity to ‘see’ Nigeria and get to know my own country, which I had left before I finished secondary school. Not many people have had this rare opportunity to visit many parts of Nigeria. I was in Ijebu-Ode, Abeokuta, Akure, Onitsha, Warri, Aba, Port Harcourt, Kano and my beloved Ibadan among others, where to my shocking embarrassment Otunba proudly made me stand up and introduced me to the crowd as a ‘daughter of Ibadan’ during the road show at Premier Hotel. Finally, was the last time I saw him in 2019. It was the first time we had seen each other in the many years since I left Nigeria. I am glad we got that wonderful opportunity to reconnect. He told me how proud he was of me, asked about my family and parents and thanked me for my contributions which the Bank was still benefiting from long after I left. That day, I found him fully decked out in his suit in his large office. He told me he would work till he was 100 and we had a good laugh. I thank Otunba and his family (Bolaji and Ladi in particular) for the opportunity to make a contribution to First City Group, and for treating me like a family member and inviting me to many of my ‘firsts.’ My first ‘Owambe’ was Otunba’s massive 70th party in Ijebu-Ode, where with the help of many led by Mrs. Busola Adekusibe his dedicated and astute assistant of 43 years, took care of helping me identify the appropriate lace material, and style and the right person to tie my gele, for I was • Page 153 •
truly a clueless ‘repat’ at that point. My first traditional Yoruba naming ceremony was at his home then on Victoria Island, for one of the many grandchildren Otunba was blessed with in his life time. In what I would call full circle, and unbeknownst to both of us when Otunba and Ladi hired me in 2003, I later discovered from seeing the picture of two men on the wall of his home or I believe a brochure from one of his past birthday celebrations that when Otunba received his honorary doctorate from University of Ibadan a several years before our paths crossed, my dad Emeritus Professor (Sir) Joseph Ibomein Okogun who as Dean of the Faculty of Science was also the University Orator who read his citation! Rest in Perfect Peace, Sir. You have lived a full, rich and blessed life. It was an honor to work with and for you. I know you will be terribly missed by your loving family, numerous friends and well-wishers. And I can never forget your favorite comment to signal the end of most of our conversations. ‘I wish you well.’ Mrs. Isi J. Okogun Ozekhome Vice President and Head of FCMB Capital Markets Sub-Group (2003 – 2006) • Page 154 •
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TRIBUTE TO THE EXTRAORDINARY LIFE & TIMES OF OTUNBA MICHAEL OLASUBOMI BALOGUN, CON In the realm of remarkable individuals, there are those whose lives transcend personal achievements and embody the principles that inspire and uplift the society at large. Otunba Michael Olasubomi Balogun, CON, the Olori Omo-oba of Ijebuland and Asiwaju of Ijebu Christians, stands as a shining example of such a man. From his role as the founder of the FCMB Group to his unwavering commitment to humanitarian causes, Otunba Balogun's life fills us with admiration. We have indeed lost a true inspiration to us all. The founding of the FCMB Group stands as a testament to Otunba Balogun's visionary leadership and entrepreneurial spirit. Through this financial institution, he created avenues for growth and prosperity, empowering individuals and businesses alike. His dedication to providing access to financial resources and innovative banking solutions has transformed lives and contributed to the economic development of Nigeria. Certainly, Otunba Balogun's legacy extends far beyond the realms of business. He embraced the role of an apostle of humanitarianism, embodying the values of compassion and selflessness. Through numerous philanthropic endeavors, he touched the lives of countless individuals, leaving an indelible mark on their hearts. From supporting education to advancing healthcare, his acts of kindness brought hope to those in need and inspired others to follow in his footsteps. Perhaps one of the most remarkable aspects of Otunba Balogun's life was his ability to inspire others. He was a mentor, a role model, and a beacon of hope for aspiring entrepreneurs and young professionals. His wisdom, humility, and genuine interest in the development of others served as a guiding light for many, reminding us that true success is not measured by wealth, but by the positive impact we have on society. As we bid farewell to Otunba Balogun, a man who lived his life not for himself but for the greater good, let us carry forward his indomitable spirit and commitment to excellence, strive to make a difference in our respective fields, uplift others, and leave lasting legacies of our own. The memory of Otunba Balogun will continue to inspire us, and serve as a constant reminder of the heights we can reach when we dare to dream and pursue our goals with unwavering determination. We extend our deepest condolences to the family and loved ones of Otunba Subomi Balogun during this difficult time. May his soul rest in eternal peace, and may his extraordinary legacy continue to shine brightly for generations to come. The Board, Management and Staff Chapel Hill Denham • Page 156 •
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Until I have excelled and I have achieved the best, I would not be satisfied. OTUNBA M.O. BALOGUN, CON • Page 158 •
1 2 31 May, 2023 TRIBUTE TO OTUNBA BALOGUN - By Atedo Peterside* CON. Some people who know me well often argue that everything that I do or say is deliberate and that, when asked, I often have a reason for what I do or say. You may not agree with my reason, but you will recognise or accept that I do have a reason for whatever I do and I generally will not change my position unless a superior argument emerges and/or new facts come to light. If the foregoing sounds like I am describing myself, then you missed the point - it is one of the most powerful things that I learnt from the late Otunba Balogun, the Founder of First City Monument Bank (FCMB). I am referring here to the dogged and unrelenting pursuit of his dreams/ideas. He literarily obtained FCMB’s banking licence by wearing down his detractors and the naysayers. Like Otunba or hate him, if he took an “inflexible” position, then invariably he had a good reason for it. His actions were never random, thoughtless or meaningless. If you thought any of them were, then you never knew the man - the Colossus, in his lifetime. So why do I address this tribute to "Otunba Balogun" and not to "Otunba Subomi Balogun" or "Otunba Michael Olasubonmi Balogun”? Of course, it is deliberate. It is because, during the last two decades of his life, I never needed to explain to anybody which Balogun I was referring to if I mentioned "Otunba Balogun". Nobody ever asked me a follow-up question such as: "Which Otunba Balogun are you referring to”? I am not aiming to be disrespectful to others bearing the Balogun surname. Nor have I checked if indeed there is or was another Balogun who was also an Otunba. It is unnecessary, because context matters in life. If I was also an investment banker and a younger Bank CEO and/or Bank Chairman for periods that overlapped with part of Otunba Balogun's own tenure as a Bank CEO and/or a Bank Chairman, then there are no prizes for guessing that there was only one Otunba Balogun in my own life and industry circles. There is no second Otunba Balogun in my life and industry circle and there can never be, because my own banking career is essentially over, save for sitting on the boards of Standard Bank Group Limited (parent company of Stanbic IBTC Holdings PLC) and The Standard Bank of South Africa Limited. 2 2 Apart from having a good reason for everything that he did, Otunba Balogun obviously had both "style" and "confidence" in enormous proportions. He believed he could move mountains - and he often did. Long before IBTC (now Stanbic IBTC) was formed in February 1989, Otunba Balogun once offered me a job. I sat with him for one hour - we had lunch together. It was essentially a job interview over lunch. We discussed succession planning and other sensitive matters. It would suffice to say we both realised and agreed that his idea could not work. We parted as friends and remained friends ever since, even though we were not mates by any stretch of the imagination. In due course there was healthy competition and Investment Banking rivalry between FCMB and IBTC throughout the 1990s, but it was born out of mutual respect and therefore never got nasty - Otunba made sure of that. Goodbye Grandmaster. You came, you saw and you conquered. -------------------------------- *Atedo Peterside is the President & Founder of Anap Foundation and the Founder of Stanbic IBTC Bank PLC Twitter: @AtedoPeterside • Page 159 •
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FirstBank is regulated by the Central Bank of Nigeria – RC 6290 An FBN Holdings Company BOARD OF DIRECTORS: Chairman: Tunde Hassan-Odukale, CEO: Adesola K. Adeduntan, Directors: Oluwatosin A. Adewuyi, Akinwunmi Akinfemiwa, Olusegun Alebiosu, Ishaya Elijah B. Dodo, Ini Ebong, Abdullahi M. Ibrahim, Patrick Iyamabo, Remi Lasaki, Uche Nwokedi (SAN), Isioma Ogodazi, Nnamdi John Okonkwo, Ebenezer Olufowose, Tope Omage Chief Executive Officer Samuel Asabia House, 35 Marina, P.O. Box 5216, Lagos, Nigeria Telephone: +234 1 9052204. Web: www.firstbanknigeria.com 20 May 2023 Mobolaji Balogun Chief Executive Officer Chapel Hill Denham 10a Bankole Oki Street Ikoyi, Lagos Dear Bolaji, It is with great sadness that I learned of the death of your beloved father, Otunba Michael Olasubomi Balogun, CON, The Olori Omo Oba Akile Ijebu and Asiwaju of Ijebu Christians and I join with the nation in mourning his loss. On behalf of the Board, Management and Staff of FirstBank, I commiserate with you and the entire family. Otunba’s passing is indeed a monumental loss, not only to your family and Nigeria but to the world at large, owing to his lasting legacies as a God-fearing and devout family man, a noble businessman and philanthropist extraordinaire, who was passionate about humanity. He will be long remembered for the huge impact he made in the banking and financial services industry in Nigeria. In addition, I wish to express my sympathy; on a personal level, I find myself deeply fortunate to have had a chance to meet him as a young undergraduate student at the University of Ibadan. It was a great honour back in 1991 for him to accept my invitation to join The Sigma Club of the University of Ibadan as an Honorary member. His induction ceremony at the Trenchard Hall of the University of Ibadan has remained till date the standard by which the Club and indeed the University have continued to measure subsequent ceremonies. The truly inspirational conversation which ensued on building a successful career was a defining moment for me and would inform my career choices. Even though his passing leaves a great sense of loss, he remains an inspiration to me and countless others. May the Almighty God grant his gentle soul a peaceful rest, and comfort you and the entire family at this time of grief. Amen. Please accept our profound condolences. Yours sincerely, Dr Adesola Adeduntan; FCA, FCIB Chief Executive Officer, FirstBank Group • Page 163 •
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July 5, 2023 Mr. Bolaji Balogun Chief Executive Officer Chapel Hll Denham 10, Bankole Oki Street Ikoyi HEARTFELT CONDOLENCE We received with heavy heart, the news of the passage of your beloved and fine-spirited father and patriarch, Otunba Michael Olasubomi Balogun, CON on 18th May, 2023. We are particularly touched by this unfortunate incident, considering the status and inimitable achievements of the deceased. One cannot but conclude that his death is a great loss to your family and the nation at large. Worthy of note is his beautiful life of service to God and humanity. He lived a fulfilled and accomplished life totally committed to serving God in various ways, including his many charitable initiatives. There is no doubt that Otunba will be greatly missed by family members and many others, whose lives he has touched positively. We are confident that his good works will remain an everlasting legacy of his time here on earth. On behalf of my colleagues at Leadway Assurance Company Limited, I extend my heartfelt condolence and pray that the good Lord comfort your entire family at this moment of grief. Kindly accept my apologies as I am currently out of country and shall be absent at the funeral ceremonies. May his impactful soul rest in peace. Yours faithfully, LEADWAY ASSURANCE COMPANY LIMITED Tunde Hassan-Odukale MANAGING DIRECTOR/CEO • Page 169 •
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I have dedicated the rest of my life to serve mankind. To be kind to the less-privileged and to give more to other people than myself. To commit myself totally to serving my God. To commit myself to making this life a better place. This is my objective in life. OTUNBA M.O. BALOGUN, CON • Page 180 •
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TRIBUTE BY THE AWUJALE COUNCIL OF OTUNBAS OTUNBA DR. MICHEAL OLASUBOMI BALOGUN, CON Olori Omo-Oba Akile Ijebu, Otunba Tunwase Ijebu, The Asiwaju of Ijebu Christians, Founder, FCMB Group. Today, we gather as members of the Otunba Council of Ijebuland to celebrate the life of a truly remarkable man, Otunba Dr. Micheal Olasubomi Balogun CON, whose vibrant spirit and extraordinary achievements have left an indelible mark on the world. As we reflect upon his legacy and the profound impact he had on our lives, we are inspired by his kindness, unwavering support, and his role as an exceptional role model for the Ijebu community. Otunba Subomi Balogun was more than just a pioneer indigenous banker; he was a visionary leader who paved the way for future generations. His entrepreneurial spirit and dedication created countless employment opportunities for Ijebu indigenes, transforming lives and inspiring others to reach for the stars. A true patron of the annual Ojude Oba Festival in Ijebu Ode, Otunba Balogun was a national statesman and a pride of Ijebu. As the Head of Fusengbuwa Royal ruling House and the OloriEbi of the Balogun Odunuga Family, he held the esteemed title of Olori Omo-Oba of Ijebu, representing the heart of the Royal family. In matters of faith, he was the Asiwaju Onigbagbo of Ijebu, the esteemed leader of the Ijebu Christian community. With enthusiasm and joy, he guided and inspired the people of Ijebu on their spiritual journey. For decades, he hosted the annual beginning-of-the-year prayers in his magnificent mansion in Ijebu Ode, fostering a sense of unity and devotion among believers. Otunba Balogun’s philanthropic endeavors were a testament to his deep understanding of the power of giving back. He embraced the true meaning of compassion and selflessness, leaving an enduring legacy of generosity. In Ijebuland, he built the National Paediatric Centre, a beacon of hope and healing for our children, and selflessly entrusted it to the University of Ibadan Teaching Hospital for the benefit of future generations. Through his Otunba Tunwase Foundation, he supported numerous noble causes, spanning education, religion, healthcare, and youth empowerment projects. His compassion and generosity touched countless lives, making a lasting impact on Ijebuland and Nigeria as a whole. As we bid farewell to this extraordinary man, let us remember Otunba Micheal Subomi Balogun as a legend of our time. His wisdom, consistent commitment, and relentless pursuit of excellence will forever inspire us to reach new heights and make a difference in our communities. We extend our heartfelt condolences to his cherished and inseparable companion, Olori Abimbola Adetutu Balogun, who stood by his side as a pillar of strength throughout their remarkable journey together. Our thoughts and prayers go out to his sons Bolaji, Jide, Ladi, and Gboyega, along with their spouses, as well as Otunba’s grandchildren, the FCMB Family, and the entire Ijebu community. May his radiant legacy continue to illuminate the path for future generations, guiding them towards greatness. Rest in eternal peace, Otunba Tunwase. Your spirit will forever live on. Otunba Wahab Osinusi (Chairman) On behalf of Otunba Council of Ijebuland • Page 182 •
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TRIBUTE Otunba Michael Olasubomi Balogun, CON (Baba Egbe); the life patron of Egbe Bobayo (Bobayo age-group) suddenly passed to high heavens on Thursday, May 18, 2023 in London. He left Nigeria safe and sound in health. He usually went to London periodically for health check-up because a man above seventy years of age could do that to take care of his health if he could afford such expenditure. Our patron Otunba Michael Olasubomi Balogun who was a comfortable man had no difficulty checking the condition of his health from time to time. The Bobayo age group chose in 1989 as our patron because of his persona, within and without, was the best our age-group- could imagine. Aside from his benevolent stature which is still incomparable in Ijebuland, Otunba Tunwase in death is a huge tree that makes a proverbial forest, he was a huge elephant that did not disturb or threaten other animals of lesser power for survival. In practical terms, Otunba awarded numerous scholarships to secondary school students and continued their financial sponsorship to the universities of their choices. On graduating, he gave jobs to many of them to pursue their lives and careers. The baby boy born on his sixtieth birthday in March 9, 1994 was named after him and later adopted him for life. There is so much to write about Otunba without stop. vThe Otunba Tunwase National Paediatric Centre along the Lagos-Benin Expressway in IjebuOde conceived as a tertiary medical institution for teaching, research and healthcare delivery is meant for the whole world and not Nigeria alone. It was handed to the University College Teaching Hospital before 1980 with all the gifts sent to Otunba by his friends in Nigeria and overseas. The University of Ibadan adores him for all kinds of assistance he gave them non-stop. The Ijebu people on their own love him because he has done so much to lift their spirit to make them proud. Thousands of Ijebu parents have named their new born after him as “Subomi”. It is a known fact one of our late fathers, Chief Timothy Adeola Odutola did much to raise the economy of the Ijebu people, former Western Nigeria and Nigeria as a whole. He built tyre industries and other ventures here and there. Otunba Subomi started where Papa T.A. Odutola left off. It is a prayer that the Ijebu people • Page 184 •
would love to have respond with their collective amen that men of immense stature and capacities like Chief T.A. Odutola and Otunba M.O. Balogun shall continue to be born and raised in Ijebu communities from time to time. When Egbe Bobayo wanted to raise their common purse and the entire financial capacity was low, our great patron Omo Oba Michael Subomi Balogun gave the age-group five million naira to start with. On the annual anniversary of the Egbe, our patron would provide every menu available in modern Nigeria with various gifts. About six years ago, he challenged the Egbe about the attendant history of old Ijebu nation before it became part of Southern protectorate of Western Nigeria. A lecture was given in 2019 by a member of the Egbe in person of Professor Bankole Okuwa. After the delivery of the lecture, our brilliant patron said more effort was needed to produce an authentic history of Ijebuland. Even though, he was very busy with other personal businesses, he remained a great reader with wonderful assimilation. Many people who later knew him after he became comfortable and wealthy man did not know that he was a qualified Lawyer who studied at London School of Economics (LSE) and obtained Bachelors of Law and Masters of Law (LL.B and LL.M). He did not study Banking but acquired banking knowledge after serving the Ministry of Justice at the Federal level. His ability and wisdom to establish a bank, that is, the First City Monument Bank (FCMB) tells how quick his learning ability earned him. He never participated in Nigerian politics and never supported any political party or individual though some were his friends. The Bobayo members are always relived that he never suffered any scandal, social, political or economic. He was never a suspect of any crime, no matter how little. We the Egbe Bobayo members pray for his soul to rest in its deserved peace and pray for his loving wife Olori Abimbola Balogun, his only big and great sister, Mrs Olaronke Atere, his children and grandchildren. Otunba M.O. Balogun family continue to shine for ever and ever. A great son of Ijebuland, one of the greatest that ever lived has gone back to meet his Egbe Bobayo of Ijebuland Ijebu-Ode, Ogun State TRIBUTE I often wondered at his ceaselessly and naturally warm affection at all times. His effervescent and humane disposition are rare talents among people of substantive economic stature and wealth like him. We thank God for his life and we remain very proud of him. Abundantly, empirical evidences are more than adequate to show the world his numerous contributions to social developments in the areas of education, with several scholarships for brilliant but indigent students, health interventions, religious leadership (Asiwaju of Ijebu Christians) in the service of God, social and economic security (Police Posts and Precincts) and others that we cannot fully enumerate here. No Nigerian politician or government (Local, State and Federal) today can achieve all that you have accomplished for the better life of our people without deeping their hands into public coffers in the guise of public service while aiming at their private pockets. You were doubtlessly, a man of immense capabilities and capacity whose dedicated service to God and country, recognition of Ijebu tradition and love for his people did not diminish his modern outlook and reflection. My great Egbon, may the Almighty God hold you in his safe hands, guide you and guard you from all evil with his benevolent angels and continue to bless you even in death, Amen. The entire members of Okuwa family of Porogun Ijebuode and the Arojojoye Royal Family that I work with at Agunsebi bid you farewell and pray that you rest in perfect • Page 185 •
peace on the right side of the Almighty God; you served relentlessly on earth. The Lord will abide with your loving wife, your Olori Abimbola and all your children and grand children. Your greatness has no comparison in Ijebuland, yet you were humble. As I have written and said many times, the old rumour that you wanted to become Awujale in the Second Republic 1979/83 was a blatant lie as I was a legislator in that State Government. And another one, four years ago that, you were preparing one of your grown-up sons and wellgroomed boys to become Awujale are most of the wicked, unkind and unfortunate rumour to taint your great image and your family. I know perfectly well that you were not interested and you confirmed your non-interest several times in many newspapers, national and local. No one could run you down and to malign you was fruitless. You remained great in life and also in death. Rest in perfect peace. Otunba M.O. Tunwase, Olori Omoba of Ijebuland, Asiwaju of Ijebu Christians, Olori ebi of Jadiara/Fusengbuwa/Arojojoye Royal Family. Sun n re ni oruko Jesu. Your Aburo, Prof. Bankole Okuwa Oba Adesimbo Tunwase Museum and Hall • Page 186 •
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CONDOLENCE I join millions of people in Nigeria and beyond to mourn the death of our highly revered father, Otunba Subomi Balogun, at the age of 89. On behalf of my family and associates, I commiserate with the children, grandchildren, great-grandchildren, and the entire Otunba Subomi Balogun dynasty on this sad loss. Otunba Balogun was a consummate capital market operator, banker, boardroom guru and philanthropist. His contributions to the creation and evolution of the Nigerian Capital market remain indelible. The Olori Omo Oba of Ijebuland was also a quintessential man of culture as evidenced in his sartorial appearances and commitment to the Ijebu tradition at all times. In Baba, we found a man committed to the advancement of the dignity of mankind. I am particularly inspired by his fantastic and enduring legacy of trailblazing, courage, professionalism, elegance and support for the less privileged. While this is a significant loss for Ijebuland, Ogun State and Nigeria, we all take comfort by the legacy of selfless service that Otunba Balogun leaves behind. It is my prayer that the Almighty grants his soul peaceful rest and the family, the fortitude and grace to carry on in his absence. Signed: Prince Gboyega Nasir Isiaka (GNI) • Page 191 •
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When I look back, I can see the handwork of the Almighty God guiding me through this maze of an uncharted course. OTUNBA M.O. BALOGUN, CON • Page 195 •