The Nigerian Exchange Limited (NGX), in collaboration with the Chartered Institute of Stockbrokers (CIS) and other market stakeholders, came together on Monday to honor the late Otunba Subomi Balogun, FCS, CON, the founder of FCMB Group.
The ceremony served as a poignant reminder of Balogun’s contributions to the capital market, leaving an enduring legacy that continues to shape the industry.
During the event, Mr. Temi Popoola, the Chief Executive Officer of NGX, highlighted the immense significance of Balogun’s impact. He said, “Today, we gather to pay tribute to an individual without whom our markets would not be what they are today. His influence has shaped countless careers, including my own.”
Popoola further conveyed gratitude for Balogun’s pivotal role in expanding the industry, adding, “The Subomi family stands as a beacon of representation on the Exchange, and we are sincerely appreciative. Rest assured, they can rely on our unwavering support as they pursue their strategic goals.”
Alhaji (Dr) Umaru Kwairanga, Chairman of NGX Group, acknowledged Balogun’s instrumental contributions to the development of investment banking in Nigeria. Notably, during his tenure at ICON Securities, Balogun laid the foundation for many of the nation’s first equity offerings. Kwairanga noted, “His enduring legacy will be evidenced by the remarkable milestones he accomplished.”
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Oscar N. Onyema, OON, Group Chief Executive Officer of NGX Group, expressed solace in Balogun’s extraordinary life and the remarkable legacy he left behind. Onyema remarked, “Otunba always championed the best interests of the capital market, particularly during his tenure on the Exchange’s Council.”
Mr. Oluwole Adeosun, President of CIS, commended Balogun’s legacy, stating, “Today, we celebrate the life of a titan, Otunba Subomi Balogun, the pioneering first Vice President of our esteemed Institute. We extend our condolences to the family and pledge to remember his contributions to the capital market.”
Bolaji Balogun, the Group CEO of Chapel Hill Denham and son of Otunba Balogun, expressed gratitude for the attendees’ enduring remembrance of his father’s impact. He remarked, “The fact that you still remember our father, who retired 20 years ago, speaks volumes about him and the caliber of exceptional individuals gathered here. He held great concern for this market, the nation’s harmony, and the Nigerian youth. I assure each and every one of you that our work is vital to the growth of our nation.”
Commending the leadership of NGX and CIS, Mr. Ladi Balogun, the Group Chief Executive of FCMB Group Plc, found solace and inspiration in the commemoration. He stated, “While this has been an emotional time for our family, the honor bestowed upon our father by NGX, CIS, and the entire nation truly inspires us. It motivates us to push further, strive for excellence, and ensure his legacy lives on. We are not alone in this endeavor. Together with the Exchange, we will uphold his values and seek transformative ways to impact the market and the economy.”
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