The Nigerian Exchange Ltd. (NGX), Chartered Institute of Stockbrokers (CIS), and other stakeholders held a mock-trading and closing gong ceremony to honor the late Otunba Subomi Balogun, founder of FCMB Group.
Speaking at the ceremony, on Monday in Lagos, NGX Chief Executive Officer, Mr Temi Popoola, described late Balogun as a blessing to the capital market.
“We are here to pay tribute to someone whom without, we really cannot talk about our markets, and I am sure that there are many careers here that he had helped shape and mine is a good example.
“We can’t express our gratitude to him enough for what he did to help our industry expand.
“It is difficult to locate another family in Nigeria like the Subomi’s, that can represent on the Exchange as they are doing now.
“We are very grateful and assure them that they can count on our support going forward as the family continues to drive their strategic goals,” Popoola said.
In his remarks, the Chairman of NGX Group, Dr Umaru Kwairanga, noted that late Balogun played a significant role in the development of investment banking in Nigeria.
Kwairanga said the deceased had laid the foundation for many of the nation’s first equity offerings while working at ICON Securities.
“He left a significant legacy and a number of monuments that would serve as evidence of his greatness well into the future,” he said.
The Group Chief Executive Officer, NGX Group, Mr Oscar Onyema, said the capital market took solace in the fact that Balogun lived a great life and left a huge legacy that the market community would continue to talk about for several years.
“Balogun ensured that he looked out for the best interests of the capital market, especially during his tenure on the council of the Exchange years ago,” Onyema said.
On his part, the CIS President, Mr Oluwole Adeosun, said the market was celebrating the life of a colossus man, who was the pioneer first Vice President of the institute.
“We commiserate with the family and will keep remembering his deeds in the capital market”, Adeosun said.
Responding, son of the deceased, Mr Bolaji Balogun, Group CEO, Chapel Hill Denham, appreciated the capital market for remembering his late father who retired 20 years ago and saying good things about him.
Balogun stated that his late father was very concerned about the capital market and the harmony of Nigeria and its youth.
The Group Chief Executive, FCMB Group Plc, Mr Ladi Balogun also thanked the market stakeholders for organising the ceremony, noting that it would encourage the family to keep the late Balogun’s legacy on.
“Whilst this has been a very emotional time for our family, the way our father has been honoured by the Exchange, CIS and the entire country has truly inspired us.
“It is motivating us to go further, do better and make sure that his legacy lives on.
“We will not be alone in doing that. We will make sure we uphold his value and seek ways together with the exchange to transform the market and the economy,” he said.
