Otunba Subomi Balogun
Sitting
regally in the calm comfort of his palatial home, he was dressed in no
other colour but white. It is not difficult to tell that the founder of
the 30-year-old First City Monument Bank, Otunba Subomi Balogun, is a
fulfilled man.
One of Nigeria’s most respected
professionals, he should be proud of his achievements but rather than
brag about it, he repeatedly acknowledges the grace bestowed upon him by
God.
He begins by saying, “My journey to what
you now see has been divinely guided. I will refer to it as divine
intervention. At the headquarters of my organisation, you will read this
on a plaque: ‘The building is dedicated to the glory of God as an
embodiment of a young man’s faith in the unfailing support of the
Almighty God.’ It is also a monument of a young Nigerian’s determination
to succeed and to prove that given the opportunity, he has the mettle
to attain the commanding height the management of a finance institution
requires. Lastly, it serves as a lesson to all mankind that, in all
things, though mortals may have their say, God will have his way.’’
That he founded a merchant bank was a
story he loves to relive over and again. According to him, an incident
prepared his path to success. “I was cheated as an employee for another
institution created by Nigerians and Americans,” he recalls.
As a result, he went on a course abroad and returned brimming with ideas to set up a merchant bank.
“That was what we called it in those
days and everyone knew that I birthed it but when it was time to elect
the chief executive, I was told in spite of all entreaties that because I
had a basic training in law, I could not be the chief executive! I was
42 years old and they brought a 32-year-old man with little or no
experience from America to be my boss.’’
Embittered, he resorted to prayers and
did not lose focus. He reminisces: “Some of the gifts God gave me are
courage, tenacity of purpose and discipline. I knew where I was going
but the vista was misty. It was unbelievable that one Nigerian would say
that if he did not get a position in a bank, he would set up a bank. I
was not interested just in money, I was trying to prove that given the
opportunity and with the support of the Almighty God, I had the mettle
to attain the commanding heights in the management of a financial
institution,” Balogun says.
So, he put in his resignation letter and
embarked on a voyage of faith when he single-handedly set up the first
wholly Nigerian owned merchant bank. He named it, First City Merchant
Bank.
“I had a template with which I started
with— a Jewish German, Sigmund George Warburg. He started the oldest
merchant bank in Britain. He was my template, I read his book and
visited him before he died. People thought it was sacrilegious for an
individual to set up a bank, whereas I was setting example. I got into
banking because I had a vision and I put in my own personal culture of
always looking for the best, culture of integrity, business ethics which
has permeated through,” he states.
Soon, his name and exploits in financial
services began to resonate and it was time to up his game. “I was only
very well known in investment banking which is the easiest way to start
banking,” he explains citing blue chip companies he had worked for.
“Everyone was wondering who we were but I
gave the impression that the place was owned by another person who only
asked me to manage it. Later, I found that investment banking was not
enough for us to make profit that can make us compete with the other
banks. When the idea of universal banking came, I was in the vanguard,”
he adds.
Born in Ijebu-Ode, Ogun State, where he is highly revered as the Asiwaju of Ijebu Christians
among other titles, not many are aware that this alumnus of Igbobi
College, Lagos, trained as a lawyer at the London School of Economics
from where he graduated with a second class honours degree in 1959 and
was called to the English bar in the same year. What then was a lawyer
looking for in banking?
He is quick to respond: “I was doing
very well in law as a student. The government of western region during
the late Obafemi Awolowo’s era, decided to train lawyers in the drafting
of laws. Then, it was not just public laws alone but laws for
agreements and financial documents were included. I came to this country
and rose to some of the highest levels in the civil service and at 28; I
was the Assistant Parliamentary Counsel of the Federation. I was also
the Assistant Chief Legal Draftsman for the Federation. People expected
that you must be an economist or accountant before you can take the
banking world by storm but now they know better.’’
Having achieved feats many only dream
of, he talks about life in retirement. “I had set the stage that at a
particular time; I must allow the old order to change, yielding a place
to a new order. Success without a successor is not success. I had begun
to think at what point I will retire. I set the age of 70 but between
the ages of 60, 65 and 70, hell was let loose! People wanted to fight me
even though I knew quite well I had not done anything. It was on the
eve of my 70th birthday that I retired. I had always had it in mind that
the time will come when I can no longer cope with the energy required
for growth and I made arrangements for a successor,” he says.
Today, he has a worthy successor in his
son, Ladi Balogun, of whom He says, “he is my third son, God chose him
and his brothers don’t envy him. Rather, they are very supportive and
the sky is the limit.’’
Reflecting on past events is one of the
things he engages in but he says he has no regrets and chips in his
advice when necessary. “Like a mother who has a child, even though you
cannot always be with that child, your mind will still be with the
child. You want to see the child grow, develop and able to meet up with
his peers. I retired at 70 but I still give advice. For instance, if I
notice my shares in the market are not doing well, I ask questions and
yearly, they are magnanimous enough to allow me contribute a column to
our annual reports,” he enthuses
With his wealth of experience spanning
several decades, he is in the best position to offer guidance and advice
which he does without restraint.
“The up and coming should not in any way
despair rather they should persevere. They should and believe that
through the guidance of God, all will be well. They should not give in
to cynics or Doubting Thomases as giving up is never an option. If I
come back again in life, I want to be associated with FCMB and I have no
regrets. When I look back, I smile and thank God,” he states.
Blessed with admirable looks, Balogun’s
vigorous fit does not give weight to the reality that he is a few months
shy of clocking 80.
“It is the grace of God. For instance,
after this interview, I will either be in the swimming pool or walking
around briskly. I just feel that God has a big plan for me even till I
am 100 years as long as I do not do anything excessively. I ask God to
give me the grace to serve Him and live well. I have total contentment
with all God has done for me, I am not over-ambitious.’’
Married to Olori Abimbola, they are
blessed with four sons who are all accomplished professionals in
banking, finance, stock broking and legal practice.
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