Subomi Balogun was a blessing to Nigerian capital market – NGX boss

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Lagos, July 4, 2023 – Mr Temi Popoola, the Chief Executive of Nigerian Exchange (NGX), has described Late Otunba Subomi Balogun, the Founder of FCMB Group, as a blessing to the Nigerian capital market

Popoola made the remark on Monday in Lagos while speaking at a mock-trading session and Closing Gong ceremony held in honour of late Subomi Balogun.

The ceremony was organised by the NGX, the Chartered Institute of Stockbrokers (CIS) and other major stakeholders in the capital market.

Popoola said: “We are here to pay tribute to somebody that without him, we really cannot talk about our markets and I am sure that there are many careers here that he helped shaped 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 Subomis that can represent on the Exchange as they doing now.

“We are very grateful and we assure them that they can count on our support going forward as the family continues to drive their strategic goals,” Popoola said.

Alhaji Umaru Kwairanga, the Chairman of NGX Group, said Subomi played a significant role in the development of investment banking in Nigeria and laid the foundation for many of the nation’s first equity offerings while he was working at ICON Securities.

“He leaves a significant legacy and a number of monuments that would serve as evidence of his greatness well into the future,” he said.

Oscar Onyema, the Group Chief Executive of NGX Group, said the market could take solace in the fact that Subomi led a great life and left a huge legacy that the capital market community would continue to talk about for years to come.

“Otunba 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.”

Mr Oluwole Adeosun, the CIS President, said: “We are celebrating the life of a colossus, Otunba Subomi Balogun, who was the pioneer first vice president of our Institute.

“We commiserate with the family and will keep remembering his deeds in the capital market.”

Mr Bolaji Balogun, the Group Chief Executive of Chapel Hill Denham, a son of late Subomi Balogun, said: “That you still remember our father, who retired 20 years ago, speaks a lot about him and the caliber of outstanding people you are.

“He was very concerned about this market, the harmony of this nation, and the youth of Nigeria.

“I want to reassure each of you that the work we perform is essential to the growth of this nation.”

Ladi Balogun, the Chief Executive of FCMB Group, also a son of late Subomi Balogun, commended the leadership of CIS for organising the mock trading session, which he said, was an encouragement for the family to keep his legacy on.

“Whilst this has being a very emotional time for our family, the way our father has been honoured by the Exchange, CIS and the entire country is truly inspiring to 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. (GBN)

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