Henry Oduah –
Businessman Femi Otedola on Sunday paid glowing tributes to the late founder of First City Monument Bank (FCMB) Subomi Balogun.
Balogun died at the age of 89 in London, United Kingdom on May 18.
Otedola said in his tribute that he took Balogun as a father after he lost his own father Sir Michael Otedola.
“At the height of the global financial meltdown between 2007 and 2009, my businesses, especially in the downstream oil and gas industry, had diesel stock, which was bought for $800,000,000 (eight hundred million dollars) at $147 per barrel, collapsed to the price of $33 per barrel. The business nose-dived and bankruptcy stared me in the face, raising my heart pulse, practically killing my sleep and pushing me to the edge of suicide,” the billionaire began.
“All around me were financial institutions trying to recover their loans before what they thought would be the inevitable crash of my businesses. I looked up and said, ‘God Almighty, there is always Hope but where will it come from?’ It came through two truly distinguished top brass bankers, who understood real entrepreneurship: Otunba M.O. Balogun was one of them; the other was Tayo Aderinokun, both now of blessed memory.
“Otunba took the view that before the global meltdown, my businesses were punctual with all debt servicing, leaving surplus funds in banks, and he believed in me that with support across the meltdown, I can bounce back.
“He back-stopped his belief in me with his conviction that I will not risk the integrity of Sir Michael, who was his close friend…
“I thank God, Otunba, Tayo and a few others supported my bounce back, earning me a treasure trove of hard experiences.”
Otedola prayed that the new generation of bankers will learn from Balogun that banks cannot thrive without genuine entrepreneurs and that entrepreneurs cannot accelerate growth without the leverage of supportive banks.
“After the death of Sir Michael, I gravitated towards Otunba for counsel during trying situations or the need to take critical decisions. He usually will start by holding my hands and leading me to his kneelers for prayers.
“In the whole process, I became a mentee of Otunba and he encouraged his children to see me as their elder brother, friend and business associate.
“I am indebted to him and pray for the peaceful repose of his great soul,” he added.
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