A Legacy Remembered: NGX and CIS Pay Homage to the Late Otunba Subomi Balogun

The Nigerian Exchange Limited (NGX), in collaboration with the Chartered Institute of Stockbrokers (CIS) and other esteemed market stakeholders, conducted a commemorative mock-trading session and Closing Gong Ceremony yesterday to honor the late Otunba Olasubomi Balogun, the visionary Founder of FCMB Group. The event saw prominent figures expressing their gratitude for Otunba Balogun’s invaluable contributions to the capital market.

Mr. Temi Popoola, the Chief Executive Officer of NGX, delivered a heartfelt tribute during the ceremony, recognizing the pivotal role played by the late Otunba Balogun in shaping the industry. “We gather here today to pay tribute to an individual without whom our markets would not be what they are today. Countless careers have been influenced by his guidance, including mine. His impact on our industry’s growth is immeasurable. The Subomi family is a shining example of excellence on the Exchange, and we extend our heartfelt appreciation. Rest assured, they can rely on our unwavering support as they continue to pursue their strategic goals,” Mr. Popoola emphasized.

Alhaji (Dr) Umaru Kwairanga, the Chairman of NGX Group, highlighted Otunba Subomi Balogun’s remarkable contributions to the development of investment banking in Nigeria. Kwairanga acknowledged his instrumental role in laying the foundation for the nation’s earliest equity offerings during his tenure at ICON Securities. “Otunba Balogun leaves behind a formidable legacy and an enduring imprint that will forever serve as a testament to his greatness,” Kwairanga added.

Mr. Oscar N. Onyema, the Group Chief Executive Officer of NGX Group, reassured the market that Otunba Balogun’s remarkable life and achievements would be remembered and celebrated for years to come. “The capital market community can find solace in the fact that Otunba Balogun led an exemplary life and bequeathed an indelible legacy. His dedication to the best interests of the capital market, especially during his tenure on the Exchange’s Council, was unwavering,” Onyema remarked.

The President of CIS, Mr. Oluwole Adeosun, echoed the sentiments by stating, “Today, we celebrate the life of a visionary, Otunba Subomi Balogun, who served as the pioneering first Vice President of our esteemed Institute.”

Expressing gratitude for the commemorative event, Mr. Bolaji Balogun, the Group CEO of Chapel Hill Denham and son of Otunba Balogun, acknowledged the lasting impact of his father’s legacy. He addressed the attendees, saying, “The fact that you remember our father, who retired two decades ago, speaks volumes about him and the remarkable individuals present here today. He deeply cared about this market, the unity of our nation, and the youth of Nigeria. I assure each and every one of you that our work is crucial to the progress of this great nation.”

Mr. Ladi Balogun, the Group Chief Executive of FCMB Group Plc, lauded the leadership of NGX and CIS, considering the commemoration as a source of encouragement for the family to uphold Otunba Balogun’s exceptional legacy.