Otunba Michael Subomi Balogun and Ladi Balogun
If Ladi Balogun is among the shining stars of Nigeria’s Banking industry, then his father, Otunba Michael Subomi Balogun, is among those who set up its galaxy.
FCMB
The senior Balogun founded, in 1979, the First City Merchant (now Monument) Bank, which was then the first to be established in Nigeria without government or foreign support. He had resigned from his job at a bank two years earlier after he felt cheated out of a deserved Chief Executive position, a depiction of the guts and self-confidence that he is made of.
Just as Otunba is reputed for his courage in founding the bank, his son’s dexterity is remarked as being the key in the expansion of the bank. The junior Balogun since taking over from his father has transformed FCMB from a privately held business to a listed company on the Nigerian Stock Exchange in 2004 and from a merchant bank to full service banking group.
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