Otunba (Dr.) Micharl Subomi Balogun’s lofty ambitions and strong desire to always want the best, drove him to accomplishing such enviable feats.
In 1973, at the age of 39, the Chairman, First City Group limited was the Director in charge of the operations in Icon Securities Limited, a wholly owned subsidiary of NIDB.
His contemporaries at such positions and age would be too contented and would gratefully succumb wholeheartedly to their employers ladder of slow and steady career growth.
But no, Otunba Balogun urged his colleagues to reach for more. Like a mirage he led them on to transform Icon Securities into a Merchant Bank. The Icon Limited (Merchant Bankers). Following the establishment of Icon Limited, Otunba Tunwase naturally assumed that he would be appointed to nurture his new baby. But his boss did the unexpected.
The Olori Omo-Oba of Ijebu refused to reveal the name of his boss. He would rather refer to him as Mr. X. When it was time to choose a Chief Executive Officer, Mr. X boldly told Otunba Balogun to his face that he is only a lawyer. “You are only a lawyer, I can’t make you the boss”, the First City Group Chairman stated as he retrospect’s.
What did he do?
He humbly accepted the offer of the position of an Executive Director, but only to bid his time. Otunba Balogun felt shortchanged in a theatre where he was the foremost cast, he couldn’t hold it anymore.
The Baba-Oba of Ijebu-Ife went to Ikoyi Hotel and told the Secretary of the then Managing Director who was his friend to help him do a letter of resignation. In tears he stormed Mr. X’s office and said, “if you think you are bigger than me, you are not bigger than God; you used my brain and special contacts to establish this bank only for you to turn around to remind me that I’m only a lawyer not fit to be a Chief Executive Officer. Take this letter, I’m out and done with you!”
Still sobbing, he left the bank he has given so much, into the unknown. Arriving home, he told his unsuspecting wife that he has resigned, vowing that even if it means his selling garri, he will never go back to Icon Limited.
The next day he went to Mike, his friend who was a year his senior at Igbobi College and sounded him out on his intention to become a Distributor of Skol beer.
Mike dissuaded him and recommended instead that he should go and do what he knows best, which is stock broking. That was it.
He took his friend’s advice, went home, dusted his files and came up with a blue print on City Securities Limited.
From Icon Securities Otunba Balogun built City Securities.
In that natural sequence he went on to single-handedly set up the first wholly Nigerian owned merchant bank- First City Merchant bank that later metamorphosed into First City Monument Bank Plc.
Otunba Balogun sure has the midas touch. How did he achieve all these successfully?
The money market guru has this to say, “Yes, I did it. Yes you are right if you say I have a midas touch. “I don’t know how it all happened. When I get any project started, things just start happening, unfolding, unfolding and unfolding. But I ascribe the success to God Almighty, the giver of all things”.
To the younger generation he prescribes, “don’t say this is a hill, I can’t climb it. Climb it. Imbibe the can-do attitude. Have faith in your God and yourself. And believe that with God Almighty, nothing is impossible.”
Otunba Michael Olasubomi Balogun’s mercurial career has undisputably etched his name on the marble of entrepreneurial banking.
He is married to Olori Abimbola Adetutu Balogun, the Yeye Olofin of Ijebu-Ife, the Yeye Tunwase of Ijebu and the Yeye Oba of Ode Remo.
They have four sons who are accomplished professionals in finance, stock broking banking and legal practice.
No comments:
Post a Comment