By Eric Elezuo

Even at a good age of 89, the news of the death of the founder of Nigeria’s first indigenously owned bank, Otunba Michael Olasubomi Balogun, came to the banking world in particular, and Nigerians in general, as a rude shock.

However, solace is derived from the financial guru’s oft-quoted line that “Until I have excelled and achieved the best, I would not be satisfied.” It is therefore, assumed that the banking czar feels fulfilled, and so answered the eternal call in the early hours of Monday, May 19, 2023 in far away London. He, without a doubt totally exceled in his chosen field, and made innumerable impacts upon humanity. His death is by all means a sudden fall of a great iroko.

Otunba Balogun’s 89 years of earthly existence remains a hallmark of influence, inspiration, adaptability, focus and mark differentiation in the ways of doing things. He was a creator of firsts. The Integrity, excellence, determination and some other qualities he exhibited while pursuing his quest for lawful impact will forever trail his name wherever it is mentioned.

His days at the helm of affairs of one of Nigeria’s prolific banks, First City Monument Bank (FCMB), which he founded, were superlative, and the bank maintained its foremost status indeed and in need.

Balogun was a colossus in the Nigerian money market, trailblazer and pioneer extraordinaire in the sector. He proved that one can be what he wants to be provided he set all his attention to it.

Originally trained as a lawyer before delving into the world of finance and capital, Balogun was born on March 9, 1934 at Ijebu-Ode in Ogun State to prolific parents of the Fasengbuwa Ruling House of Ijebu Ode, who understood the essence of giving a child the education legacy.

A proud alumnus of the prestigious Igbobi College, Lagos, where he graduated with a Grade 1 certificate, Balogun left for England in 1956 to pursue a course in Law. As a hardworking person he had grown to be, he promptly graduated with an LLB Honours in 1959 from the London School of Economics, and was called to the English Bar in the same year.

In 1962, Otunba Balogun took up the first major challenge of his prosperous life when he was appointed the first Nigerian Assistant Parliamentary Counsel, a post he held till 1966 when he was elevated to the position of First Principal Counsel and Company Secretary to the Nigerian Industrial Development Bank. His efforts and productivity left no one in doubt that a Nigerian whiz kid has been born. He held sway till 1975. It was while with NIDB that he developed a penchant for banking and financial matters. Promptly, in 1973, he became Director of Operations for Icon Securities and spread his tentacles to other financial related endeavours including the membership of Council of Stock Exchange representing City Securities Limited and Icon Securities.

Humility was his core value, and so whenever he had the opportunity to recount his sojourn in life, the late entrepreneur extra-ordinaire had always returned all glory to the Most High, whom he believed was the reason for everything that happened to his life.

He once said: “I have gone through the crucible and I have emerged a stronger person, and victorious. I, like all Christians never lose hope which is why I have adopted the church hymn that says through the love of God our savior, everything will be well. I thank God for my life. Most achievements of human beings are acknowledged posthumously, but in my case, God gave me the grace to see the amazing grace He has showered me with, and I’m a particularly lucky son of God”

Grand Master, as he was known among stakeholders in the banking and finance world as a result of his dexterity, innovativeness and outright can do attitude, set up his own securities outfit in 1977 after resigning from Icon, and since then, has not looked back, taking the financial world stride by stride in total accomplishment.

In 1979, he set up the first solely Nigerian owned merchant bank, known then as First City Merchant Bank. It was in 1982, however that he joined the retinue of commercial banking operators with the new improved First City Monument Bank, and followed it up with setting up of a chair for capital market studies in the Department of Economics, University of Ibadan, a school he was so passionately attached to, in 1987.

Brilliant and well-travelled, Otunba Balogun was not one to take with kid gloves the traditional institution, and so, he passionately attached himself to the famed Ijebu Ode annual festival known as Ojude Oba. He cherished the festival so much that he threw his weight behind it year in and year out. That, among many other achievements earned him the enviable title of Olori Omo-oba of Ijebuland.

You need not know Otunba Balogun on close quarters before perceiving the intimidating aroma of his down to earth personality, infectious generosity, phenomenal achievements and fatherly dispositions. He was a man everyone wishes to have as husband, father, uncle, son and many more.

As reported in his company’s website, Balogun’s “story is that of a man who understood early in life that the true essence of wealth is achieved only when it is deployed to the service of humanity, especially the less privileged. A man of proven immense wealth who is highly regarded, respected and honoured in the society, the honour bestowed on Otunba Balogun does not, however, stem from the immensity of his wealth, but from the good use to which he has put this wealth for the service of humanity.”

His ability to affect lives, most especially the less privileged, also bestowed on him more than enough appellations including the Otunba Tunwase, the Olori Omo-oba of Ijebu; the Asiwaju of Ijebu Christians, the Baba Oba of Ijebu-Ife and the Asalu-Oba of Ijebu Mushin. In addition, everyone agrees that he is the pioneer and role model of entrepreneurial banking in Nigeria as well as a constructive philanthropist and a distinguished church leader.

Otunba Subomi with Otunba Gbenga Daniel

Otunba’s love for children was phenomenal, necessitating the building of several institutions for the health care, welfare and survival of children. During one of his great birthday celebrations, he announced “…Don’t give me a personal birthday gift, give everything you have for me to the children’s hospital”.

Otunba’s immeasurable contributions to the wellbeing of mankind and growth of the financial world have attracted a long list of recognitions in his trail. He was a Fellow of the Nigerian Institute of Management; Fellow of the Chartered Institute of Bankers; Council Member of the Lagos Chamber of Commerce and Industry; and until his death, the Life Vice President of the Nigerian-British Chamber of Commerce. He was also a recipient of the American Biographical Institute Inc’s Distinguished Leadership Award for Outstanding Contributions to the Development of Investment Banking.

In addition, he held the University of Ibadan Doctor of Law degree (Honoris Causa) and the Olabisi Onabanjo University Doctor of Science Degree in Management Sciences.

In addition, he made notable commitments in major institutions of higher learning including setting up a Professorial chair at the University of Ibadan for Capital Market Studies; a research fellowship in the Legal Department of the University of Lagos, Yaba College of Technology, African Leadership Forum, etc.

Otunba Balogun was a holder of the National Honour of Commander of the Order of the Niger (CON). He was also a holder of the title of Cavaliere dell’Ordine Al merito della Repubblica Italiana (Knight of the Order of Merit of the Republic of Italy), conferred on him by the Italian President in January, 1994.

The foremost banker was also a distinguished author, a respected opinion and community leader. He is credited with the writing of The Cross, The Triumph and The Crown among other literary works.

“I have a very strong character. There is nothing that I did that I wish I had not done. I have no regret over any of my past actions,” he said.

Philanthropy was an interesting pastime for the man whose physic towers above normal primates; a gentle giant of some sort. His philanthropic life remains the testimony of all who has been privileged to meet him in one way or another. He took his giving talents further with the establishment of the ‘Otunba Tunwase Foundation’ through which he exhibits his philanthropic spirit to all and sundry.

Otunba was happily married and blessed with lots of children and grandchildren.

Today, and in the coming days, the life and times of this great Ijebu export will be on the front burner as it will take more than some time to completely dissect the enigma he was in his 89 years of living, especially in the last 44 years when he dared the impossible with the establishment of FCMB.

Adieu Chief Michael Olasubomi Balogun!

The founder of FCMB, Subomi Balogun, has died. He reportedly died in London Friday morning.

By Eric Elezuo

Governor Ademola Jackson Adeleke made no pretense about how ready he was to serve the people of Osun State, when he was sworn-in as the sixth elected Governor of Osun State, on Sunday, November 27, 2022, at the Osogbo City Stadium, Osogbo, having decisively won the July 16, 2022 governorship election under the platform of the Peoples Democratic Party (PDP). He defeated the incumbent governor, Gboyega Oyetola of the All Progressives Congress.

Before a star studded guest list at the swearing-in ceremony, including the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, former Vice President Atiku Abubakar, his wife, Titi, Delta State governor, Ifeanyi Okowa, Governors of Akwa Ibom, Sokoto, Bayelsa States, the minority leader of the House of Representatives, Ndidi Elumelu, and the State’s Chief Judge, Justice Oyebola Adepele-Ojo, who administered the oath of office, the new governor made sweeping changes in the interest of the citizens while promising to revisit all actions of the past administration immediately after the election.

The governor had declared while receiving the report from chairman of the transition committee, Dr Muyiwa Oladimeji, Adeleke that “You have worked tirelessly in the last few months. You have laboured hard to produce a detailed governance blueprint for our dear state. I am at a glance impressed that your committee built on my five-point agenda: workers’ welfare to infrastructure, education, health, agriculture, women, youth, security, information technology, the environment and state economy. We are set to deliver on our electoral promises.”

For a man who had tried severally for the governorship, and who narrowly missed out in 2019, Adeleke’s blueprint has constantly been reviewed year in and year out. He was not taken unawares when they saddle of leadership was cleared for him, therefore in 2022.

“I make a vow to the people of Osun State that none of the ongoing illegalities will stand under my leadership. Through appropriate channels and platforms, normalcy will be enforced within the ministries, agencies and parastatals,” he had stated in a bid to restore hope.

Adeleke, better known as the dancing senator, is not the type with a slack hand as regards administration. He hit the ground immediately, and by the Monday preceding his election, he appointed three hands, generally adjudged as competent, to man the Secretary to the State Government, Chief of Staff and Chief Press Secretary positions.

His carefree nature made him a toast among Osun residents, and the reception that was accorded on the day he assumed office as he arrived Abere, was turbocharged. The Labour Unions and Civil Servants including other residents turned out in their thousands to welcome him.

He employed the superman attitude, combined with the Spartan spirit as he kickstarted his administration. This is taking into consideration that the past administration either refused or failed to offer him any form of cooperation. In fact, the past governor did not leave any hand over note. His opponents were sure he was going to fail. They made sure of the that by the traps laid on his paths while he took over the reins of power. But he was prepared for the job, and so scaled every hurdle like an Olympic champion. He treated every distraction with superior administrative prowess.

By the time Adeleke hit 100 days in office, it was obvious to everyone that the governor was no pushover; that he was a man of vision, who has so much on his sleeves to unleashed on the people of Osun. On the day, during a press briefing, he reeled out his unprecedented achievements in the State to the public.

Stating that ”in his quest to dish out dividends of democracy to the people, he became blind to party affiliation”, the governor re-iterated that his administration is poised on delivering good governance by fulfilling his campaign promises and satisfying people-oriented needs. It was also revealed that all abandoned property and projects by previous administration were redefined and completed.

There and then, he listed some of the ongoing and completed projects which included: provision of borehole water in each of the 332 wards across the State; Construction of 20km roads; Presentation of #518m to Communities for infrastructural development; Imole surgical and medical outreach targeted at 2000 persons in each of the nine Federal Constituencies making a total of 18,000 beneficiaries who received free surgeries; and rural electrification projects.

Others accomplishments listed are Payment of salaries and pensions arrears from January 2016 owed by the past administration; Enrollment of 3,332 Osun indigenes on Osun health Insurance Scheme (OHIS) to ensure adequate healthcare access for the vulnerable for 5 years and Construction of broken bridges at Bokusoro/Adeeke area in Iwo to forestall loss of life on the bridge due to erosion.

Adeleke did not leave anybody in doubt as regards his determination to change the State fortune for the better by embarking on key projects across the length and breath of the State. He therefore, urged workers to exercise more patience, assuring them that all outstanding salaries will be paid in due course. And today, he is living his promises.

But the more he wards off distractions, the more they come in their numbers. The greatest of the distractions came in form of the Election Tribunal Panel.

The tribunal, on January 27, 2023, in the majority judgement read by its chairman, Tertsea Kume, ordered the Independent National Electoral Commission (INEC) to withdraw the certificate of return from Adeleke and issue it to former governor Gboyega Oyetola.

The tribunal also held that the governorship election was characterised by over-voting. It said after deducting the excessive votes, the figure Mr Oyetola polled at the election was 314, 921. The tribunal, thus, ordered that Mr Oyetola should be returned as governor of Osun State.

However, Adeleke sought redress at the Appeal Court, and on March 24, 2023, the judgment of the Tribunal was overturned.

Upholding Mr Adeleke’s victory in March, the Court of Appeal held that the tribunal was wrong in its conclusion that that the election in some parts of the states was marred by over-voting, the pivotal legal issue thrown up in Oyetola’s case.

Delivering judgment in the appeal filed by Adeleke, a three-member panel of justices held that the election tribunal erred when it ruled that the 1st and 2nd respondents (Gboyega Oyetola and the All Progressives Congress) proved their allegation of over-voting.

But Oyetola was bent on going the whole yard, and sought further interpretation from the Supreme Court, which has the final say.

After hearing the addresses of both parties, the Supreme Court reserved judgment for May 9, 2023, just few days to Adeleke’s 63rd birthday.

As expected, a five-member panel of the court led by John Okoro, unanimously upheld the decision of the Court of Appeal in Abuja which had earlier on affirmed Adeleke’s victory.

The Supreme Court’s decision laid to rest the dispute over the outcome of the governorship election, and extinguished Mr Oyetola’s hopes of coming back to office after his momentary victory at the Osun State Governorship Election Petition Tribunal in January.

The Supreme Court agreed with the Court of Appeal that Oyetola and his party, the All Progressives Congress (APC), failed “to adduce relevant evidence to prove their case.”

Upholding the lower court’s decision, the Supreme Court held that the Court of Appeal “correctly found that the appellants failed to prove their case” against Mr Adeleke and his party, the Peoples Democratic Party (PDP).

The Court ruled that the “entire proceedings at the tribunal is a nullity. This appeal fails for lack of merit, it is accordingly dismissed.”

And there ends all the distractions of Governor Adeleke as he sits tight to serve Osun to the best of his abilities.

A new dawn has just emerged in the Land of Virtue, formerly known as state of the living spring, Osun State, as one of the prominent sons of the land, Senator Ademola Nurudeen Jackson Adeleke, is being sworn in as the sixth civilian governor of the state, and the 10th leader the state will produce since inception in 1991.

Ademola defeated the incumbent governor of the state, Adegboyega Oyetola at the July 2022 governorship election to emerge winner.

Born of the Adeleke family of Ede in Osun State on May 13, 1960, Adeleke commenced his primary education at Methodist Primary School, Surulere Lagos State before he was privileged to relocate to Old Oyo State to continue his education at Nawarudeen Primary School, Ikire.

Adeleke was born Nurudeen Ademola Adeleke to a Muslim father and Nnena Esther Adeleke, an Igbo Christian mother. Like him, Adeleke’s father, Raji Ayoola Adeleke was a Senator and the Balogun of Ede land in Osun State. His father, Raji Ayoola Adeleke was also the leader of the Unity Party of Nigeria (UPN).

On completion of his primary education, he moved on to The Seventh Day Adventist Secondary School, Ede to begin his post primary schooling. In the later years however, he attended Ede Muslim Grammar School Ede, where he finished his secondary school education and subsequently relocated to the United States of America, joining his two older brothers, who were also studying there.

In the United States, he joined Jacksonville State University, Alabama, and studied Criminal Justice, with minor in Political Science.

To prove doubting Thomases, who wiped up controversies around his educational qualification wrong, he went back to school and got enrolled at Atlanta Metropolitan State College in the United States, where he obtained a Bachelor of Science degree in Criminal Justice in 2021.

A businessman and administrator of no mean repute, Adeleke was the humble Group Executive Director at his brother’s company, Pacific Holdings Limited from 2001 to 2016, where his credible performances shot the company to enviable heights; a height it is still enjoying till date. P

It is imperative to note that before he joined Pacific Holdings Limited, Senator Adeleke worked with Quicksilver Courier Company in Atlanta, Georgia, US, as a service contractor from 1985 to 1989. His dexterity to work earned him a progression in career, and he berthed as Vice President at Origin International LLC, Atlanta, Georgia, US, a flavours and fragrance manufacturing company. His meritorious stewardship lasted a period of five years, from 1990 to 1994.

Not a few has described Adeleke as the philanthropic capital of Ede, as his influence in aiding the less privileged and downtrodden remains top notch. He is a voracious believer in community development, and has not spared any expense to see that his community receives global influence.

Politically, Adeleke is a beacon of light and hard but to crack, having remained an albatross to opposing powers and a reference point to ideal administration.

Shortly after he lost his brother, Senator Isiaka Adeleke, who died in April 2017, he contested the Osun West 2017 Senatorial by-election after the death of his brother, emerging as the winner under the Peoples Democratic Party, where he decamped to from the All Progressives Congress (APC).

Having emerged senator, Adeleke’s political influence waxed stronger, an on July 23, 2018, he emerged as the governorship candidate of PDP in Osun State after defeating Akin Ogunbiyi by seven votes. Efforts made to deprive him of the mandate was twated by the courts.

Adeleke’s lawyer in his defense claims his secondary school hasn’t come out to deny his testimonial asking the court to dismiss the Case. The court dismissed the suit stating that the plaintiff could not prove Adeleke’s forgery.

Adeleke ran for Osun state governorship election under the PDP against top contenders Alhaji Gboyega Oyetola of APC and Iyiola Omisore of SDP on 22 September 2018. The election was declared inconclusive by the Independent Electoral Commission (INEC) while Adeleke was leading, and a rerun slated on September 27, 2018. The candidate of the APC Oyetola was declared winner after the run-off. Adeleke protested the result describing the election as a “coup”.

Much as on March 22, 2019, the tribunal sitting in Abuja declared Adeleke the winner of the election, the Supreme Court later affirmed Gboyega Oyetola as the authentic winner of the 2018 Osun State governorship election on Friday, July 5, 2019

Popularly known as the Dancing Senator because of his penchant to joyfully react to the sounds of music, Adeleke is uncle to one of Nigeria’s popular musicians, Davido.

Senator Adeleke is married to Mrs. Titilola Adeleke, a successful businesswoman and a self-made boss. They are blessed with three children who are all entertainers. They are B-Red and Shina Rambo and a daughter, Nike Adeleke.

Adeleke is already taking Osun State to the greatest of heights as he has promised, and many who knows him agree that he won’t fail.

Only yesterday, he was honored as a distinguished governor at the Champion Newspaper Awards.

Congratulations, the Governor of Osun State!