Boss Picks
Otunba Subomi Balogun: The Fall of an Iroko
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!
By Eric Elezuo
Communications giant, GLOBACOM, has celebrated its Group Executive Director, Madam Sade Michael-Adenuga, as she clocks 31.
In a message via the Group’s X account, Globacom celebrated the go-getting abilities Ms Michael-Adenuga, recognising her dedication, professionalism and unwavering commitment, which have continued speak loud in the growth and development of the Gbobacom Group.
The message reads:
“Today, we celebrate Madam Sade Michael-Adenuga, whose dedication, professionalism, and unwavering commitment continue to make a meaningful difference.
“As you mark another year, we wish you good health, happiness, and many more years of fulfilment and remarkable accomplishments. May the year ahead bring every opportunity to continue making an enduring impact.
“Happy Birthday, Madam Sade Michael-Adenuga.”
Sade Michael-Adenuga is the last daughter of the billionaire businessman, philanthropist and founder of the Glo brand, among many other business concerns.
Beautiful and highly ceregral, Sade is a certified Barrister and Solicitor of the Supreme Court of Nigeria. She currently serves as a Group Executive Director of Globacom Group, and is the founder of QuickLaw.
By Eric Elezuo
The story of the Chairman, Ovation Media Group, Chief Dele Momodu, and the Governor of Osun State, Senator Ademola Adeleke, is one told from a multiple dimension. It encompasses passion, love, friendship, camaraderie, collaboration, and more importantly, brotherhood.
Here’s a classic tale of two individuals, who started as acquaintances, transmuted into being friends, and today has become inseparable, not just as brothers, but as ‘twin’ brothers. No wonder the Bible says, there’s a friend that sticks closer than a brother; that’s the story of ‘Demola and Dele. A typical example of Double D. A classic tale of friendship made in heaven.
Both have seen measured successes in their various fields of endeavours. Adeleke, besides being an accomplished entrepreneur, has in his own way, conquered the field of politics, having served as a distinguished Senator of the Federal Republic of Nigeria, and presently serving as the Executive Governor of Osun State.
Momodu, on his part, has not in any way lacked behind. Beyond establishing and sustaining Africa’s number one celebrity magazine, Momodu is an iconic journalist, publisher, businessman and a motivational speaker, who has both working and personal relationships with many influential world leaders. He has been one shot away from the highest office in the land, having contested for the Nigerian presidency, first as a candidate in 2011, and as an aspirant in 2023.
Born same year, 1960, same month, May, the brothers have from time in memorial, shared a common bond that has given onlookers the apertite to ask more questions about their originality. But while one is from Edo State, the other is from Osun. However, the state barriers notwithstanding, Adeleke and Momodu has proved to the world what true friendship means.
Over the weekend when Momodu celebrated his 66th birthday, just three days after Adeleke celebrated his at the Government House, in Oshogbo, the Governor gladly referred to Momodu as his ‘twin’ brother, a motion that everyone readily agreed with. It is worthy of note that while Adeleke was born on May 13, 1960, Momodu was born on May 16, 1960. Friends and associates always insist that Adeleke is three days older than Momodu, and that one fact Momodu has come to live with, and joyously celebrates.
In his message at the birthday celebration, held with incisive discussion on the theme, Ignorance and The Danger of Xenophobia, at the Dele Momodu Leadership Centre, Alalubosa, Ibadan, the Governor extolled the qualities of Momodu, fondly referring to him as ‘my twin brother’. He hailed Momodu for always using his birthday to speak to the conscience of Africa, especially in the last three years.
At the event, organized by The Dele Momodu Foundation, with the theme, “Ignorance and the Danger of Xenophobia.” Speakers at the occasion condemned the rising tide of xenophobic attacks, particularly those targeting Nigerian citizens in South Africa, warning that such hostility undermines regional progress, peace, and continental unity.
DELE MOMODU – MAY 16, 1960
Dele Momodu, without an iota of doubt stands tall among those who have been diligent in businesses, and it is therefore, no surprise that he has stood, and is still standing not just before kings but with kings.
Born Ayòbámidélé Àbáyòmí Ojútelégàn Àjàní Momodu on May 16, 1960, some 63 years ago, Chief Dele Momodu as he is known in the business circle, and Bob Dee, in the social stage, is by every standard a man who is diligent in his business. And it is no wonder that he has not only stood before kings, he had and continues to dine with kings. There is practically no influential person that Dele Momodu does not know across the length and breadth of Nigeria, Africa and on the inter-continental stage. He is that large!
By every standard a rare breed, Momodu is many things in one; journalist/publisher, businessman, philanthropist, actor, politician and motivational speaker. Among all these he considers himself simply as a reporter, and even with a retinue of seasoned staff still ventures into the field to scoop exclusives. Those who have referred to him as a workaholic are not far from the truth. Even he, himself has an oft quoted line thus “those who come from poor background cannot afford to sleep too much”.
A beacon of the Momodu family, Dele, the last of three siblings, was ‘privileged’ to lose his father at the age of 13, and was therefore sentenced to the complete tutelage of his mother, and sometimes relatives. His mother became practically his mentor, teacher and soulmate until she passed away on May 18, 2007, two days after Dele’s 47th birthday. According to him, one of the many morals his mother, who he revered next to God, taught him, is never to despair even when times are tough. Even in her near poverty state, Dele maintained that ‘she didn’t give up on me.’
The accomplished journalist, whose first name was derived from Ayobamidele, meaning “my joy has followed me home”, is a proud 1982 graduate of the University of Ife, (now Obafemi Awolowo University, Ile-Ife) where he obtained a degree in Yoruba Language, and followed it up in 1988 with a master’s degree in English Literature.
He kicked off his professional career as a lecturer at the Oyo State College of Arts and Science in Ile-Ife, between 1982 and 1983 while serving as a corps member. He went on to become the private secretary to the former Deputy Governor of Ondo State, Chief Akin Omoboriowo, a position he held from 1983 till 1985. In 1986, he was elevated to serve the Ooni of Ife, Oba Okunade Sijuwade Olubuse II, managing his Motel Royal Limited.
Momodu is the proprietor of the no 1 celebrity journal, Ovation International Magazine, The Boss Newspaper and Ovation Television.
The Akinrogun of Gbonganland, who is also the Aare of Iwoland, has also been honoured with the Prestigious Value Leadership award by an organisation, Nigeria, which is a subsidiary of Moonlite Integrated Concept, among an avalanche of awards, honours and tags. Momodu us consistently praised for his admirable efforts, which have not gone unnoticed.
ADEMOLA JACKSON ADELEKE – MAY 13, 1960
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 completed 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.
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 nut 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, 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.
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.
Governor Adeleke is married to two beautiful women. They are blessed with three children who are all entertainers. They are B-Red and Shina Rambo and a daughter, Nike Adeleke. He is the uncle of one Nigeria’s primus inter pares in entertainment, Davido.
As expected, Adeleke is moving Osun State to the greatest of heights as he promised, and many who know him agree that there are still very many more in the offing even as he navigates his political prowess to win again on August 15.
These ‘twin’ brothers have become a toast of reference. They are hardworking, philanthropic in nature, and always happy.
Yes, always happy as the smiles and dance in their gaits at all times are unmistakable.
Cheers to brotherhood!
Cheers to Ademola Adeleke and Dele Momodu!
By Eric Elezuo
The Koumagnon Family and Allied Families of Seme-Kpodji, of the Republic of Benin, led by Monsieur Alberto Koumagnon, has declared their unflinching support for the candidacy of Romuald Wadagni as he steps out on Sunday to vie for the presidential seat of the Republic of Benin.
In statement of declaration, the families observed that Wadagni is propelled by a ‘vision embodied in this ambitious, realistic project, resolutely focused on the future of our country’.
The declaration is presented in full:
DECLARATION OF SUPPORT BY THE GREAT KOUMAGNON FAMILY AND ALLIED FAMILIES OF SÈMÈ-KPODJI FOR CANDIDATE ROMUALD WADAGNI
The great KOUMAGNON family and allied3 families of Sèmè-Kpodji, deeply committed to the values of peace, progress, and development, followed with particular interest the presentation, on Saturday, March 21, 2026, of the “Further Together” (Plus loin ensemble) social project by our dear candidate, President Romuald WADAGNI.
Following this important political event, and gathering on this day, 04/04/2026, we wish to express our full support for the vision embodied in this ambitious, realistic project, resolutely focused on the future of our country.
From the outset, we, descendants of the KOUMAGNON family and allied families, commend the enlightened leadership of President Patrice TALON who, faithful to his commitment to building a modern and prosperous Benin, has been able to propose to the presidential majority a competent, credible candidate who brings hope for consolidating achievements.
In this dynamic of continuity and progress, the candidacy of President Romuald WADAGNI is fully in line with the continuation of the structural reforms undertaken over several years in all sectors, particularly in infrastructure.
In this regard, we recognize and commend the many achievements of the government, especially road infrastructure, which has significantly improved mobility and living conditions for the populations of the communes of Sèmè-Kpodji and surrounding areas.
Moreover, these remarkable efforts reflect a constant determination to connect localities, stimulate economic exchanges, and sustainably strengthen the attractiveness of our territories.
Building on these achievements and firmly oriented toward the future, we are convinced of the relevance of the “Further Together” project.
Therefore, the great KOUMAGNON family and allied families of Sèmè-Kpodji give their firm, committed, and unconditional support to candidate Romuald WADAGNI, as well as to his running mate, Mrs. Mariam Chabi Talata Zimé Yérima.
In the same spirit, we call on all daughters and sons of Sèmè-Kpodji, as well as all citizens committed to peace and development in our country, Benin, to mobilize massively in support of this hopeful momentum by turning out in large numbers on April 12.
We also wish to assure our dear candidate of our commitment to mobilize widely to ensure a high voter turnout in the commune of Sèmè-Kpodji.
Together, let us continue the efforts undertaken.
Together, let us consolidate our achievements.
Together, let us go further.
Long live Benin on its path toward progress!
Long live the WADAGNI–TALATA ticket!
Thank you.
Done at Sèmè-Kpodji, on 04/04/2026
The great KOUMAGNON family and allied families
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