GOD HAS BEEN GOOD TO ME- SUBOMI BALOGUN

Otunba Michael Subomi Balogun is 80. The banking patriarch, who is fondly referred to as the baron of the Nigerian Capital market. Balogun started the first Nigerian fully owned Merchant Bank, First City Merchant Bank, FCMB in 1982. The securities arm of the organization, City Securities Limited served as training centers for today's leading players in the nation's financial sector. After 18 years of unbroken success the bank has since changed its name to First City Monument Bank and is one of the leading post-consolidation banks in Nigeria today.

Born in Ijebu-Ode, Ogun State, Balogun studied law in England. Since he went into retirement in 2004, Balogun has been involved in laudable philanthropic activities. In this interview with The ELITES, he shares the story of his trials and triumphs.

You retired as the chairman of FCMB when you attained the age of 70. What prompted you to take that decision?

It is a very interesting story. When I clocked 70 in 2004, I decided to go into retirement. I was able to install a good
succession team, so, I felt I should leave while the ovation was loud. And since then, I have been having all sorts of honours, both locally and internationally. A few years ago, during the World Bank meeting, I was given an award as the Most Outstanding Banker in Africa. So, I just felt I should leave while the ovation was loud. And in any way, at 70, none of my contemporaries was around. But I stayed because I wanted to actualize my vision, which is that, in Nigeria, if given opportunity and encouragement from other people, one can attain the commanding height in managing an institution. At the same time too, I allowed someone to write my biography and the book, titled, The Financial Institution Built By God, was later published. In that book, I was saying that, everything that had happened to me, had been designed by God. I just felt that at 70, I had had enough. And while people were vindicating me and showering praises on my contribution, I should bow out gracefully. I think that one should know when to leave. I left at a time I thought I had done enough. And God blessed me by providing me with an opportunity to put in a son of mine, whom I invited back from abroad to take over from me. 

You are always acknowledged for raising an army of brilliant bankers, whose ingenuity has helped to shape the Nigerian banking sector. Did you realize the enormity of your action while you were grooming this crop of bankers?

It wasn’t until many years later that I realized the enormity of my action. When I was starting, I was determined to give my best in the profession. And I decided it was not going to be just one shot, but it would be a continuous thing. The first thing I did was to attract some of the best brains from either the universities or those who were already in the industry. And I subjected them to training. But I did not know the enormity of what I had done until when I was celebrating my 70th birthday. Some of the people I had trained came out to celebrate me. I am talking of 250 former staff of FCMB. I was only pursuing what I called the culture of excellence. But at the end of the day, I trained people, some of whom left us to go and found other institutions. At the end of the day, they appreciated me. It is on record that I have produced bankers who became deputy-governors in Central Bank. I have produced some people who are Managing Directors of banks. I have produced some people who are Executive-Directors of banks. I have even produced someone who became deputy-governors of Lagos State. So, it is of God’s doing. And when I say this, people who know me will tell you that I am not a Pharisee. I just believe that God gave me a mission in the industry. And I thank God that people recognize and appreciate my humble contribution.

But don’t you think you should have chosen one of those bankers you groomed as a successor, instead of opting for your son, Ladi?

That is a very good question. Ladi was not my first choice. He was the third on the list of my choice. I believe God must have chosen him. And it is not just because Ladi is my son. He has an impressive professional pedigree. Before I opted for him, I had tried two other people, but I was let down. The choice of Ladi was not of my own doing. I tried somebody who was working with us. Most people in the country knew he was going to take over from me, but he went to set up a bank with somebody else. The second person left at a time he thought he had had enough. I became very worried and somebody suggested to me that I should pick my son. What I did not know, was that God made that choice. I am happy you asked me why I chose my son. He was neither my first nor second choice. I was searching somewhere else for a worthy successor and God showed me that what I was looking for was around me.

Your exit from ICON Merchant Bank was mired in controversy. Why did you resign?

I resigned because I thought I was going to be made the Managing Director of the bank. I felt naturally cheated and disappointed that my contributions were not acknowledged. I was denied of the position, which I felt I duly deserved. On the day I was leaving, I took my letter of resignation to my boss and I said to him, ‘You used my brain, my contacts, but I am moving on”. My wife was in pain because there was no work or business I could fall back on. At a point, I approached my friend, Micheal Ibru and I told him I would want to be a fish distributor. But I was advised by a friend to follow the line I was used to. So I got a three-month rent from a property I sold in Ikeja and rented an office space, where my business took off..

After your exit from FCMB, you have become very active in philanthropic works.

Yes, you are right. After I left banking, I decided to devote the whole of my life, the whole of my being and the whole of all the things God has endowed me with towards developing the healthcare, the welfare and the survival of children. I noticed that not much is being done to -take care of children. There was a day I visited UCH, Ibadan. I wept when I saw how people suffered to get treatment for their sickness. I made up my mind that I would dedicate the rest of my life to ensuring that children get good medical attention in hospitals. My goal is that no child born in Nigeria will die of any curable disease in Nigeria and Africa, if such a child is sent to Otunba Tunwase National Pediatric Centre. There and then, I adopted the children’s wing of UCH and it was later named after me. Then, my people at Ijebu-Ode complained that I had not done anything for them. So, I decided to build a 40-bed children’s hospital in Ijebu-ode, which I named Iye Subomi Children’s Hospital. It was then, that Professor Olikoye Ransome-Kuti, who was then the most notable pediatrician in Africa, encouraged me to set up a hospital, which will be dedicated to children’s care. He said that it would cost N10 million. That was about 20 years ago. Today, by the grace of God, I have spent over N2 billion. I did not want to build just any hospital, but one that will focus on the healthcare and survival of children. And I am saying that if you take care of the children, you are building a nation. This project is a consummate dedication of my life to humanity. I am only doing it as a way of giving back to God for the immense benevolence I have received from Him. I keep asking myself, why I have been so blessed. I don’t even have anything to repay God for His blessing. So it is my own way of thanking God. My only prayer is that the Lord should provide me with the wherewithal to fulfill my ambition. The hospital is one of the best you can see in Africa. It has a facility for one hundred beds and ten incubators for premature babies. It has state-of-the-art laboratory equipment and it is headed by one of the best pediatricians in Africa, Professor Adenike Grange, the former Minister for Health.

Most people do not know you have a son, whom you adopted when you celebrated your 60^th birthday. Can you relate the story.

That must my son, Subomi. I adopted him during my 60^th birthday celebration. I was donating an Emergency and Outpatient Department for the Iye-Subomi Child Care Centre. Mid-way into the event, we heard a loud noise. Then, we saw some people carrying a woman who had gone into labour. The next thing we saw was the head of a baby coming out. Then I called on my then Special Assistant and told him I was going to adopt the baby and I named him Subomi. Today, that boy is 20 and he is always among my grandchildren, because my oldest children are much older than him.

Since you went into retirement, how have you been engaging your time?

Since I retired, I have gotten involved in a lot of charitable commitments. I am also involved in religious activities. You know I am the Asiwaju of Ijebu Christians. I am very much involved in serving God and giving back to the community, a substantial part of what He has given me. There is little food I can eat now and there is little money I can spend now. I just want to reach out to the less privileged people. And I am doing is in appreciation of the enormity of God’s grace in my life.

You must have spent a lot of time outside your home, during the years you were building your business empire. Does your wife, Abimbola get to see more of you at home nowadays?

If you see my wife and I, you will marvel at our closeness. We behave like two young lovers. (Laughter). She is in her late 60’s. I don’t go anywhere without my wife. We have come a long way, having being married for almost 50 years. She is my inseparable companion. There is hardly anything I want to embark on in life that I don’t discuss with my wife and asking her what to do.

But back in those days, wasn’t she apprehensive of the fact that you might stray and get snatched by other women?

I doubt if she ever nurse that fear. Right from my youth, I was determined to live the path I am living. I set out to have a successful marriage, to have a good management of the family and a home, which my wife and I can communicate. When your wife is the closest person to you, you can never go wrong. Even in times of the crises in my life, my wife stood by me. I always say that, anybody who will succeed in life must have a price to pay. This life is like going through what I call a crucible. And the most brilliant metal goes through the fire. Life is not always a bed of roses. I thank God that my wife was by my side during my periods of crises. We pray together and we do all things together.

Your mother was said to have played a dominant role in tour life. How strong was the influence she had over you?

The influence was very strong. My mother influenced me a lot. I confided in her and I sought her advice on any major decision that I made. My mother really played a big role in my life. I came from a polygamous home and my mother was the only educated wife. Even before I was sent to school, she had started to teach me how to read and write. By the time when I enrolled in school in 1940, I was the youngest and one of the most brilliant students. I was very close to my mother. She encouraged me to be Godly even when I converted to Christianity at the age of 14.

You are fond of lacing your words with constant reference to God. What is your relationship with Him?

I can’t talk for two minutes without making reference to God. He is the center of my being. Everything good that has happened in my life is ascribed to God. It is good to have an intimacy with God. Pastor Adeboye calls God ‘Daddy’. That is the way God wants us to relate with Him.

Your personality is synonymous with style. Does this have anything to do with you coming form Ijebuland?

You should know that it does. I took after my father. The Ijebus enjoy dressing well and they have good style. I am particular about good dressing. I like the good things of life. Then also, I love cars. And I like my suits. When I found out I was loosing weight, because of old age, I replaced them. I want to keep wearing suits till my last day.

One finds it imperative to ask why you are so much in love with the white colour?

That is my way of showing what purity is all about. I wear white only. My home, the bank buildings and the hospitals are all painted in white. I love to appear pure, not only in my outward appearance, but in my thoughts too. The nearest to purity is clear water or white. The whole thing is philosophical.

What do you do enjoying doing as a form of relaxation?

I do a lot of reading. I enjoy impacting on people. I like enjoying swimming and every home of mine has a pool. I enjoy doing things that will not give me money or doing things where money will not be my objectives. I am not looking for accumulation of wealth. I am asking God to accept me, and whatever He has blessed me with.

Your 80th birthday celebration is a few days away. What significance does the celebration hold for you?

It holds a very symbolic significance for me. I wish to live up to the age of 100. But really, I feel extremely grateful to God for sparing my life to celebrate another year. At 80, I have every reason to be grateful to God. He has been good to me in my private life, in my professional life, in my family life and in my attempt to reach out to the less privileged members of the community. I don’t have any reason not to be grateful to God.

As you celebrate your 80^th birthday, what would you like to be remembered for after you are gone? 

I will like to be remembered for putting smiles on people’s faces. I will want to be remembered for my conception of noble and lofty thoughts, for my wisdom noble character and rise in position of influence and blessedness. I will love to be remembered for my vision for excellence and care for the survival of children.