News Column

Leadership Centre Honours FCMB Founder

June 1, 2014

The Centre for Values in Leadership (CVL) has honoured the founder of the First City Monument Bank Group, Olasubomi Balogun for his contribution to the growth of the Nigerian financial services sector.

Speaking at a forum tagged: "The Advance of African Capital," held in Lagos, the founder of the CVL, Prof. Pat Utomi described Balogun as a true pioneer who ventured into the financial services sector.

"He was not the first Nigerian to set up a financial services venture. In the 1920s several Nigerians set up banks in response to failure of two major multinational banks, the predecessor of today's First Bank and the African Banking Consortium to support indigenous produce agents.

"The banks all failed in quick order. In the 1950s we had a repeat of those experiences resulting in the central banking ordinance of 1950s that typically shut out indigenous banking entrepreneurs until First City Monument Bank and ABC Merchant Bank came along," Utomi explained.

Balogun is an acknowledged baron of the Nigerian capital and money markets, doyen, pioneer and role model of entrepreneurial banking in Nigeria.

He is a constructive philanthropist and a distinguished church leader who has devoted substantial part of his private resources towards the care and service of the less privileged in his immediate community and Nigeria at large.

Under his leadership as chairman and chief executive, FCMB in its first 20 years of existence, experienced steady and uninterrupted growth and earned national and international recognition as market leaders in investment banking and capital market services.

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Source: AllAfrica

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