What Drew Me Close To Otunba BALOGUN

• ATEDO PETERSIDE, Founder, STANBIC IBTC

Atedo Peterside was one of the eminent personalities who spoke at the Night of Tributes held as part of the funeral events for late Otunba Subomi Balogun, the founder of FCMB who was buried a few days ago. Atedo, the Nigerian entrepreneur, investment banker, and economist is one of the book makers of the Nigerian financial industry. He is the founder of Stanbic IBTC Bank Plc, Anap Business Jets Limited (Anap Jets), and Atedo N. A. Peterside Foundation (ANAP Foundation). He is a reputable Nigerian who hardly speaks in public but when he speaks the entire country must take note of whatever says. While paying tribute to Otunba Balogun, a man referred to as the grandmaster and trailblazer of the industry, Atedo acknowledged how great he was. He revealed the many encounters he heard with him, stating what he envies most in the man and why the banking industry will always use him as a reference point any day, any time. Below are excerpts:

“I started Stanbic IBTC 7 years after Otunba Balogun began FCMB. We were both running Merchant banks and Investment Banks. Let me challenge many of you. Who did you know that IBTC picked from FCMB? You shake your head! Who did you know that FCMB picked from IBTC?

“I have many secrets to reveal but some of them reveal the greatness of the man. You think it was a coincidence? But I was one of those people who don’t believe in coincidences. Let me tell you one or two things that brought us together. We first sat down properly for lunch when he tried to get me to work for FCMB. And after a long discussion, we both agreed that it was not going to happen. But we became friends. 3 other things brought us together which I never told before today. One is that you can never do banking without problems once or twice with the CBN. So once FCMB had some problems with the CBN, I didn’t know that in the CBN that goes to Otunba that there’s something wrong with that Atedo. He said why? And he said because Atedo was in CBN lobbying CBN that their treatment on FCMB was incorrect. So Otunba called me and said thank you.

“The second occasion, there was a Chartered Institute of Stock Brokers, there’s what I will call a miscommunication or misunderstanding. It was important enough in the sense that Otunba knew what was discussed some years ago, one on one. Another gentle man knew what they discussed. But they had different versions of the discussion. We as the board members were not there. One of these was white or black. Everybody was running seeking what to do. So, I went to Otunba and for half an hour we spoke together. At the end of the discussion, I told my colleague there’s nothing to worry about, that it’s all over. And they say what do you mean? I said it’s very simple. Otunba said he would leave. They exclaimed and said should we go and beg him? They started going up and down to beg. Then I said you are wasting your time because he was not leaving because he was upset. It was a matter of principle for him. As far as he’s concerned, the institution is best preserved, surrendering himself and withdrawing from the scene. So, I learnt many things from Otunba.

“Otunba was a great man. There are too many important things to learn about him. I would summarize my speech by saying; Otunba lives. You see everybody talk about legacy. But with due respect, not everybody has a legacy. Some people even before they passed on, they’ve been forgotten talkless when they have passed on. Otunba had a legacy.  A legacy is not something you manufacture. It is an impact you had. If you don’t impact anybody, then you don’t have a legacy. The fact is that Otunba lives and he lives through the various people he impacted. Not in terms of just the business because he has own district style. May I say he said that I was stubborn and I said you are stubborn too. He said yes, he likes me because I was stubborn. It is important to be stubborn when you know that you are right. And when Otunba was right, you couldn’t shake him. He was dogged, he added confidence and he knew his rights. And there’s nothing wrong about that. So, if that’s the price of being stubborn, then some of us plead guilty because we learn from Otunba. If he was not stubborn, he would never have gotten a banking license.

“And just to correct some narration to set the record straight, it is not really technically correct to say banks were not being licensed. What it was then was that the Nigerian Government decided that a private individual should not be allowed to own a bank. So, we can have a state government, an expatriate company but if you were a Nigerian, you were not qualified. This almost sounds unreal to today’s youths and to other sectors. Those are the similar battles that we have fought. So, all I want to let you know is that Otunba lives. Not about the books he had written. There are many people in this gathering including me who will continue to quote him forever on a variety of subjects, including succession planning.

-Jamiu Abubakar

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