Peterkin

During the Nigerian Civil War, many Igbo people fled cities like Lagos, leaving behind houses and property. Alex Ekwueme (then a young architect) left his house in Apapa. His neighbour, Otunba Subomi Balogun, a banker did not seize the property. Instead, he removed intruders from the house, renovated it and rented it out while Ekwueme was away. He carefully kept all the rent proceeds. When the war ended and Ekwueme returned, Balogun handed back the house to him and gave him a full envelope of all the rent collected Ekwueme was reportedly shocked, because many others lost their properties during that period. About a decade later, Ekwueme became Vice President under President Shehu Shagari (Second Republic, 1979–1983). Subomi Balogun wanted to establish his own bank but faced significant hurdles at the Central Bank of Nigeria (CBN). Officials resisted because it was unprecedented for a private Nigerian citizen to own a commercial bank without foreign partners; there were also political suspicions (some alleged he might use it to finance certain politicians). After failing to get traction through official channels, Balogun turned to his old friend. One Sunday after Church Service, he and his wife "cornered" Ekwueme at the Cathedral Church in Marina, Lagos. They physically grabbed Ekwueme and his wife's clothing to get past security and plead their case. Ekwueme listened, reassured him, and instructed him to come to the Federal Executive Council meeting he would preside over (as Shagari was absent). That very Thursday, the Finance Minister called Balogun to confirm that the license had been approved on Ekwueme's instruction. This paved the way for FCMB and reportedly opened doors for other indigenous banks. Balogun later opened an FCMB branch in Ekwueme's hometown of Oko (Anambra State) in continuation of their friendship. We love ourselves, it is the politicians that are dividing us.

During the Nigerian Civil War, many Igbo people fled cities like Lagos, leaving behind houses and property. Alex Ekwueme (then a young architect) left his house in Apapa. His neighbour, Otunba Subomi Balogun, a banker did not seize the property. Instead, he removed intruders from the house, renovated it and rented it out while Ekwueme was away. He carefully kept all the rent proceeds. When the war ended and Ekwueme returned, Balogun handed back the house to him and gave him a full envelope of all the rent collected Ekwueme was reportedly shocked, because many others lost their properties during that period. About a decade later, Ekwueme became Vice President under President Shehu Shagari (Second Republic, 1979–1983). Subomi Balogun wanted to establish his own bank but faced significant hurdles at the Central Bank of Nigeria (CBN). Officials resisted because it was unprecedented for a private Nigerian citizen to own a commercial bank without foreign partners; there were also political suspicions (some alleged he might use it to finance certain politicians). After failing to get traction through official channels, Balogun turned to his old friend. One Sunday after Church Service, he and his wife "cornered" Ekwueme at the Cathedral Church in Marina, Lagos. They physically grabbed Ekwueme and his wife's clothing to get past security and plead their case. Ekwueme listened, reassured him, and instructed him to come to the Federal Executive Council meeting he would preside over (as Shagari was absent). That very Thursday, the Finance Minister called Balogun to confirm that the license had been approved on Ekwueme's instruction. This paved the way for FCMB and reportedly opened doors for other indigenous banks. Balogun later opened an FCMB branch in Ekwueme's hometown of Oko (Anambra State) in continuation of their friendship. We love ourselves, it is the politicians that are dividing us.

Someone sent me their portfolio. Over 2 million naira. 13 stocks. I need your honest opinion. - Dangote Cement - GTCO - NAHCO - Nigerian Breweries - NGX Group - Presco - Seplat - Transcorp - UBA - WAPCO - Wema Bank - MTN - BUA Foods As an investor or analyst if you were to review this portfolio with 2M naira spread across these names what are you keeping what are you selling and what stock is missing that should be here?