How Dr. Alex Ekwueme’s and Otunba Michael Olasubomi Balogun’s Acts of Kindness Led to the Founding of FCMB: A Story of Trust and Friendship

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During the Nigeria-Biafra War, many Igbo people were forced to flee to the Eastern region due to widespread killings and massacres, while the Federal Military Government took little action to stop the violence. Among those who fled was a young Igbo architect living in Apapa, Lagos. In search of safety, he left behind his home, property, and business and fled to the East with his family.

His neighbour in Lagos, a young Yoruba banker, chose to help in a way that would forever change both their lives. While the war lasted, the banker rented out his neighbour’s home, carefully saving every kobo of the rental income.

After the war ended in 1970, the Igbo architect returned to Lagos. To his amazement, the Yoruba banker handed over all the rent proceeds along with the keys to the house. A few years later, that architect, Dr. Alex Ekwueme, became the Vice President of Nigeria. Meanwhile, the young Yoruba banker, Otunba Michael Olasubomi Balogun, was working to establish the first privately-owned commercial bank in Nigeria. Despite his efforts, he struggled to obtain a banking license, facing opposition as the idea was unprecedented at the time.

Desperate for help, Balogun tried to reach his old neighbour, now Vice President Ekwueme, but found it difficult to secure an appointment. Determined, he and his wife decided to attend Christ Church Cathedral in Marina, Lagos, where Ekwueme worshiped. Though security prevented them from approaching him directly, they sat close to the aisle in hopes of catching his attention. Unfortunately, they were still unnoticed as the Vice President walked by.

After the church service, as the Vice President was leaving, the banker’s wife took a bold step. Much like the biblical story of the woman with the issue of blood, she touched the Vice President’s attire, and he turned to see his old friend.

Balogun explained his struggle to obtain the banking license, detailing his numerous unsuccessful attempts to meet with the Vice President. Moved by the story, Ekwueme assured him, “Don’t worry about that. Just come tomorrow to the Federal Executive Council meeting, which I will preside over in the absence of President Shehu Shagari.”

True to his word, the next day at 3:00 p.m., the Minister of Finance called Balogun to inform him that his banking license was ready. The rest, as they say, is history.

That young banker, Otunba Michael Olasubomi Balogun, went on to establish First City Monument Bank (FCMB), and the Igbo architect was none other than Dr. Alex Ekwueme, one of Africa’s elder statesmen and former Vice President of Nigeria.

This story is a timeless reminder that one good turn deserves another, and that loving our neighbours as ourselves can lead to lasting bonds and unforeseen rewards.

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