How Chief Subomi Balogun saved me from bankruptcy – Femi Otedola

How Chief Subomi Balogun saved me from bankruptcy – Femi Otedola

Nigerian billionaire investor, Femi Otedola, documenting his relationship with the erudite Chief Subomi Balogun.

Chief Subomi Balogun was a Father figure to me based on his longstanding friendship with my late Dad, Sir Michael, and also, his supportive disposition to entrepreneurs who are sincere and committed.

At the height of the global financial meltdown between 2007 and 2009, my businesses, especially the downstream oil, and gas, had diesel stock which was bought for $800,000,000 (Eight hundred million dollars) at $147 per barrel collapsed to the price of $33 per barrel.

The business nose-dived and bankruptcy stared me in the face, raising my heart pulse and practically killing my sleep and pushing me on the edge of suicide. All around me were financial institutions trying to recover their loans before what they thought will be the inevitable crash of my businesses.

I looked up and said, God Almighty, there is always Hope but where will it come from? It came through two truly distinguished top brass bankers who understood real entrepreneurship: Chief Subomi Balogun was one of them; the other was Tayo Aderinokun, both now of blessed memories.

Otunba took the view that before the global meltdown, my businesses were punctual with all debt services, leaving surplus funds in banks, he believed in me that with support across the meltdown, I can bounce bank.

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