COUNTDOWN TO LADI BALOGUN'S 40TH BIRTHDAY

It's a countdown already to the 40th birthday celebration of one of the 4 sons of a distinguished Nigerian Icon-Otunba Michael Olasubomi Balogun-CON, who was himself; 78 years old a few weeks back.

Oladipupo O. Balogun, the 3rd amongst the brilliant sons of the foremost banking icon and the younger brother of Bolaji Balogun, is the Group Managing Director/CEO of FCMB (First City Monument Bank plc) who would on April 12, 2012 attain the age of 40. ‘As they say’ -Life begins at 40, this might probably be the beginning of a new chapter in his life.

According to what we have heard, many of those expecting the drums to roll and the popping of champagne might be in for a bit of disappointment, as there is the likelihood that it would be an unusually low key celebration, reason for that  as to do with the recent FCMB's financial report. In fact, we heard that as a highly responsible man, who is also responsive to how people feel, it would not sound well for him to have a party, when his bank only just recently declared a loss.

According to the FCMB's financial report, the bank declared a net loss of #9.9billion for the full year ended December 31, 2011, explaining what occasioned the loss, the net revenue of the company of #54billion was affected by a significant impairment charge of #29billion in the fourth quarter of 2011.

And the bank had underwritten several share issues, dating back to 2009, while the bank also sold some non-performing loans to the Asset Management Company of Nigeria, unlike many of their counterparts who are only rolling over all their bad debts.

By these actions of the bank, all the legacy loans and weaknesses associated with the capital market and the oil and gas transactions have now been fully regularised, through sales to AMCON or outright provisioning/write-offs.

So we wish the exceptionally brilliant Bank CEO a happy birthday in advance.

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