Owner Of FCMB, Otunba Subomi Balogun Is Dead

Owner Of FCMB, Otunba Subomi Balogun Is Dead

The founder of First City Monument Bank (FCMB) Otunba Michael Olasubomi Balogun, has reportedly died.

According to Thisday, family sources said the Olori Omoba of Ijebuland was said to have died on Friday morning in London, ThisDay reports.

Balogun, who was Otunba Tunwase of Ijebuland, was aged 89.

As a high-ranking Egba Chief, his death is yet to be made official, although it was gathered that the family had informed the Awujale of Ijebuland of his death and a formal announcement would be made soon in line with tradition.

Ogun State Governor confirms his death

The Ogun State Governor, Dapo Abiodun, who confirmed his death, said he will be remembered for his visionary leadership and the dedication of his life to the betterment of our society.

Governor Abiodun said, ‘’It is with a heavy heart and sadness that we receive the news of the passing of our dear father, Otunba Michael Subomi Balogun, the Asiwaju Omooba of Ijeband and founder, First City Monument Bank (FCMB).

‘’He will be remembered as a visionary leader who dedicated his life to the betterment of our society and his unwavering commitment, tireless efforts, and remarkable contributions will continue to inspire generations to come.

‘’May the memories of Otunba Balogun Subomi serve as a guiding light and source of inspiration as we carry forward his legacy of service and dedication. We hereby express our heartfelt condolences to his family and pray God grants them the strength to bear this sad loss. May God rest his soul.’’

About Otunba Subomi Balogun

Balogun was born on 9 March 1934 at Ijebu-Ode, Ogun State, Nigeria to Muslim parents, but later converted to Christianity while in secondary school. He graduated from Igbobi College and studied Law at the London School of Economics.

Before leaving for Europe, he briefly worked as a teacher. As a student in London, Balogun regularly attended fellowships and had the opportunity to meet some noted Nigerians such as Yakubu Gowon before the latter was president. After earning his law degree, he returned to Nigeria to join the Ministry of Justice, Western Region.

From the regional Ministry of Justice where he was a Crown Counsel, Balogun found a new post as a Parliamentary Counsel in the Federal Ministry of Justice.

After the January 1966 coup, he joined the Nigerian Industrial Development Bank (NIDB). When ICON Securities, a merchant banking outfit was established in 1973 as a subsidiary of NIDB, Balogun moved to ICON Ltd as a director of operations.

When Balogun’s ambition to head ICON was not realized, he left the firm to found City Securities, a stock broking and issuing house. City Securities developed relationships with Mobil, Texaco and Total petroleum marketing companies, handling the companies’ equity offerings. In 1979, he applied for a merchant banking license to establish First City Merchant Bank.

When the operations of the bank took effect in 1983, Balogun established an entrepreneurial culture at the new bank, unique as an owner-managed bank in contrast to the government-owned banks at the time.

Balogun built a National Pediatric Centre in Ijebu-Ode that he donated to the University of Ibadan’s, University College Teaching Hospital.

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