Nigerians from all walks of life have paid tributes to the Founder of First City Monument Bank (FCMB), Chief Subomi Balogun, who reportedly died in a London hospital on Friday morning.
Balogun died aged 89.
Born on March 9, 1934, he attended the prestigious Igbobi College, Lagos, before proceeding to London School of Economics, where he bagged a law degree.
Believed to be one of Nigeria’s richest men, Balogun started his professional career as a lawyer in Western Region justice ministry and then at the Federal Ministry of Justice until the January 1966 coup.
He soon left to join the Nigerian Industrial Development Bank (NIDB), before moving become Director of Operations of ICON Ltd, an NIDB subsidiary.
When Balogun’s ambition to head ICON was not realised, 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 (FCMB).
Many Nigerians have been paying tributes to the banking icon since news of his demise broke.
Governor of Ogun State, Dapo Abiodun confirmed the billionaire businessman’s death.
“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 – @MyFCMB
“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,” he said.
Otunba Subomi Balogun. End of an Era. The second Chartered stockbroker in Nigeria with membership #002. Late Gamaliel Onosode was #001. His contribution to the Nigerian capital market was massive. His children continued where he stopped, and they were very successful. RIP Doyen!
— Tunji Adeniran,CFA (@tunjiadeniran) May 19, 2023
Rest in peace Chief Subomi Balogun, Olori Omoba of Ijebuland and the Asiwaju of Ijebu Christians 🙏🏽 pic.twitter.com/HgapnjJKD3
— Dr Dípò Awójídé (@OgbeniDipo) May 19, 2023
Rest In Peace Otunba Subomi Balogun. pic.twitter.com/yDisKtR0jn
— Shina Balogun (@Govshina) May 19, 2023
Otunba Michael Subomi Balogun, the Olori Omoba of Ijebuland, old Igbobian and founder FCMB has passed away, aged 89
May his soul rest in peace 🙏🏼 pic.twitter.com/nTV5rni2gx
— Tobi Adisa (@deeduke1) May 19, 2023
Good Night, Otunba Subomi Balogun,
Founder @MyFCMB pic.twitter.com/xUUGg4iY4H
— Babafemi Oretuyi (@Opetuyii) May 19, 2023
Leave a Reply