Chief Michael Olasubomi "Subomi" Balogun CON (9 March 1934 – 18 May 2023) was a Nigerian Yoruba banker and philanthropist who founded First City Merchant Bank,[1] a company that later became the FCMB group. Balogun was a long-time member of the council of the Nigerian Stock Exchange.[2]

Chief

Subomi Balogun

CON
Born
Olasubomi Balogun

(1934-04-09)April 9, 1934
Ijebu-Ode, Nigeria
DiedMay 18, 2023(2023-05-18) (aged 89)
London, United Kingdom
Education


OccupationGroup Chairman/CEO of First City Monument Bank (1982–2023)
Years active1966–2023
Known forPhilanthropy
SpouseOlori Abimbola Balogun
Children4
Websiteolasubomibalogun.com/site/

Life

Balogun was born on 9 March 1934 at Ijebu-Ode, Ogun State, Nigeria, to Muslim parents.[3] Balogun converted to Christianity while in secondary school.[4] He graduated from Igbobi College[4] and studied law at the London School of Economics. Before leaving for Europe, he briefly worked as a teacher.[4] 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.[4] 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.[5]

After the January 1966 coup, he joined the Nigerian Industrial Development Bank where he served as principal counsel and company secretary between 1966 and 1975.[1] At NIDB, his interest in investment banking led him to advocate for the establishment of merchant bank sponsored by 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.[6] 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.[7] In 1979, he applied for a merchant banking license to establish First City Merchant Bank, which later became First City Monument Bank in 2001.[8] Balogun was inspired by the entrepreneurial works of Siegmund Warburg, who co-founded S.G. Warburg, he visited Warburg in London prior to establishing his merchant bank.[6] He often told the anecdotal story of how his son inspired him to take the leap in starting the bank.[9] 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.[10]

Balogun built a National Pediatric Centre in Ijebu-Ode that he donated to University of Ibadan's University College Teaching Hospital.[11]

Chieftaincy titles

A direct descendant of Oba Tunwase of Ijebu-Ode, Chief Balogun once held the chieftaincy title Otunba Tunwase of Ijebuland. He was also the Olori Omoba of Ijebuland and the Asiwaju of Ijebu Christians.[12]

Notable Awards

Death

Chief Balogun died in London on 18 May 2023, at the age of 89.[15]

References

  1. 1 2 "Otunba Olasubomi Balogun: When light dims for quintessential administrator, philanthropist". guardian.ng. 20 May 2023. Retrieved 25 September 2023.
  2. ↑ "Otunba Olasubomi Balogun: The Prince as Pathfinder". Vanguard News. 3 January 2016. Retrieved 14 July 2018.
  3. ↑ "Otunba Subomi Balogun at 83: An Embodiment of Grace and Greatness | FCMB". www.fcmb.com. Retrieved 6 October 2019.
  4. 1 2 3 4 "Subomi Balogun… A Toast To The Grandmaster Of Banking @ 81". Retrieved 14 July 2018.
  5. ↑ "Subomi Balogun @ 88 and the Nigerian dream". The Guardian Nigeria News - Nigeria and World News. 9 March 2022. Retrieved 25 May 2022.
  6. 1 2 "Michael Balogun - The Top 10". The Top 10. Retrieved 14 July 2018.
  7. ↑ "A Banker of our Time." The Sun (Lagos), 24 October 2014
  8. ↑ www.fcmb.com https://www.fcmb.com/about-us/our-history. Retrieved 25 September 2023. {{cite web}}: Missing or empty |title= (help)
  9. ↑ "How my child challenged me to start business – Subomi Balogun". Punch Newspapers. 8 March 2020. Retrieved 20 May 2020.
  10. ↑ "Aig-Imoukhuede: Why the subsidy cabal is fighting back - Vanguard News". Vanguard News. 2 January 2013. Retrieved 14 July 2018.
  11. ↑ Megbolu, Chinazor (10 June 2013). "Nigeria: FCMB Founder Donates N2 Billion Pediatric Centre to UI". This Day (Lagos). Retrieved 14 July 2018.
  12. ↑ "At 85, I still go round my 12 acre farm to pick fruits - Subomi Balogun". Thenationonline. Retrieved 21 May 2021.
  13. ↑ People, City (14 July 2023). "How OTUNBA SUBOMI BALOGUN Won His Many Battles". City People Magazine. Retrieved 25 September 2023.
  14. 1 2 "Otunba Olasubomi Balogun Tribute Website". olasubomibalogun.com. Retrieved 25 September 2023.
  15. ↑ "Otunba Subomi Balogun is dead". thisdaylive.com. Retrieved 18 May 2023.
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