Otunba Subomi Balogun, FCMB Founder, Dies in London

Otunba Subomi Balogun
Otunba Subomi Balogun

Michael Subomi Balogun, Founder of the First City Monument Bank Group, died on Friday, May 19, at an undisclosed hospital in London.
He was 89.
The financial expert, philanthropist, and boardroom giant, renowned for his sartorial elegance, according to reports coming in, died at the age of 89 in a London Hospital.
He celebrated his 89th birthday in March.

He was an alumnus of Igbobi College and studied law at the London School of Economics.

The deceased practised as a lawyer in the regional justice ministry and then at the federal ministry of justice until the January 1966 coup.

After the coup, Balogun ventured into banking and joined the Nigerian Industrial Development Bank (NIDB).

He pioneered Icon Securities — a subsidiary of NIDB which specialised in merchant banking — as director of operations. He ventured into several commerce and economics firms until FCMB was established in 1979.

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