Subomi Balogun, FCMB founder, dies at 89

Subomi Balogun, founder and former chairman of First City Monument Bank (FCMB), has died at the age of 89.

Family sources told ThisDay that he died in London on Friday morning.

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

As a high ranking Ijebu chief, his death has not been officially announced.

The newspaper reported that the family has informed the Awujale of Ijebuland of his death and a formal announcement would be made soon in line with tradition.

The renowned banker graduated from Igbobi College and studied law at the London School of Economics.

Following his graduation in June 1959, he was called to the English Bar in December of the same year.

Balogun’s legal career saw him serve as a crown counsel in the ministry of justice of Western Nigeria and later as an assistant  parliamentary counsel in the federal ministry of justice in Lagos. However, the January 1966 coup prompted a shift in his career trajectory towards the banking sector.

Balogun later founded City Securities, a stock broking and issuing house, which handled Mobil, Texaco and Total petroleum marketing companies equity offerings. Balogun secured a merchant banking licence to establish First City Merchant Bank.

When the operations of the bank took effect in 1983, Balogun was said to have 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 was a long time member of the council of the Nigerian Stock Exchange.