BREAKING: FCMB founder Subomi Balogun dies at 89
It is with deep sorrow that we report the passing of Subomi Balogun, the esteemed Chairman of First City Monument Bank (FCMB).
Balogun, 89, breathed his last in London on Friday morning, May 19, 2023 following a brief illness.
Affectionately known as Otunba Subomi by his associates, he recently celebrated his 89th birthday in March, marking another milestone in his illustrious life and career.
What you should kow about Subomi Balogun
Balogun dedicated himself to shaping the Nigerian banking landscape.
Balogun’s journey began with his education at Igbobi College, where he laid the foundation for his future endeavors. He furthered his studies in law at the prestigious London School of Economics, honing his expertise in the field.
Upon his return to Nigeria, Balogun embarked on a legal career, initially serving in the regional justice ministry. Later, he moved on to the federal ministry of justice, where he diligently practiced law until the tumultuous events of the January 1966 coup unfolded.
In the aftermath of the coup, Balogun redirected his focus towards the banking sector, joining the Nigerian Industrial Development Bank (NIDB). It was during this time that he played a pivotal role in the establishment of Icon Securities, a subsidiary of NIDB specialising in merchant banking.
Balogun’s unwavering entrepreneurial spirit led him to venture into multiple commerce and economics firms, leaving an indelible mark on the business landscape. Eventually, in 1979, he laid the foundation for First City Monument Bank (FCMB), a financial institution that would become a prominent player in the Nigerian banking industry.