Subomi Balogun
Otunba Subomi Balogun | |
|---|---|
| Born | 1934-03-09 Ijebu-Ode, Ogun State, Nigeria |
| Died | 2023-05-18 London, United Kingdom |
| Occupation(s) | Banker, company founder |
| Years active | 1960s–2023 |
| Known for | Founder of First City Monument Bank (FCMB) |
Life
Balogun entered the world on 9 March 1934 in Ijebu-Ode, Ogun State, Nigeria, born to Muslim parents before embracing Christianity during his secondary education. He completed his studies at Igbobi College and pursued a law degree at the London School of Economics. Prior to his overseas education, he briefly served as a teacher. While studying in London, he established connections with prominent Nigerians, including Yakubu Gowon. After obtaining his law qualification, he returned to Nigeria and joined the Ministry of Justice in the Western Region, initially serving as Crown Counsel and later as Parliamentary Counsel within the Federal Ministry of Justice.
In the aftermath of the January 1966 coup, Balogun transitioned to the Nigerian Industrial Development Bank (NIDB), where he held the roles of principal counsel and company secretary from 1966 to 1975. His passion for investment banking led him to champion the creation of a merchant bank under NIDB’s sponsorship. When ICON Securities was launched in 1973 as an NIDB subsidiary, he assumed the position of director of operations. After an unsuccessful bid to lead ICON, he departed to establish City Securities, a stockbroking and issuing firm that managed equity placements for petroleum giants such as Mobil, Texaco, and Total.
In 1979, Balogun secured a merchant banking license and founded First City Merchant Bank (FCMB), which was rebranded as First City Monument Bank in 2001. Drawing inspiration from Siegmund Warburg of S.G. Warburg, whom he met during a visit to London prior to launching his bank, Balogun often acknowledged the encouragement he received from his son to embark on this entrepreneurial journey. When FCMB commenced operations in 1983, Balogun fostered a distinctive entrepreneurial spirit uncommon among owner-managed banks at a time when most financial institutions were government-controlled.
Beyond his business ventures, Balogun made significant philanthropic contributions, notably constructing a National Pediatric Centre in Ijebu-Ode that was subsequently donated to the University College Teaching Hospital of the University of Ibadan.
Chieftaincy titles
As a direct descendant of Oba Tunwase of Ijebu-Ode, Otunba Balogun was honored with the Otunba Tunwase chieftaincy title within Ijebuland. Additionally, he held the titles of Olori Omoba of Ijebuland and Asiwaju of Ijebu Christians.
Notable Awards
- Knight of the Order of Merit of the Republic of Italy – 1994
- Honorary Doctorate in Laws from University of Ibadan – 1998
- Honorary Doctorate in Science for Management Sciences from Ogun State University (now Olabisi Onabanjo University) – 1999
- Commander of the Order of the Niger (CON) – 2001
Death
Otunba Subomi Balogun passed away in London on 18 May 2023 at the age of 89.