Subomi Balogun Explained

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

Honorific Prefix:Otunba
Subomi Balogun
Honorific Suffix:CON
Birth Name:Olasubomi Balogun
Birth Date:9 April 1934
Birth Place:Ijebu-Ode, Nigeria
Death Place:London, United Kingdom
Education:
Occupation:Group Chairman/CEO of First City Monument Bank (1982–2023)
Years Active:1966–2023
Known For:Philanthropy
Spouse:Olori Abimbola Balogun
Children:4

Life

Balogun was born on 9 March 1934 at Ijebu-Ode, Ogun State, Nigeria, to Muslim parents.[2] Balogun converted to Christianity while in secondary school. He graduated from Igbobi College[3] and studied law at the London School of Economics. Before leaving for Europe, he briefly worked as a teacher. 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. 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.[4]

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.[5] 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. 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, Otunba 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

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

Notes and References

  1. News: Otunba Olasubomi Balogun: The Prince as Pathfinder . 3 January 2016 . Vanguard News . 14 July 2018 . en-US.
  2. Web site: Otunba Subomi Balogun at 83: An Embodiment of Grace and Greatness FCMB. www.fcmb.com. 6 October 2019.
  3. News: Subomi Balogun… A Toast To The Grandmaster Of Banking @ 81 . 14 July 2018 . en-US.
  4. Web site: 9 March 2022 . Subomi Balogun @ 88 and the Nigerian dream . 25 May 2022 . The Guardian Nigeria News - Nigeria and World News . en-US.
  5. Web site: Otunba Olasubomi Balogun: When light dims for quintessential administrator, philanthropist . 2023-09-25 . guardian.ng . 20 May 2023 . en-US.
  6. Web site: Michael Balogun - The Top 10 . The Top 10 . en-US . 14 July 2018.
  7. "A Banker of our Time." The Sun (Lagos), 24 October 2014
  8. Web site: https://www.fcmb.com/about-us/our-history . 2023-09-25 . www.fcmb.com.
  9. Web site: How my child challenged me to start business – Subomi Balogun. Punch Newspapers. 8 March 2020 . en-US. 20 May 2020.
  10. News: Aig-Imoukhuede: Why the subsidy cabal is fighting back - Vanguard News . 2 January 2013 . Vanguard News . 14 July 2018 . en-US.
  11. News: Nigeria: FCMB Founder Donates N2 Billion Pediatric Centre to UI . Megbolu . Chinazor . 10 June 2013 . This Day (Lagos) . 14 July 2018.
  12. Web site: At 85, I still go round my 12 acre farm to pick fruits - Subomi Balogun. Thenationonline. 21 May 2021.
  13. Web site: People . City . 2023-07-14 . How OTUNBA SUBOMI BALOGUN Won His Many Battles . 2023-09-25 . City People Magazine . en-US.
  14. Web site: Otunba Olasubomi Balogun Tribute Website . 2023-09-25 . olasubomibalogun.com.
  15. Web site: Otunba Subomi Balogun is dead . 18 May 2023 . thisdaylive.com.