Renowned founder of the First City Monument Bank (FCMB), Otunba Subomi Balogun, has died today in London, according to family sources.
Balogun celebrated his 89th birthday in March this year.
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, the late 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.
Reacting to his death, Ogun State governor, Prince Dapo Abiodun stated: “It is with a heavy heart and sadness that we receive the news of the passing of our dear father, Otunba Michael Subomi Balogun, the Asiwaju Omooba of Ijebuland and founder, First City Monument Bank – @MyFCMB
“He will be remembered as a visionary leader who dedicated his life to the betterment of our society and his unwavering commitment, tireless efforts, and remarkable contributions will continue to inspire generations to come.
“May the memories of Otunba Balogun Subomi serve as a guiding light and source of inspiration as we carry forward his legacy of service and dedication.
“We hereby express our heartfelt condolences to his family and pray God grants them the strength to bear this sad loss.
“May God rest his soul.”
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