JUST IN: FCMB Group Founder Subomi Balogun Is Dead

• FCMB Group, Subomi Balogun, has passed away at the age of 89 in London.

• Balogun was a Nigerian banker and philanthropist who founded First City Merchant Bank and also built a National Pediatric Centre in Ijebu-Ode.

• He held various chieftaincy titles during his lifetime.

Eko Hot Blog reports that Founder of First City Monument Bank (FCMB) Group Subomi Balogun has died at the age of 89.

This online media platform gathered Balogun died in London, United Kingdom on Friday morning.

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Chief Michael Olasubomi “Subomi” Balogun 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.

He was raised by Muslim parents but converted to Christianity while attending secondary school. Balogun attended Igbobi College and later studied Law at the London School of Economics.

After completing his studies, Balogun returned to Nigeria and joined the Ministry of Justice, Western Region, as a Crown Counsel. He went on to become a Parliamentary Counsel in the Federal Ministry of Justice. In 1979, he established First City Merchant Bank after being inspired by Siegmund Warburg, who co-founded S.G. Warburg.

Balogun’s entrepreneurial spirit was not limited to banking; he also built a National Pediatric Centre in Ijebu-Ode, which he donated to University of Ibadan’s University College Teaching Hospital. Additionally, he founded City Securities, a stock broking and issuing house that developed relationships with petroleum marketing companies like Mobil, Texaco, and Total.

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Balogun’s legacy lives on through his contributions to Nigerian business and philanthropy.

Chief Balogun, who can trace his lineage to Oba Tunwase of Ijebu-Ode, held various important titles during his lifetime. These include the chieftaincy title of Otunba Tunwase of Ijebuland, the Olori Omoba of Ijebuland, and the Asiwaju of Ijebu Christians.

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