The Founder of First City Monument Bank (FCMB), Subomi Balogun passed away on Friday, 19 May, 2023.
He died in London at the age of 89.
PM News reports that there are interesting facts to know about Balogun’s exploit in life and in the banking sector.
- Balogun was born on 9 March, 1934 in Ijebu-Ode, Ogun State, Nigeria to Muslim parents.
- He converted to Christianity while at Igbobi College in Lagos.
- Balogun was a long time member of the council of the Nigerian Stock Exchange.
- He 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 notable Nigerians such as Yakubu Gowon before the latter was president.
- Balogun returned to Nigeria after his law degree to join the Ministry of Justice, Western Region.
- He joined the Nigerian Industrial Development Bank after the January 1966 military coup in Nigeria.
- At NIDB, his interest in investment banking led him to advocate for the establishment of merchant bank sponsored by NIDB.
- Balogun founded City Securities, a stock broking and issuing house.
- In 1979, Balogun applied for a merchant banking license to establish First City Merchant Bank.
- Balogun built a National Pediatric Centre in Ijebu-Ode that he donated to University of Ibadan’s, University College Teaching Hospital.
- Balogun once held the chieftaincy title Otunba Tunwase of Ijebuland and was also the Olori Omoba of Ijebuland and the Asiwaju of Ijebu Christians. – PMN
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