Otunba Subomi Balogun – FCMB Founder and first Nigerian to set up stockbroking firm, dies at 89
Otunba Michael Olasubomi Balogun, the Nigerian banker, entrepreneur and philanthropist, who is most renowned for founding one of Nigeria’s leading commercial banks, First City Monument Bank (FCMB), has passed on. He was 89 years old.
Although details about his passing are still sketchy and the family is yet to release an official statement, there are reports that the 89-year-old trained lawyer who became a formidable force in the Nigerian financial sector, died at a London hospital.
We sent a text message to his son Ladi Balogun who is also the CEO of FCMB Group, he’s yet to respond.
However, a source close to the family who would not like to be mentioned confirmed to us that Balogun has passed on.
Born March 9, 1934, Balogun, who is an alumnus of the prestigious Igbobi College, Yaba, Lagos, and a Law graduate from the London School of Economics, was the Otunba Tunwase, the Olori Omo-Oba of Ijebu; Asiwaju of Ijebu Christians, the Baba Oba of Ijebu-Ife and the Asalu-Oba of Ijebu-Imusin, until his death.
In an interview, Balogun said after he was called to the English bar in 1959, the then government of the Western Region trained him as the first parliamentary draftsman.
Parliamentary Draftsman also called Parliamentary Counsel is a group of government lawyers who specialise in drafting legislation.
Balogun was also the first Nigerian to single-handedly set up a stockbroking firm.
Although from a Muslim background, Balogun said he converted to Christianity at age 13 when he was in secondary school. He was also Chapel Monitor.
