Subomi Balogun,
founder and former chairman of First City Monument Bank (FCMB), has died at the
age of 89.
Family sources told ThisDay that he died in London on Friday
morning.
A direct descendant of Oba Tunwase of Ijebu-Ode, Balogun
held the chieftaincy title of Otunba Tunwase of Ijebuland. He was also the
Olori Omoba of Ijebuland and the Asiwaju of Ijebu Christians.
As a high ranking Ijebu chief, his death has not been officially announced.
The newspaper reported that the family has informed the
Awujale of Ijebuland of his death and a formal announcement would be made soon
in line with tradition.
The renowned banker graduated from Igbobi College and
studied law at the London School of Economics.
Following his graduation in June 1959, he was called to the
English Bar in December of the same year.
Balogun’s legal career saw him serve as a crown counsel in
the ministry of justice of Western Nigeria and later as an assistant
parliamentary counsel in the federal ministry of justice in Lagos.
However, the January 1966 coup prompted a shift in his career trajectory
towards the banking sector.
Balogun later founded City Securities, a stock broking and
issuing house, which handled Mobil, Texaco and Total petroleum marketing
companies equity offerings. Balogun secured a merchant banking licence to
establish First City Merchant Bank.
When the operations of the bank took effect in 1983, Balogun
was said to have established an entrepreneurial culture at the new bank, unique
as an owner managed bank in contrast to the government owned banks at the time.
Balogun was a long time member of the council of the
Nigerian Stock Exchange.
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