The founder of First City Monument Bank (FCMB), Otunba Subomi Balogun, has passed away at the age of 89.
He died in London Friday morning.
Mr Balogun celebrated his 89th birthday in March.
He was an alumnus of Igbobi College and studied law at the London School of Economics.
Balogun, who was Otunba Tunwase of Ijebuland, 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, Mr 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.
Confirming the business titan’s demise in a statement Friday on Twitter, Governor Dapo Abiodun of Ogun State noted that the late octogenarian’s unwavering commitment, tireless efforts, and remarkable contributions would continue to inspire generations to come.
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 Ijeband and founder, First City Monument Bank – @MyFCMB
He will be remembered as a visionary leader who dedicated his life to… pic.twitter.com/UNSYHQwKSJ
— Prince Dr. Dapo Abiodun, CON (@DapoAbiodunCON) May 19, 2023
