FCMB Founder, Otunba Subomi Balogun Passes On At 89

Balogun, who was aged 89 years, reportedly died in London, United Kingdom, on Friday morning.

Otunba Subomi Balogun was born on 9th March, 1934 in Ijebu Ode, Ogun State. He graduated from Igbobi College and studied Law at the London School of Economics. After he bagged his Law degree, he returned to Nigeria and joined the Ministry of Justice of the Western Region as a Crown Counsel. He later became a Parliamentary Counsel in the Federal Ministry of Justice.

With the fall of the First Republic, Otunba Balogun joined the Nigerian Industrial Development Bank (NIDB), where he advocated for the establishment of merchant banks. He joined ICON Securities, a merchant banking outfit established in 1973 as a subsidiary of NIDB, and became a director of operations at ICON Ltd.

Otunba Balogun later founded City Securities, a stock broking and issuing house, which handled Mobil, Texaco and Total petroleum marketing companies equity offerings. He secured a merchant banking licence to establish First City Merchant Bank, FCMB. The operations of the bank began in the year 1983.

Details later…