FCMB Founder Subomi Balogun Dies at 89, After a Remarkable Journey of Grace and Greatness
- Subomi Balogun, founder and former chairman of First City Monument Bank (FCMB), has passed away
- Balogun, in his lifetime, was very respected and seen as the greatest banker, a journey he started after switching careers from law
- Throughout his life, Balogun received numerous accolades and honors for his outstanding contributions to the development of investment banking
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Otunba (Dr.) Michael Olasubomi Balogun, the renowned founder and former chairman of First City Monument Bank (FCMB), passed away at 89.
The banking icon, who celebrated his 89th birthday in March 2023, died in London on Friday, May 19, 2023.
He leaves a legacy of remarkable achievements and a journey of grace and greatness.
Source: Facebook
Otunba's journey as a banking Icon
Otunba Balogun was born on March 9, 1934, at Ijebu-Ode in Ogun State.
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His journey to success commenced at Igbobi College, where he received his education before pursuing a law degree at the London School of Economics.
Upon graduating in June 1959, he was admitted to the English Bar in December of the same year.
Driven by his passion for financial legislation and instruments, Balogun underwent specialised training sponsored by the Western Regional Government in Whitehall and the City of London. Through this training, he sharpened his skills in legal drafting and gained extensive knowledge of financial legislation and agreements.
Balogun began his legal career 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 changed his career path, redirecting his focus toward the banking sector.
He joined the Nigerian Industrial Development Bank (NIDB) and served as Principal Counsel and Company Secretary for nine years, which ignited his interest in banking.
Otunba Balogun conquered two sectors
Balogun further expanded his expertise by training at the International Bank for Reconstruction and Development (IBRD) and its private sector affiliate, the International Finance Corporation (IFC), in Washington DC.
He also sought guidance from renowned stockbrokers, investment banks, and merchant banks in London and New York.
Motivated by his entrepreneurial spirit, Balogun established Icon Securities, a merchant banking subsidiary of NIDB, where he assumed the role of Director of Operations. In December 1977, he founded City Securities Limited, making it the first Nigerian institution to combine an issuing house and stockbroking business under one entity.
This marked the initial step towards his vision of establishing a merchant bank. Consequently, he went on to found the first wholly Nigerian-owned merchant bank, First City Merchant Bank Limited.
In a transformative move, FCMB transitioned from a private limited liability company to a public limited liability company on July 15, 2004.
Subsequently, on December 21, 2004, the bank was listed on the Nigerian Stock Exchange (NSE), marking a significant milestone in its history.
Otuba awards
Balogun's remarkable accomplishments earned him numerous awards and honors, including the Distinguished Leadership Award from the American Biographical Institute Inc.
This prestigious recognition acknowledged his exceptional contributions to the development of investment banking.
In addition to this, Balogun was bestowed with the Degree of Doctor of Laws (Honoris Causa) by the University of Ibadan.
This honorary degree celebrated his outstanding achievements in the field of law and his significant impact on Nigeria's socio-economic progress.
He was also a respected fellow of the Chartered Institute of Bankers of Nigeria (CIBN) and actively served as a council member in various multinational Chambers of Commerce.
These roles demonstrated his deep involvement in the banking industry and his dedication to promoting economic growth and business relationships.
Furthermore, Balogun held prestigious traditional titles within the Ijebu community, highlighting his cultural importance and the esteem he commanded among his people.
Fidelity targets 5 banks across Africa
In another report, Fidelity Bank was considering the acquisition of five commercial banks across the continent.
The move came on the heels of the bank's recent acquisition in the United Kingdom.
Fidelity is currently the sixth-largest lender in Nigeria with assets worth almost N4 trillion.
Source: Legit.ng
