Victor Ezeja
Vice President Prof. Yemi Osinbajo, SAN, has mourned the late founder of First City Monument Bank (FCMB), Otunba Subomi Balogun, who died Friday morning in London at the age of 89.
According his spokesperson, Laolu Akande, Osinbajo described the late entrepreneur as one who is “noble in word and deed, an outstanding legal mind, and a doyen of the Nigerian capital market and investment banking.”
Join our WhatsApp ChannelProf. Osinbajo stated this on Saturday in a personal tribute to the late FCMB founder.
According to Prof. Osinbajo, following the death of Otunba Balogun, “The tribe of true nobility and greatness is diminished by one.”
The Vice President’s statement reads: “The tribe of true nobility and greatness is diminished by one!
“Olori Omo Oba Subomi Balogun, noble in word and deed, outstanding legal mind, doyen of the Nigerian capital market and investment banking, deep, wise, forthright, kind to all, and God-fearing.
“Remembered with much affection, respect and admiration. We pray that the Lord will comfort aunty (Olori), our dear brothers and the entire family in Jesus’ name. Amen.”
About Balogun
Balogun studied law at the London School of Economics.
Born in 1934 in Ijebu-Ode, Ogun State to Muslim parents Balogun later converted to Christianity while in secondary school.
Upon his return to Nigeria after earning his law degree, Balogun joined the Ministry of Justice in the old Western Region. He rose from the position of Crown Counsel in the regional ministry to a post of Parliamentary Counsel in the Federal Ministry of Justice.
After the January 1966 coup he joined the Nigerian Industrial Development Bank (NIDB), where his interest in investment banking led him to push for the establishment of merchant bank sponsored by NIDB.
Balogun founded First City Merchant Bank (FCMB) in 1982, later becoming First City Monument Bank Group in 2001.
He retired as the group chief executive of FCMB in 2006 after 27 years of leadership.
He was a long time member of the council of the Nigerian Stock Exchange.
Cheiftancy title
As a direct descendant of Oba Tunwase of Ijebu-Ode, Chief Balogun once held the chieftaincy title Otunba Tunwase of Ijebuland. He was also the Olori Omoba of Ijebuland and the Asiwaju of Ijebu Christians.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
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