10 facts about late FCMB founder Subomi Balogun

Marcus Amudipe
Marcus Amudipe


Nigerians especially the banking sector was thrown into a state of mourning following the death of prominent Nigerian business man and banker, Otunba Subomi Balogun, on Friday.

AM Business reported that the founder First City Monument Bank was reported to have died in a London Hospital after a brief illness.

Below are some facts about the business mogul who during his lifetime was recognized for his contributions to the business community.

Birth/Religion: Otunba Balogun Subomi was born in 1934 in Ijebu Ode, Ogun State, Nigeria to Muslim parents. He however converted to Christianity while in Secondary school.

Founder of FCMB: Otunba Subomi Balogun is the founder of First City Monument Bank, one of the leading financial institutions in Nigeria. He established the bank in 1982 and served as its chairman until 2010.

Banking Pioneer: Balogun played a pivotal role in the development of Nigeria’s banking industry. FCMB was one of the first banks to introduce several innovative financial services and products, contributing to the modernization of the sector. Balogun’s career in banking spans several decades. He began his banking career in 1959 and has witnessed and adapted to numerous changes and challenges within the industry.

Business Ventures: Besides his banking endeavors, Balogun has interests in various other sectors. He is involved in real estate, hospitality, and energy, among others. His business ventures have diversified his portfolio and contributed to his success.

Philanthropy and Community Engagement: Balogun is actively engaged in philanthropic activities. He has made substantial contributions to educational institutions, healthcare facilities, and social welfare initiatives, demonstrating his commitment to giving back to society. According to the records, he built a national pediatric centre in Ijebu-Ode which he donated to the University of Ibadan Teaching Hospital.

Recognitions and Awards: Over the years, Balogun has received numerous awards and recognitions for his contributions to the banking sector and his philanthropic endeavors. These accolades highlight his significant impact on both the business and social fronts.

Leadership and Mentorship: Balogun’s leadership style and business acumen have inspired many aspiring entrepreneurs and professionals. He has served as a mentor to several individuals, offering guidance and support in their own journeys.

Legacy and Impact: Balogun’s contributions to the banking industry and his philanthropic efforts have left a lasting impact in Nigeria. His entrepreneurial spirit, leadership qualities, and dedication to societal development serve as an inspiration to future generations.

National and International Influence: Balogun’s influence extends beyond Nigeria. He has participated in various international forums, representing Nigeria’s banking sector and contributing to discussions on global economic matters.

Chieftaincy Titles: Till his death, he was the Otunba Tunwase of Ijebuland and was also the Olori Omoba of Ijebuland.

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