How Otunba Subomi Balogun, Founder of FCMB, Died at 89
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Profiles - May 19, 2023

How Otunba Subomi Balogun, Founder of FCMB, Died at 89

The founder of First City Monument Bank (FCMB) and Olori Omoba of Ijebuland,  Otunba Michael Olasubomi Balogun has died at age 89. Family sources revealed that Olasunbomi died in London this morning.

Balogun, who was Otunba Tunwase of Ijebuland, was a high-ranking Ijebu Chief. While his death has not been officially announced, the family has informed the Awujale of Ijebuland of his death and a formal announcement would be made soon in line with tradition.

Balogun who pioneered investment banking as well as indigenous financial entrepreneurship in Nigeria, was a long-time member of the council of the Nigerian Stock Exchange. Apart from being the Otunba Tunwase, he is the Olori Omo-oba of Ijebu; the Asiwaju of Ijebu Christians, the Baba Oba of Ijebu-Ife and the Asalu-Oba of Ijebu Mushin.

What you need to know about Otunba Balogun

Otunba often said, “When the final call comes, you will just open your hands and say, God, here I am. To be able to do that, you need the grace of God’’. He lived a life devoted to service to God, society and humanity.

Recalling when he was to set up  First City Monument Bank (FCMB), Otunba Subomi said, “I have a very strong character. There is nothing that I did that I wish I had not done. I have no regret over any of my past actions.”

Through the Otunba Tunwase Foundation, Otunba Subomi built several institutions for the health care, welfare and survival of children. Stating his reason for helping people, Otunba Balogun said,  “I am a child of God, and the good Lord has been kind to me. Whatever you see in me now is a divine gift. So why do I have to hold back in good deeds.”

Before his death, he received the American Biographical Institute Inc’s Distinguished Leadership Award for outstanding contributions to the development of Investment Banking.

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