Subomi Balogun

Chief Michael Olasubomi "Subomi" Balogun is a Nigerian Yoruba banker and philanthropist who founded First City Merchant Bank, a company that later became the FCMB group.

Balogun was a long time member of the council of the Nigerian Stock Exchange.[1]

Life

He was born on the 9th of March, 1934 at Ijebu ode, Ogun state, Nigeria[2] to Muslim parents. Balogun converted to Christianity while in secondary school.[3] He graduated from Igbobi College[3] and studied Law at London School of Economics. Before leaving for Europe, he briefly worked as a teacher.[3] As a student in London, Balogun regularly attended fellowships and had the opportunity to meet some noted Nigerians such as Yakubu Gowon before the latter was president. After earning his law degree, he returned to Nigeria to join the Ministry of Justice, Western Region.[3] From the regional Ministry of Justice where he was a Crown Counsel, Balogun found a new post as a Parliamentary Counsel in the Federal Ministry of Justice.

After the January 1966 coup, he joined the Nigerian Industrial Development Bank. At NIDB, his interest in investment banking led him to advocate for the establishment of merchant bank sponsored by NIDB. When ICON securities, a merchant banking outfit was established in 1973 as a subsidiary of NIDB, Balogun moved to ICON Ltd as a director of operations.[4] When Balogun's ambition to head ICON was not realised, he left he firm to found City Securities, a stock broking and issuing house. City Securities developed relationships with Mobil, Texaco and Total peteroleum marketing companies, handling the companies equity offerings.[5] In 1979, he applied for a merchant banking license to establish First City Merchant Bank. Balogun was inspired by the entrepreneurial works of Siegmund Warburg, who co-founded S.G. Warburg, he visited Warburg in London prior to establishing his merchant bank.[4] He often tells the anecdotal story of how his son inspired him to take the leap in starting the bank.[6] When the operations of the bank took effect in 1983, Balogun established an entrepreneurial culture at the new bank, unique as an owner managed bank in contrast to the government owned banks at the time.[7]

Balogun built a National Pediatric Centre in Ijebu-Ode that he donated to University of Ibadan's, University College Teaching Hospital.[8]

Balogun fathered five children, four of which survived to adulthood.

Chieftaincy titles

A direct descendant of Oba Tunwase of Ijebu-Ode, Chief Balogun is the holder of the title of the Otunba Tunwase of Ijebu. He's also the Olori-Omoba of Ijebu, the Baba Oba of Ijebu-Ife, the Asalu Oba of Ijebu-Mushin and the Asiwaju of Ijebu Christians. As the Olori-Omoba - or "chief prince" - of Ijebu, he serves as the ranking prince of the dynasty that provides the Awujales of Ijebuland.

Other awards and recognitions

He has several other awards and recognitions. These include: The Distinguished Leadership Award for outstanding contributions to the development of investment banking by the American Biographical Institute Inc; Fellow of the Institute of Chartered Institute of Bankers of Nigeria for his pioneering and outstanding contribution to the Banking Industry by the Chartered Institute of Banker of Nigeria and an honorary Doctor of Law (Honoris Causa) by the University of Ibadan in recognition of his achievement in the field of law and his contributions to the socio-economic development of Nigeria.

References
  1. "Otunba Olasubomi Balogun: The Prince as Pathfinder". Vanguard News. 2016-01-03. Retrieved 2018-07-14.
  2. "Otunba Subomi Balogun at 83: An Embodiment of Grace and Greatness | FCMB". www.fcmb.com. Retrieved 2019-10-06.
  3. "Subomi Balogun… A Toast To The Grandmaster Of Banking @ 81". Retrieved 2018-07-14.
  4. "Michael Balogun - The Top 10". The Top 10. Retrieved 2018-07-14.
  5. "A Banker of our Time." The Sun (Lagos), Oct 24 2014
  6. Published. "How my child challenged me to start business – Subomi Balogun". Punch Newspapers. Retrieved 2020-05-20.
  7. "Aig-Imoukhuede: Why the subsidy cabal is fighting back - Vanguard News". Vanguard News. 2013-01-02. Retrieved 2018-07-14.
  8. Megbolu, Chinazor (2013-06-10). "Nigeria: FCMB Founder Donates N2 Billion Pediatric Centre to UI". This Day (Lagos). Retrieved 2018-07-14.
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