FCMB founder Subomi Balogun dies at 89

FOUNDER of the FCMB Group, formerly known as First City Monument Bank, Otunba Michael Olasubomi Balogun, has died aged 89.

According to a report, family sources confirmed Balogun’s death in London on Friday, May 19, morning.

The family said a formal announcement of the death of the high-ranking Ijebu chief would, however, be made in line with tradition.

Born on March 9, 1934, in Ijebu Ode, Ogun state, Balogun attended Igbobi College, and thereafter studied Law at the London School of Economics.

The banker established the FCMB in 1982 after its early origins in investment banking as City Securities Limited in 1977. FCMB emerged as a Top10 bank in February 2012 following the takeover of FinBank, which was one of the nine banks that failed during the Nigerian banking crisis in 2009.

When setting up the FCMB, a wholly Nigerian bank, Balogun was quoted to have said he was coming up with a culture of excellence, and went ahead to define what his meaning of culture of excellence would be.

    This could explain why the FCMB buildings replicate a construction with monumental architectures.

    Before his death, the entire asset base of the FCMB had gone up to N3.1 trillion, while its total market capitalisation was N81.59 billion, as contained in the financial institution’s last financial result dated March 31.

    He earned many international and local awards, which included the American Biographical Institute Inc’s Distinguished Leadership Award for outstanding contributions to the development of Investment Banking; the University of Ibadan’s Degree of Doctor of Laws (Honoris Causa) in recognition of his outstanding achievements both in the field of Law and his contributions to the socio-economic development of Nigeria; and a Merit Award for philanthropic services to Ogun State in particular and the country as a whole.

    He also received the Council membership of many multinational Chambers of Commerce, even as the Chartered Institute of Bankers of Nigeria made him a Fellow for his pioneering and outstanding contributions to the banking industry.

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