Subomi Balogun: A Brief Biography
Learn about the life, family, and achievements of Subomi Balogun, the renowned Nigerian banker and philanthropist and founder of FCMB.
Chief Michael Olasubomi “Subomi” Balogun was a prominent Nigerian Yoruba banker and philanthropist, best known as the founder of First City Merchant Bank, now known as the FCMB group. His legacy also includes serving on the council of the Nigerian Stock Exchange for an extended period.
Subomi Balogun: Age and Profile
Born on March 9, 1934, in Ijebu-Ode, Ogun State, Olasubomi Olaotan Olaonipekun Balogun was proud to carry the heritage of his lineage as a direct descendant of the Awujale, the revered king of Ijebuland. Growing up, he adopted the name “Subomi” during his educational journey in Lagos state.
| Name: | Chief Michael Olasubomi Balogun |
| Date of birth: | 9th of March 1934 |
| Date of Death: | 19th May 2023 |
| Age: | 89 years old |
| State of origin: | Ogun state |
| Nationality: | Nigerian |
| Profession: | Banker and businessman |
| Net worth: | $9 billion |
Early Life of Subomi Balogun
Chief Otunba Subomi Balogun was born into a Muslim family on March 9, 1934, in Ijebu-Ode, Ogun State, Nigeria. While attending secondary school, he underwent a spiritual transformation and embraced Christianity. Later, he pursued a law degree at the London School of Economics and also engaged in teaching in London for a period. Upon returning to Nigeria, he worked in the Ministry of Justice, Western Region and later moved to the Federal Ministry of Justice as a parliamentary counsel.
Professional Life
After completing his education, he worked as a teacher in London before joining the Ministry of Justice, Western Region, Nigeria. He held the role of a parliamentary counsel in the Federal Ministry of Justice and subsequently joined the Nigerian Industrial Development Bank (NIDB). Prior to this, he served as the director of operations for ICON Ltd.
Subomi also founded City Securities, which had significant associations with prominent petroleum marketing companies, and established the First City Merchant Bank, now known as the First City Monument Bank (FCMB), around 1980. Additionally, he gained recognition for his philanthropic endeavors, including contributions to educational and medical infrastructure, such as the National Pediatric Centre in Ijebu-Ode.
Establishing Nigeria’s First Merchant Bank
In December 1977, Subomi Balogun established City Securities Limited, the first Nigerian institution to combine an issuing house and a stockbroking business under a single entity. He encountered resistance in the process of establishing the bank, with concerns about his political ties, but eventually secured the necessary licensing. He then led FCMB as Chairman and CEO for two decades, elevating it from a local to an international institution.
In 2001, FCMB transitioned to a universal bank and rebranded as the First City Monument Bank. The bank further listed on the Nigerian Stock Exchange in 2004, marking a significant milestone in its expansion.
Passing of Subomi Balogun
At the age of 89, Chief Michael Olasubomi “Subomi” Balogun passed away on May 19, 2023, in London, leaving behind a lasting legacy as a distinguished Nigerian banker, entrepreneur, and philanthropist.
Accomplishments and Wealth
Despite his substantial wealth, Otunba Subomi maintained a modest public profile. His net worth is estimated to be around $700 million. Known for his affinity for luxury automobiles, particularly Rolls-Royce, he possessed an impressive collection of 11 opulent limousines, solidifying his place among the top Rolls-Royce owners in Nigeria.
Furthermore, he possessed one of the most prestigious homes in the country, valued at N500 million and located on Glover Road in Ikoyi. Notably, he generously contributed to the establishment of the National Pediatric Centre in Ijebu-Ode, demonstrating his dedication to philanthropy.
His remarkable achievements and contributions have earned him recognition and accolades, including the American Biographical Institute, Inc.’s Distinguished Leadership Award and an Honorary Doctor of Laws degree from the University of Ibadan, in honor of his exemplary contributions to the field of law and Nigeria’s socioeconomic progress.
- Where is Subomi Balogun from? He hails from Ijebu-Ode in Ogun state.
- How old is Subomi Balogun? He is 89 years old.
- What is Subomi Balogun’s net worth? Subomi Balogun’s net worth has been estimated at $9 billion. He owns a fleet of exotic cars, as well as vast pieces of real estate across the country and abroad.
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