7 things to know about late billionaire lawyer who dominated banking industry
Otunba Olasubomi Balogun, founder of First City Monument Bank (FCMB), is dead. According to reports, the billionaire banker died at a London hospital on Friday. Here are seven things to know about him: He was born in 1934 in Ijebu-Ode, Ogun State, Nigeria to Muslim parents but converted to Christianity while in secondary school. He […]
Otunba Olasubomi Balogun, founder of First City Monument Bank (FCMB), is dead.
According to reports, the billionaire banker died at a London hospital on Friday.
Here are seven things to know about him:
- He was born in 1934 in Ijebu-Ode, Ogun State, Nigeria to Muslim parents but converted to Christianity while in secondary school.
- He had his secondary school education at Igbobi College, Lagos, and studied Law at the London School of Economics.
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- He founded First City Monument Bank and was a long-time member of the council of the Nigerian Stock Exchange (NSE).
- After earning his law degree, Balogun returned to Nigeria to join the Ministry of Justice, Western Region. At the regional Ministry of Justice where he was a Crown Counsel, he 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 (NIDB), and his interest in investment banking led him to advocate for the establishment of a merchant bank sponsored by NIDB.
- The banking chief built a National Pediatric Centre in Ijebu-Ode that he donated to the University of Ibadan’s, University College Teaching Hospital.
- Balogun held the chieftaincy title as the Otunba Tunwase of Ijebuland and also the Olori Omoba of Ijebuland and the Asiwaju of Ijebu Christians.