Age & Career Of Subomi Balogun

11 months ago

Age & Career Of Subomi Balogun

Chief Michael Olasubomi “Subomi” Balogun was a Nigerian Yoruba banker and philanthropist who founded First City Merchant Bank, which later became the FCMB group. Balogun served on the Nigerian Stock Exchange’s council for many years.

Subomi Balogun Early Life

Chief Otunba Subomi Balogun was born on March 9, 1934, to Muslim parents in Ijebu-Ode, Ogun State, Nigeria. He later became a Christian while in secondary school. He went to Igbobi College and then to the London School of Economics to study law. He briefly worked as a teacher before departing for Europe. Balogun attended fellowships as a student in London and had the opportunity to meet notable Nigerians such as Yakubu Gowon before the latter became president.

He returned to Nigeria after receiving his law degree to work for the Ministry of Justice, Western Region. Balogun moved from the regional Ministry of Justice, where he was a Crown Counsel, to the Federal Ministry of Justice, where he is now a Parliamentary Counsel.

Subomi Balogun’s Professional Life

He worked as a teacher in London for a while after finishing school before returning to Nigeria to join the Ministry of Justice, Western Region.

He worked as a parliamentary counsel in the Federal Justice Ministry. Subomi joined the Nigerian Industrial Development Bank (NIDB) in 1996 and previously worked as the director of operations for ICON Ltd.

Subomi also established City Securities, a stockbroking and issuing firm. City Securities developed relationships with the petroleum marketing companies Mobil, Texaco, and Total while handling the company’s equity offerings.

He founded the first city merchant bank, which is now known as the first city monument bank (FCMB), around 1980.

He is also well-known for his philanthropic work, having made numerous donations and contributed to the construction of schools, hospitals, and other facilities.

Subomi Balogun built a National Pediatric Centre in Ijebu-Ode and donated it to the University College Teaching Hospital at the University of Ibadan.

Establishing The First Nigerian Merchant bank

Subomi Balogun founded City Securities Limited in December 1977, the first institution in Nigeria to combine an issuing house and a stockbroking business under one name. This was only the first step toward establishing the merchant bank he desired. From there, he established First City Merchant Bank Limited, Nigeria’s first wholly-owned merchant bank.

Starting the bank was not easy, as he faced a lot of opposition before receiving his license. Some feared that because of his vibrancy and deep involvement in the political space, he would use the bank to support a political group.

“It was thought to be impossible. “Someone said I’d either become a multibillionaire or go to jail,” he later explained.

He also recalled that it took the intervention of Dr. Alex Ekwueme, who had just been elected as Vice President under the second republic, to bring the situation to a close. “But for him, FCMB would have remained a pipe dream,” Balogun explained. Within a week, he received word from the Finance Minister, Chief Yomi Akintola, that his license had been approved.

Starting a bank on your own is no easy task, and Balogun has earned this distinction among bank founders. He led the bank for the first two decades, serving as both Chairman and CEO and successfully pushed it beyond the local to the international stage. The bank’s paid-up share capital increased from N2 million at its inception in 1979 to N1.5 billion in December 2002, while total shareholders’ funds increased to N2.65 billion.

After becoming a universal bank in 2001, the bank’s name was changed from First City Merchant Bank to First City Monument Bank.

Three years later, on 15 July 2004, FCMB changed its status from a private limited liability company to a public limited liability company, and on 21 December 2004, it was listed on the Nigerian Stock Exchange (NSE).

Subomi Balogun Death

Chief Michael Olasubomi “Subomi” Balogun, 89, died on May 19, 2023, in London. His legacy as a prominent Nigerian banker, philanthropist, and entrepreneur will live on in perpetuity.

Achievements and Net Worth

Despite his enormous wealth, Otunba Subomi kept a low public profile. His net worth is thought to be around $700 million.

The private billionaire has a deep love for luxury automobiles, particularly Rolls-Royce. His impressive collection includes eleven opulent limousines, putting him at the top of the list of Nigerians with the most Rolls-Royce vehicles.

In addition to his impressive car collection, he owns one of the most prestigious homes in the country. This magnificent N500 million property is located on Glover Road in Ikoyi.

Furthermore, Otunba Subomi has donated a significant portion of his fortune to charitable causes. Notably, he contributed to the development of a National Pediatric Centre in Ijebu-Ode, which he generously donated to the University of Ibadan’s University College Teaching Hospital.

Otunba Subomi has received a number of prestigious awards and affiliations as a result of his achievements and contributions. He is a fellow of the Chartered Institute of Bankers of Nigeria (CIBN) and a member of the councils of several multinational Chambers of Commerce. He also received the American Biographical Institute, Inc.’s Distinguished Leadership Award, recognizing his significant contributions to the field of Investment Banking.

The University of Ibadan awarded him an Honorary Doctor of Laws degree (Honoris Causa) in recognition of his outstanding achievements in the field of law and significant contributions to Nigeria’s socioeconomic development.

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.