Profile of Otunba Subomi Balogun, FCMB founder,


Otunba Subomi Balogun was a prominent Nigerian entrepreneur and philanthropist, widely recognized as the founder of FCMB (First City Monument Bank). Born on March 9, 1934, in Ijebu-Ode, Ogun State, Nigeria, Balogun made significant contributions to the Nigerian banking sector and has played an influential role in the country’s economic development.

Career and Achievements:
Balogun’s entrepreneurial journey began in 1977 when he founded City Securities Limited, which later evolved into First City Merchant Bank Limited (FCMB). Under his leadership, FCMB grew steadily and expanded its services, becoming one of Nigeria’s leading financial institutions.

Throughout his career, Balogun demonstrated a deep commitment to excellence and innovation in the banking industry. He played a crucial role in promoting financial inclusion and driving economic growth in Nigeria. FCMB became known for its customer-centric approach, providing a wide range of financial products and services tailored to meet the diverse needs of its customers.

Balogun’s visionary leadership and business acumen propelled FCMB to become one of the top banks in Nigeria. His strategic initiatives and focus on professionalism contributed to the bank’s success and earned him recognition both locally and internationally.

Philanthropy and Contributions:
Beyond his accomplishments in the business world, Otunba Subomi Balogun is also renowned for his philanthropic endeavors. He has made significant contributions to educational development, healthcare, and community welfare initiatives in Nigeria.

Balogun’s philanthropic efforts include the establishment of the Otunba Tunwase National Paediatrics Centre at the College of Medicine, University of Ibadan. The center is dedicated to improving child healthcare in Nigeria. He has also supported various educational institutions and scholarship programs, empowering young Nigerians to pursue their academic dreams.

In recognition of his contributions to society, Balogun has received numerous accolades and awards both within Nigeria and internationally. His commitment to ethical business practices, corporate social responsibility, and nation-building has made him a respected figure in the Nigerian business community.

Otunba Subomi Balogun’s legacy as the founder of FCMB and his philanthropic efforts continue to inspire future generations of entrepreneurs and leaders in Nigeria. His unwavering dedication to excellence, financial innovation, and societal impact has left a lasting imprint on the Nigerian banking industry and beyond.

Mr Balogun died on 18 May in London following a brief illness. He was 89.

The Founder of First City Monument Bank and the Olori Omoba of Ijebu Land “Otunba Subomi Balogun” burial ceremony is set to hold between the 4th of July and to 16th of July, 2023.


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