Otunba Michael Subomi Balogun, was a prominent figure in the banking industry, his exploits in the banking profession were sterling. The founder of FCMB took his last breath on a Friday morning in London at the age of 89. Balogun’s journey began as an alumnus of Igbobi College and a practicing lawyer in the regional and federal ministries of justice until 1966. However, it wasn’t until January 1966, after the coup, that he ventured into the world of banking by joining the Nigeria Industrial Development Bank (NIDB).
Specializing in merchant banking, Balogun became involved with Icon Security, a subsidiary of NIDB, where he served as the director of operations. Eventually, in 1979, he established FCMB, although the bank did not commence operations until 1982. Throughout his career, Balogun showcased his expertise in the field, leaving a lasting impact on the industry.
Beyond his accomplishments in banking, Balogun held distinguished titles as a direct descendant of Oba Tunwase of Ijebu-Ode. Among his titles were Otunba Tunwase of Ijebu-Ode, Olori Omoba of Ijebuland, and Asiwaju of Ijebu Christians. These titles reflected his deep connection to his heritage and the respect he garnered within the community.
Omobolaji, Jide, Ladi, and Gboyega are the four sons who survived Otunba Michael Subomi Balogun. His legacy as a doyen of the banking industry will endure, and his contributions will be remembered for generations to come. Balogun’s remarkable journey and achievements have left an indelible mark on the Nigerian banking landscape, inspiring future generations to strive for excellence in the field.
Reported by Oluwafemi S.