Subomi Balogun, the Founder and Former Chairman of First City Monument Bank (FCMB), has passed away at the age of 89. According to family sources, he died in London on Friday morning.

Balogun, a prominent Ijebu chief, held several prestigious chieftaincy titles, including Otunba Tunwase of Ijebuland, Olori Omoba of Ijebuland, and Asiwaju of Ijebu Christians.

While his death has not been officially announced as per Ijebu tradition, the family has informed the Awujale of Ijebuland. A formal announcement is expected soon.

Balogun’s remarkable career began with his legal studies at the London School of Economics after graduating from Igbobi College.

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Initially pursuing a legal profession, he served as a crown counsel in Western Nigeria’s Ministry of Justice and later as an assistant parliamentary counsel in the federal Ministry of Justice in Lagos.

However, the political turmoil following the January 1966 coup shifted Balogun’s focus towards the banking sector.

He founded City Securities, a stock broking and issuing house, which handled equity offerings for major petroleum marketing companies.

Subsequently, he obtained a merchant banking license to establish First City Merchant Bank (now FCMB).

Balogun instilled an entrepreneurial culture in the bank, setting it apart as an owner-managed institution amidst government-owned banks. He also served as a longstanding member of the Nigerian Stock Exchange council, contributing to the financial landscape of the nation