Renowned Nigerian banker and the founding Chairman of First City Monument Bank (FCMB), Otunba Subomi Balogun, has passed away at the age of 89 in London, according to confirmed reports from close family sources.
News About Nigeria reports that Otunba Subomi Balogun, a highly respected figure in the Nigerian financial sector, breathed his last on Tuesday in London, where he had been receiving medical treatment.
The news of his demise has sent shockwaves throughout the nation, as many mourn the loss of a visionary leader and pioneer in the banking industry.
Born on March 9, 1934, in Ijebu-Ode, Ogun State, Balogun played a significant role in shaping the landscape of Nigeria’s banking sector.
He established FCMB in April 1982 and served as the bank’s Chairman for several years, leaving an indelible mark on the institution’s growth and success.
Under Balogun’s leadership, FCMB transformed from a merchant bank to a full-fledged commercial bank, offering a wide range of financial products and services to individuals, businesses, and institutions.
The bank steadily expanded its operations and presence, becoming one of Nigeria’s leading financial institutions.
Beyond his contributions to FCMB, Balogun was also a philanthropist who believed in giving back to society.
He established the Otunba Tunwase National Paediatric Centre in Ijebu-Ode, which remains a vital healthcare facility for children in the region.
His dedication to community development and empowerment earned him numerous accolades and recognition throughout his lifetime.
Balogun’s demise has drawn condolences from various quarters, including fellow bankers, government officials, and business leaders.
They praised his exceptional leadership skills, business acumen, and commitment to fostering economic growth in Nigeria.
During his tenure as FCMB’s Chairman, Balogun championed innovative banking solutions and strategies, positioning the institution as a major player in the Nigerian financial landscape.
His contributions to the development of the banking industry in Nigeria have been widely acknowledged, with his legacy leaving a lasting impact on the sector.