Chief Michael Olasubomi “Subomi” Balogun was a Nigerian Yoruba banker and philanthropist who established First City Merchant Bank, which subsequently transformed into the FCMB group. Balogun was a long-term member of the Nigerian Stock Exchange council.
Subomi Balogun Age, Biography & Profile Overview
On March 9, 1934, in Ijebu-Ode, Ogun State, Olasubomi Olaotan Olaonipekun Balogun was born, proudly embodying his lineage as a direct descendant of the Awujale, the revered monarch of Ijebuland. As he matured, he embarked on a scholarly path to Lagos state, where he was affectionately dubbed Subomi.
Name:
Chief Michael Olasubomi Balogun
Date of birth:
9th of March 1934
Date of Death:
19th May 2023
Age:
89 years old
State of origin:
Ogun state
Nationality:
Nigerian
Profession:
Banker and entrepreneur
Net worth:
$9 billion
Subomi Balogun Early Years
Chief Otunba Subomi Balogun was born on March 9, 1934, to Muslim guardians in Ijebu-Ode, Ogun State, Nigeria. During his secondary education, he underwent a transformation and embraced Christianity. He subsequently attended Igbobi College and pursued legal studies at the London School of Economics. Following a brief teaching stint, he made the choice to travel to Europe. Balogun participated in fellowships as a student in London and had the privilege of meeting distinguished Nigerians such as Yakubu Gowon prior to the latter’s presidency.
He returned to Nigeria after completing his law studies to serve in the Ministry of Justice, Western Region. Balogun transitioned from the regional Ministry of Justice, where he served as a Crown Counsel, to the Federal Ministry of Justice, where he was a Parliamentary Counsel.
Subomi Balogun’s Career Journey
After completing his education, he spent some time teaching in London before heading back to Nigeria to join the Ministry of Justice, Western Region.
He served as a parliamentary counsel in the Federal Ministry of Justice. Subomi joined the Nigerian Industrial Development Bank (NIDB) in 1996 and previously held the position of director of operations for ICON Ltd.
Subomi also launched City Securities, a stockbroking and issuing firm. City Securities forged partnerships with petroleum marketing companies like Mobil, Texaco, and Total while managing the firm’s equity offerings.
In around 1980, he established the first city merchant bank, now recognized as First City Monument Bank (FCMB).
Noteworthy is his philanthropic spirit, which has seen him donate generously and contribute to building schools, hospitals, and other facilities.
Subomi Balogun constructed a National Pediatric Centre in Ijebu-Ode and generously donated it to the University College Teaching Hospital at the University of Ibadan.
Establishing The First Nigerian Merchant Bank
In December 1977, Subomi Balogun founded City Securities Limited, the first entity in Nigeria to merge an issuing house with a stockbroking operation under one identity. This marked only the initial stride towards creating the merchant bank he aspired to establish. From that point, he established First City Merchant Bank Limited, Nigeria’s inaugural wholly-owned merchant bank.
Launching the bank was fraught with challenges, as he encountered considerable resistance before acquiring his license. Concerns arose that, due to his energy and significant political engagement, he might leverage the bank to back a political faction.
“It was deemed unfeasible. “Someone remarked I’d either become a multibillionaire or face imprisonment,” he later recounted.
He also remembered that it took the intervention of Dr. Alex Ekwueme, who had just been elected as Vice President in the second republic, to resolve the matter. “Without him, FCMB would have remained a distant ambition,” Balogun noted. Within a week, he received notification from the Finance Minister, Chief Yomi Akintola, that his license had been granted.
Starting a bank independently is no small feat, and Balogun has distinguished himself among bank founders. He headed the bank for the first two decades, occupying the roles of both Chairman and CEO, effectively navigating it from the local to the global arena. The bank’s paid-up share capital soared from N2 million at its inception in 1979 to N1.5 billion in December 2002, with total shareholders’ funds escalating to N2.65 billion.
In 2001, the bank transitioned into a universal bank, rebranding from First City Merchant Bank to First City Monument Bank.
Three years later, FCMB transformed its status from a private limited liability entity to a public limited liability company on 15 July 2004. Subsequently, on 21 December 2004, it was listed on the Nigerian Stock Exchange (NSE).
Subomi Balogun’s Passing
Chief Michael Olasubomi “Subomi” Balogun, aged 89, passed away on May 19, 2023, in London. His legacy as a distinguished Nigerian banker, philanthropist, and entrepreneur will endure indefinitely.
Accomplishments and Wealth
Despite his immense wealth, Otunba Subomi maintained a modest public presence. His net worth is estimated to be around $700 million.
This reclusive billionaire possesses a profound passion for luxury automobiles, particularly Rolls-Royce. His impressive collection features eleven luxurious limousines, placing him among the top Nigerians with the highest number of Rolls-Royce vehicles.
In addition to his car collection, he possesses one of the most esteemed residences in the nation. This splendid property, valued at N500 million, is situated on Glover Road in Ikoyi.
Moreover, Otunba Subomi has contributed a substantial portion of his wealth to charitable initiatives. Notably, he played a key role in the establishment of a National Pediatric Centre in Ijebu-Ode, which he thoughtfully donated to the University of Ibadan’s University College Teaching Hospital.
Otunba Subomi has received numerous prestigious awards and recognitions due to his achievements and contributions. He is a fellow of the Chartered Institute of Bankers of Nigeria (CIBN) and a member of various multinational Chambers of Commerce councils. He also received the Distinguished Leadership Award from the American Biographical Institute, Inc., acknowledging his valuable contributions to Investment Banking.
The University of Ibadan awarded him an Honorary Doctor of Laws degree (Honoris Causa) in recognition of his remarkable accomplishments in law and his significant contributions to Nigeria’s socioeconomic progress.
Where is Subomi Balogun from? He is originally from Ijebu-Ode in Ogun state
How old is Subomi Balogun? He is 89 years of age
What is Subomi Balogun’s net worth? Subomi Balogun’s net worth is estimated at $9 billion. He possesses a range of luxury vehicles, alongside substantial real estate holdings both domestically and internationally.
