{{Short description|Nigerian banker and philanthropist (1934–2023)}} {{Use dmy dates|date=October 2022}} {{Use Nigerian English|date=October 2022}} Otunba '''Michael Olasubomi''' "'''Subomi'''" '''Balogun''' CON (9 March 1934 – 18 May 2023) was a Nigerian banker and philanthropist who founded First City Merchant Bank,<ref name=":0" /> a company that later became the FCMB group. Balogun was a long-time member of the council of the Nigerian Stock Exchange.<ref>{{Cite news |url=https://www.vanguardngr.com/2016/01/otunba-olasubomi-balogun-the-prince-as-pathfinder-2/ |location=Lagos, Nigeria|title=Otunba Olasubomi Balogun: The Prince as Pathfinder |date=3 January 2016 |access-date=14 July 2018 |language=en-US|newspaper=Vanguard}}</ref>{{Infobox person | honorific_prefix = Otunba | name = Subomi Balogun | honorific_suffix = CON | image = | caption = Subomi Balogun | birth_name = Olasubomi Balogun | birth_date = {{Birth date|1934|04|09}} | birth_place = Ijebu-Ode, Nigeria | death_date = {{Death date and age|2023|05|18|1934|04|09}} | death_place = London, United Kingdom | education = {{plainlist| *Igbobi College *Nigerian College of Arts, Science & Technology, Ibadan (GCE Advanced Level (United Kingdom) *London School of Economics and Political Science (Law)
}} | occupation = Group Chairman/CEO of First City Monument Bank (1982–2023) | years_active = 1966–2023 | known_for = Philanthropy | spouse = Olori Abimbola Balogun | children = 4 | website = {{URL|olasubomibalogun.com/site/}} }}
==Life== Balogun was born on 9 March 1934 at Ijebu-Ode, Ogun State, Nigeria, to Muslim parents.<ref>{{Cite web|url=https://www.fcmb.com/node/250|title=Otunba Subomi Balogun at 83: An Embodiment of Grace and Greatness {{!}} FCMB|website=www.fcmb.com|access-date=6 October 2019}}</ref> Balogun converted to Christianity while in secondary school.<ref name="guard" /> He graduated from Igbobi College<ref name="guard">{{Cite news |url=https://guardian.ng/sunday-magazine/c104-sunday-magazine/subomi-balogun-a-toast-to-the-grandmaster-of-banking-81/ |location=Lagos, Nigeria|title=Subomi Balogun… A Toast To The Grandmaster Of Banking @ 81 |access-date=14 July 2018 |language=en-US|newspaper=The Guardian}}</ref> and studied law at the London School of Economics. Before leaving for Europe, he briefly worked as a teacher.<ref name="guard" /> As a student in London, Balogun regularly attended fellowships and had the opportunity to meet some noted Nigerians such as Yakubu Gowon before the latter was president. After earning his law degree, he returned to Nigeria to join the Ministry of Justice, Western Region.<ref name="guard" /> From the regional Ministry of Justice where he was a Crown Counsel, Balogun found a new post as a Parliamentary Counsel in the Federal Ministry of Justice.<ref>{{Cite news |date=9 March 2022 |title=Subomi Balogun @ 88 and the Nigerian dream |url=https://guardian.ng/opinion/subomi-balogun-88-and-the-nigerian-dream/ |location=Lagos, Nigeria|access-date=25 May 2022 |newspaper=The Guardian|language=en-US}}</ref>
After the January 1966 coup, he joined the Nigerian Industrial Development Bank where he served as principal counsel and company secretary between 1966 and 1975.<ref name=":0">{{Cite news |title=Otunba Olasubomi Balogun: When light dims for quintessential administrator, philanthropist |url=https://guardian.ng/saturday-magazine/otunba-olasubomi-balogun-when-light-dims-for-quintessential-administrator-philanthropist/ |location=Lagos, Nigeria|access-date=2023-09-25 |newspaper=The Guardian|date=20 May 2023 |language=en-US}}</ref> At NIDB, his interest in investment banking led him to advocate for the establishment of merchant bank sponsored by NIDB. When ICON securities, a merchant banking outfit was established in 1973 as a subsidiary of NIDB, Balogun moved to ICON Ltd as a director of operations.<ref name="top">{{Cite web |url=http://thetop10magazine.com.ng/michael-balogun/ |title=Michael Balogun - The Top 10 |website=The Top 10 |language=en-US |access-date=14 July 2018}}</ref> When Balogun's ambition to head ICON was not realised, he left the firm to found City Securities, a stock broking and issuing house. City Securities developed relationships with Mobil, Texaco and Total petroleum marketing companies, handling the companies' equity offerings.<ref>"A Banker of our Time." The Sun (Lagos), 24 October 2014</ref> In 1979, he applied for a merchant banking license to establish First City Merchant Bank, which later became First City Monument Bank in 2001.<ref>{{Cite web |url=https://www.fcmb.com/about-us/our-history |access-date=2023-09-25 |website=www.fcmb.com}}</ref> Balogun was inspired by the entrepreneurial works of Siegmund Warburg, who co-founded S.G. Warburg, he visited Warburg in London prior to establishing his merchant bank.<ref name="top" /> He often told the anecdotal story of how his son inspired him to take the leap in starting the bank.<ref>{{Cite news|title=How my child challenged me to start business – Subomi Balogun|url=https://punchng.com/how-my-child-challenged-me-to-start-business-subomi-balogun/|newspaper=The Punch|date=8 March 2020 |language=en-US|access-date=20 May 2020}}</ref> When the operations of the bank took effect in 1983, Balogun established an entrepreneurial culture at the new bank, unique as an owner managed bank in contrast to the government owned banks at the time.<ref>{{Cite news |url=https://www.vanguardngr.com/2013/01/aig-imoukhuede-why-the-subsidy-cabal-is-fighting-back/ |location=Lagos, Nigeria|title=Aig-Imoukhuede: Why the subsidy cabal is fighting back - Vanguard News |date=2 January 2013 |access-date=14 July 2018 |language=en-US|newspaper=Vanguard}}</ref>
Balogun built a National Pediatric Centre in Ijebu-Ode that he donated to University of Ibadan's University College Teaching Hospital.<ref>{{Cite news |url=https://allafrica.com/stories/201306100297.html |title=Nigeria: FCMB Founder Donates N2 Billion Pediatric Centre to UI |last=Megbolu |first=Chinazor |date=10 June 2013 |work=This Day (Lagos) |access-date=14 July 2018}}</ref>
==Chieftaincy titles== A direct descendant of Oba Tunwase of Ijebu-Ode, Otunba Balogun once held the chieftaincy title '''Otunba Tunwase''' of Ijebuland. He was also the '''Olori Omoba''' of Ijebuland and the '''Asiwaju''' of Ijebu Christians.<ref>{{Cite news|url=https://thenationonlineng.net/85-still-go-round-12-acre-farm-pick-fruits-subomi-balogun/|location=Lagos, Nigeria|title=At 85, I still go round my 12 acre farm to pick fruits - Subomi Balogun|newspaper=The Nation|date=11 January 2019 |accessdate=21 May 2021}}</ref>
==Notable Awards==
* Knight of the Order of Merit of the Republic of Italy - 1994<ref>{{Cite web |last=People |first=City |date=2023-07-14 |title=How OTUNBA SUBOMI BALOGUN Won His Many Battles |url=https://www.citypeopleonline.com/how-otunba-subomi-balogun-won-his-many-battles/ |access-date=2023-09-25 |website=City People Magazine |language=en-US}}</ref> * Degree of Doctor of Laws (Honoris Causa) by University of Ibadan - 1998 * Doctor of Science in Management Sciences (Honoris Causa) by Ogun State University (now Olabisi Onabanjo University) - 1999<ref name="olasubomibalogun.com">{{Cite web |title=Otunba Olasubomi Balogun Tribute Website |url=https://olasubomibalogun.com/site/life |access-date=2023-09-25 |website=olasubomibalogun.com}}</ref> * Commander of the Order of the Niger (CON) - 2001<ref name="olasubomibalogun.com"/>
==Death== Otunba Subomi Balogun died in London on 18 May 2023, at the age of 89.<ref>{{Cite news |title=Otunba Subomi Balogun is dead |url=https://thisdaylive.com/otunba-subomi-balogun-is-dead/ |accessdate=18 May 2023 |newspaper=This Day}}</ref>
==References== {{reflist}}
{{authority control}}
{{DEFAULTSORT:Balogun, Subomi}} Category:1934 births Category:2023 deaths Category:Nigerian bankers Category:Yoruba bankers Category:Nigerian former Sunni Muslims Category:Converts to Christianity from Sunni Islam Category:Igbobi College alumni Category:Alumni of the London School of Economics Category:Yoruba princes Category:Nigerian Christians Category:People from Ijebu Ode Category:Nigerian stockbrokers Category:Nigerian princes Category:Nigerian company founders