Chief Subomi Balogun is a Nigerian Yoruba banker and philanthropist who founded First City Merchant Bank, a company that later became the FCMB group.
Full Name: Michael Olasubomi balogun
Born: 9 March, 1934
Birth place: Ogun state
Education: London School of Economics
Famous as: banker and philanthropist
Biographical and educational history
Subomi Balogun was born on the 9th of March, 1934 at Ijebu ode, Ogun state, Nigeria to Muslim parents.
Subomi Balogun converted to Christianity while in secondary school. He graduated from Igbobi College and studied Law at London School of Economics.
Before leaving for Europe, he briefly worked as a teacher. 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, Subomi Balogun returned to Nigeria to join the Ministry of Justice, Western Region.
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.
After the January 1966 coup, he joined the Nigerian Industrial Development Bank.
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.
When Subomi Balogun ambition to head ICON was not realised, he left he firm to found City Securities, a stock broking and issuing house.
City Securities developed relationships with Mobil, Texaco and Total peteroleum marketing companies, handling the companies equity offerings.
In 1979, he applied for a merchant banking license to establish First City Merchant Bank.
Subomi 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.
He often tells the anecdotal story of how his son inspired him to take the leap in starting the bank.
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.
Family and personal life
Subomi Balogun fathered five children, four of which survived to adulthood.
Balogun built a National Pediatric Centre in Ijebu-Ode that he donated to University of Ibadan’s, University College Teaching Hospital.
Subomi Balogun Chieftaincy titles
A direct descendant of Oba Tunwase of Ijebu-Ode, Chief Balogun is the holder of the title of the Otunba Tunwase of Ijebu.
He’s also the Olori-Omoba of Ijebu, the Baba Oba of Ijebu-Ife, the Asalu Oba of Ijebu-Mushin and the Asiwaju of Ijebu Christians.
As the Olori-Omoba – or “chief prince” – of Ijebu, he serves as the ranking prince of the dynasty that provides the Awujales of Ijebuland.
Other awards and recognitions
Subomi Balogun has several other awards and recognitions. These include:
The Distinguished Leadership Award for outstanding contributions to the development of investment banking by the American Biographical Institute Inc
Fellow of the Institute of Chartered Institute of Bankers of Nigeria for his pioneering and outstanding contribution to the Banking Industry by the Chartered Institute of Banker of Nigeria and an honorary Doctor of Law (Honoris Causa) by the University of Ibadan in recognition of his achievement in the field of law and his contributions to the socio-economic development of Nigeria.
Balogun was a long time member of the council of the Nigerian Stock Exchange.