7 things to know about late billionaire lawyer who dominated banking industry – Daily Trust


Otunba Olasubomi Balogun, founder of First City Monument Bank (FCMB), is dead.

According to reports, the billionaire banker died at a London hospital on Friday.

Here are seven things to know about him:

  • He was born in 1934 in Ijebu-Ode, Ogun State, Nigeria to Muslim parents but converted to Christianity while in secondary school.
  • He had his secondary school education at Igbobi College, Lagos, and studied Law at the London School of Economics.

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  • He founded First City Monument Bank and was a long-time member of the council of the Nigerian Stock Exchange (NSE).
  • After earning his law degree, Balogun returned to Nigeria to join the Ministry of Justice, Western Region. At the regional Ministry of Justice where he was a Crown Counsel, he 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 (NIDB), and his interest in investment banking led him to advocate for the establishment of a merchant bank sponsored by NIDB.
  • The banking chief built a National Pediatric Centre in Ijebu-Ode that he donated to the University of Ibadan’s, University College Teaching Hospital.
  • Balogun held the chieftaincy title as the Otunba Tunwase of Ijebuland and also the Olori Omoba of Ijebuland and the Asiwaju of Ijebu Christians.

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