First City Merchant Bank, which eventually evolved into the FCMB group, was founded by Nigerian Yoruba banker and philanthropist Chief Michael Olasubomi “Subomi” Balogun on March 9, 1934, and he died on May 19, 2023.
Balogun served on the Nigerian Stock Exchange’s council for a very long period. He joined the Nigerian Industrial Development Bank following the coup in January 1966.
His interest in investment banking at NIDB motivated him to promote the creation of a merchant bank supported by NIDB.
Balogun transferred to ICON Ltd. as the company’s director of operations when ICON Securities, a merchant banking organization, was founded as a division of NIDB in 1973.
Balogun quit the company to create City Securities, a stock broking and issuing house because his dream to lead ICON was not realized.
Is Subomi Balogun alive?
On March 19, 2023, he passed away in London at the age of 89.
Where is Subomi Balogun now?
He is no longer with the living, his body is in London.