Otunba Subomi Balogun, a billionaire businessman and the founder of the renowned FCMB, has been reported to have passed away. He breathed his last in London on Friday morning at the age of 89.
Throughout his successful banking career, this distinguished octogenarian made significant strides, including his involvement with ICON Ltd and City Securities. However, his most notable achievement was obtaining a merchant banking license, leading to the establishment of First City Merchant Bank (FCMB). Unlike most banks, which are typically set up by groups of investors from various professional backgrounds, FCMB was solely the brainchild of Otunba Balogun. Not only did he initiate its formation, but he also instilled a culture of excellence that has withstood the test of time.
Among his notable contributions, he was the pioneer in creating a dedicated dining room exclusively for bank employees and insisted on a dress code of dark and conservative suits. Additionally, he introduced a distinctive and memorable architectural model for FCMB branches, which has since been widely adopted by other banks in the country in various iterations. According to sources close to the family, Balogun passed away in London on Friday morning at the age of 89. Prior to his demise, he held the title of Otunba Tunwase of Ijebuland.
As a respected Ijebu Chief, the official announcement of his passing will adhere to traditional protocols and be made accordingly.