Who is Otunba Subomi Balogun?
Otunba Subomi Balogun is a Nigerian entrepreneur and philanthropist who has made significant contributions to the banking industry. He founded the First City Monument Bank (FCMB) and is well-known for his successful business ventures.
Born in 1934 in Ijebu-Ode, Nigeria, Balogun comes from a royal lineage as a direct descendant of the Awujale.
He has had a distinguished career in both the public and private sectors, and his philanthropic efforts have also garnered recognition. Recently, he celebrated his 85th birthday in a grand manner.
Otunba Subomi Balogun Biography
Otunba Subomi Balogun is a prominent Nigerian entrepreneur and philanthropist. Born in 1934 in Ijebu-Ode, Nigeria, he comes from a royal lineage as a direct descendant of the Awujale.
Otunba Balogun graduated from Igbobi College and studied Law at the London School of Economics. He returned to Nigeria and joined the Ministry of Justice as a Crown Counsel.
Later, he became a Parliamentary Counsel in the Federal Ministry of Justice. Balogun then joined the Nigerian Industrial Development Bank (NIDB) and played a key role in establishing a merchant bank.
He became a director of operations at ICON Ltd., a subsidiary of NIDB, focusing on merchant banking.
Balogun is widely recognized for his contributions to the banking industry and his establishment of the First City Monument Bank (FCMB).
He has also made significant investments in healthcare, particularly in institutions dedicated to children’s well-being.
Through the Otunba Tunwase Foundation, he has built healthcare facilities such as the Ijebu-Ode General Hospital and the Otunba Tunwase National Paediatric Centre (OTNPC).
Balogun’s outstanding achievements have been acknowledged with awards and honorary degrees.
From Principal Counsel to Investment Banker. He served at NIDB for 9 years and developed a passion for banking. Through training at the World Bank and experiences in London and New York, he gained expertise.
Subomi played a vital role in transforming Icon Securities into a merchant bank. Despite being passed over for a leadership position, he was inspired by his son’s question and started his own company at 43 years old. His journey exemplifies determination and resilience.
Subomi Balogun Networth
Otunba Subomi Balogun, a prominent Nigerian billionaire, is reportedly worth around $700 million. Despite his wealth, he keeps a low profile.
Balogun’s love for luxury cars is evident in his collection of eleven Rolls-Royce vehicles, making him one of the top Rolls-Royce owners in Nigeria.
He also owns an impressive mansion valued at N500 million in Glover Road, Ikoyi. In addition to his lifestyle, Balogun is known for his philanthropy, such as donating to the National Pediatric Centre in Ijebu-Ode.
Biography of Subomi Balogun: A Man with Diverse Interests
Subomi Balogun is a philanthropist known for his diverse pursuits. Through the Otunba Tunwase Foundation, he has built healthcare institutions, including the Ijebu-Ode General Hospital and a 40-bed Children’s Centre.
Balogun’s generosity also led him to start the construction of the Otunba Tunwase National Paediatric Centre. His remarkable achievements in investment banking earned him the Distinguished Leadership Award, while the University of Ibadan recognized his contributions with an honorary Doctor of Laws degree.
Additionally, Balogun’s involvement in professional associations and his esteemed status in the Ijebu community further showcase his varied interests.
Subomi Balogun’s Death
The nation mourned yesterday as news spread of the passing of Otunba Subomi Balogun, the renowned business magnate, lawyer, and founder of FCMB Group.
He peacefully departed at the age of 89 in a London hospital after a brief illness. As the news reached the business community and beyond, tributes poured in from around the world, expressing deep affection and admiration for the Ijebu prince.
President Muhammadu Buhari offered condolences to the Balogun family and the business community, initiating a wave of heartfelt sentiments.