The passing of Chief Michael Olasubomi Balogun, the Founder of First City Monument Bank (FCMB), was announced on Friday, May 19.
Late Balogun, a prince from Ogun state, died at 89 in the United Kingdom, his family announced in a terse statement.
A dexterous banker, he is regarded as an African banking and finance icon.
Below are 10 things to know about the man who strode like a titan in the banking and investment sectors.
1). Although well-read, he is a very traditional man. He is titled Otunba, and also the Olori Omo-Oba (the head of all the king’s children), and yet, the Asiwaju of Ijebu Christians as well as the Olori Ebi of the Arojojoye Ruling House in Ijebu Ode, of Ogun state.
2). He is the second chartered stockbroker in Nigeria with membership 002. Late Gamaliel Onosode was 001.
3). Although he was born into a Muslim family, Balogun converted to Christianity in secondary school.
4). He built a National Pediatric Centre in his hometown – Ijebu-Ode, and donated the facility to the University of Ibadan’s College Teaching Hospital.
5). He was a fellow of the Chartered Institute of Bankers of Nigeria
6). He holds the prestigious national honour of Commander of the Officer of the Niger (CON).
7). He founded First City Merchant Bank, which later became the First City Monument Bank (FCMB) group. Today, several other companies have sprouted from the brand, including subsidiaries CSL Stockbrokers, FCMB Capital Markets, First City Asset Management Limited, FCMB Microfinance Bank, and FCMB UK. There are also FCMB Pensions Limited and FCMB Trustees Limited.
8). He was born on March 9, 1934.
9). He is a recipient of the American Biographical Institute Inc’s Distinguished Leadership Award for outstanding contributions to the development of Investment Banking.
10). He is also a recipient of the University of Ibadan’s Degree of Doctor of Laws (Honoris Causa)
