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  The renowned Nigerian banker and philanthropist, Chief Subomi Balogun, 89, is reported to have died today, 19th of May 2023 in London. Chief Subomi was widely recognized as a legendary figure in the banking industry. He was the founder of First City Merchant Bank (FCMB), which grew to become the FCMB Group. Chief Balogun played a key role in the Nigerian Stock Exchange as a longstanding council member.
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Born on March 9, 1934, in Ijebu Ode, Nigeria, Balogun pursued economics at the University of Ibadan. After completing his studies, he worked for the Nigerian government before venturing into banking. In 1973, Balogun established First City Merchant Bank, which quickly emerged as one of Nigeria’s leading merchant banks. He held the positions of chairman and chief executive officer, leading the institution to remarkable success. Balogun was a trailblazer in the Nigerian stock market and played a pivotal role as a founding member of the Nigerian Stock Exchange. He served as its chairman for a substantial period. Additionally, he served on the board of directors for several other companies. Importantly, he commanded great respect within the Nigerian business community, acclaimed for his business expertise and unwavering commitment to corporate social responsibility. He generously contributed millions of naira to various charitable organizations and educational institutions.
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Throughout his career, Balogun garnered numerous accolades, including the Nigerian National Order of Merit, and was recognized as one of the 100 Most Influential Africans by New African magazine in 2014. Chief Subomi Balogun’s outstanding contributions to the Nigerian economy and the growth of the financial sector have earned him the status of a Nigerian banking legend. He served as a role model for aspiring entrepreneurs and an inspiration to countless Nigerians.

Here are some of his notable achievements:

  • Founded First City Merchant Bank in 1973.
  • Served as chairman and chief executive officer of First City Merchant Bank for many years.
  • Pioneer in the Nigerian stock market.
  • Founding member of the Nigerian Stock Exchange.
  • Served as chairman of the Nigerian Stock Exchange for several years.
  • Member of the board of directors of several other companies.
  • Respected figure in the Nigerian business community.
  • Known for his business acumen and his commitment to corporate social responsibility.
  • Recipient of several awards, including the Nigerian National Order of Merit.
  • Named one of the 100 Most Influential Africans by New African magazine in 2014.

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Mr Balogun who celebrated his 89th birthday in March will be fondly remembered as a visionary and influential figure in Nigerian banking. Chief Subomi Balogun’s legacy will continue to inspire young entrepreneurs and future generations, serving as a reminder of the possibilities and success that can be achieved through dedication, innovation, and a commitment to making a positive impact on society. Featured Image Source: Peoples Gazette
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This article was first published on 19th May 2023


I am a poet. I am a moderate thinker who abhors radicalism on every front and believes that most things are relative. I am a social and political critic. I love writing, reading and international politics.

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