Otunba Michael Olasubomi Balogun, the founder of First City Monument Bank (FCMB) and Olori Omoba of Ijebuland, has passed away.
New sources was informed by family sources that he passed away in London on Friday morning.
Balogun was 89 years old and was Otunba Tunwase of Ijebuland.
His passing remains unreported because he was a prominent Ijebu Chief. However, according to information obtained by news sources, his family has informed the Awujale of Ijebuland about his passing, and an official statement will be made soon in accordance with custom.
Otunba Balogun was the Olori Omoba (head of princes) of Ijebuland and the Asiwaju of Ijebu Christians. He was a direct descendant of Oba Tunwase of Ijebu-Ode.
Otunba Balogun, who was born on March 9th, 1934, in Ijebu Ode, graduated from Igbobi College and went on to study law at the London School of Economics. He returned to Nigeria after earning his law degree and started working as a Crown Counsel for the Ministry of Justice in the Western Region. Later, he was hired by the Federal Ministry of Justice as a Parliamentary Counsel.
Balogun joined the Nigerian Industrial Development Bank (NIDB) when the First Republic fell, where he promoted the creation of merchant banks. As a director of operations at ICON Ltd., he joined ICON Securities, a merchant banking organization founded in 1973 as a subsidiary of NIDB.
Later, Otunba Balogun established City Securities, a stock brokerage and issuance firm that handled equity issues for the petroleum marketing corporations Mobil, Texaco, and Total.
Balogun obtained a merchant banking license to start First City Merchant Bank.
More details coming soon.