Foremost banker and founder of First City Monument Bank (FCMB), Chief Michael Olasubomi ‘Subomi’ Balogun, has died at the age of 89.

The founder of First City Monument Bank (FCMB), Olasubomi Balogun, is died.

We gathered that the business mogul died on Friday morning in London, United Kingdom after a brief illness.

He was 89 years old.

Balogun was the founder of First City Monument Bank. In 1979, he applied for a merchant banking license to establish First City Merchant Bank.

Balogun was reportedly inspired by the entrepreneurial works of Siegmund Warburg, who co-founded S.G. Warburg, he visited Warburg in London prior to establishing his merchant bank.

 The renowned banker graduated from Igbobi College and studied law at the London School of Economics.

Following his graduation in June 1959, he was called to the English Bar in December of the same year.

Balogun’s legal career saw him serve as a crown counsel in the ministry of justice of Western Nigeria and later as an assistant  parliamentary counsel in the federal ministry of justice in Lagos. However, the January 1966 coup prompted a shift in his career trajectory towards the banking sector.

Balogun later founded City Securities, a stock broking and issuing house, which handled Mobil, Texaco and Total petroleum marketing companies equity offerings. Balogun secured a merchant banking licence to establish First City Merchant Bank.

When the operations of the bank took effect in 1983, Balogun was said to have established an entrepreneurial culture at the new bank, unique as an owner managed bank in contrast to the government owned banks at the time.

Balogun was a long time member of the council of the Nigerian Stock Exchange.