Baron of Nigerian money market, Subomi Balogun is dead

The founder of First City Monument Bank(FCMB), Otunba Subomi Balogun, has been  reported dead on Friday  at an undisclosed hospital in London, United Kingdom, while as at the time of this report, his hometown, Ijebu-Ode have been thrown into mourning

Penpushing reports that the baron of Nigerian capital and money market was born in 1934 in Ijebu-Ode, Ogun State to Muslim parents, and was said to have converted to Christianity while in secondary school.

The profile has it that the deceased graduated from Igbobi College in Lagos and proceeded to study Law at the London School of Economics, and before leaving for Europe, he briefly worked as a teacher, and thereafter  earning his law degree, he returned to Nigeria to join the Ministry of Justice, Western Region.

Penpushing further reports that the First City Monument Bank (FCMB),in a statement affirmed that he was a  doyen, pioneer and role model of entrepreneurial banking in Nigeria, and to his credit he entered into the financial sector, reshaped and became a household name in the industry until his death.

The statement also described Balogun as a constructive philanthropist and a distinguished church leader who devoted a substantial part of his private resources toward the care and service of the less privileged.

“His story is that of a man who understood early in life that the true essence of wealth is achieved only when it is deployed to the service of humanity, especially the less privileged. A man of proven immense wealth who is highly regarded, respected and honoured in society, the honour bestowed on Otunba Balogun does not, however, stem from the immensity of his wealth, but from the good use to which he has put this wealth for the service of humanity”, the statement added

Penpushing reports that Balogun has several awards in his kitty, which include American Biographical Institute Inc’s Distinguished Leadership Award for outstanding contributions to the development of Investment Banking.

The late banker was also a recipient of the University of Ibadan’s Degree of Doctor of Laws (Honoris Causa) in recognition of his outstanding achievements both in the field of Law and his contributions to the socio-economic development of Nigeria

Penpushing further reports that he received a merit award for philanthropic services to Ogun State in particular and the country as a whole, and also the Ijebu Development Association award and Council Membership of a number of multi-national Chambers of Commerce.

The late Balogun was made a Fellow of the Chartered Institute of Bankers of Nigeria for his pioneering and outstanding contribution to the Banking Industry, while it is on record that he  never lost touch with his Yoruba root, and known to be  an embodiment of culture.

Penpushing also reports that the deceased was the Otunba Tunwase, the Olori Omo-Oba of Ijebu; the Asiwaju of Ijebu Christians, the Baba Oba of Ijebu-Ife and the Asalu-Oba of Ijebu Mushin, and known to dedicate his  active banking years to serve God and society .

The Ogun State Governor Dapo Abiodun, in a statement described the death of Balogun as a colossal loss, not only to Ogun State, but to Nigeria and the business world, noting that he was one of the foremost entrepreneurs who took banking to an enviable level in Nigeria.

Penpushing reports that the Governor in the statement issued by his Chief Press Secretary, Kunle Somorin noted that the late billionaire was a devoted devoted Christian, a loving father and husband as well as lover of Ijebuland.

“Chief Subomi Balogun was a devoted Christian, a loving father and husband as well as lover of Ijebuland. The contributions of the late banker to the socio-economic development of Ijebuland and Ogun State was humongous and beneficial to numerous people and entities.”

Penpushing further reports that Abiodun said the vacuum created by the demise of the banker will be difficult to fill, adding that his love for humanity and dedication to the service of God was second to none.

The former Governor of Ogun State, Otunba Gbenga Daniel in his own condolence message said the late Balogun, who was the Asiwaju of Ijebu Christians, lived a worthy life, and brought the fear of God into everything that he did and believed in.

Penpushing also reports that Daniel added that the deceased united the body of Christ while promoting interfaith relationships in the entire Ijebuland to the best of his ability, describing the  octogenarian as an astute banker, who lived a life worthy of emulation by carrying the weight of royalty into his enterprise.

‘He was a man whom I have the greatest respect for both in royalty and in the business world. Yeye and I will miss this great icon of Ijebu culture and business enterprise, and we are consoled that God granted him a bountiful life to a ripe old age’, Daniel wrote.

‘My sincere condolences go to the Governor of Ogun State, Prince Dapo Abiodun, MFR; The Awujale and Paramount Ruler of Ijebuland, His Royal Majesty, Oba Sikiru Kayode Adetona, CFR, Ogbagba II; the entire Balogun Dynasty and Jadiara/Funsegbuwa Royal ruling House, Olorituns and the entire Ijebu people home and abroad for this great loss. Nigeria has indeed lost one of its illustrious sons. We pray that the good Lord would grant his repose eternal rest and for the family that he left behind to be able to mourn his passage with great strength”.

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