Otunba Subomi Micheal Balogun is the founder of one of Nigeria’s longest-leading banks known as First City Monument Bank which is headquartered in Lagos state, Nigeria and also operates in the United Kingdom and South Africa. Before Otunba Subomi Balogun became a banking mogul, he studied Law in the United Kingdom and returned to Nigeria to begin his career in Nigeria’s Ministry of Justice, first at the regional level before progressing to the federal level. Otunba Subomi Balogun flourished his banking career first working at the Nigerian Industrial Development Bank, then as a director of operations at ICON Ltd, a subsidiary of the NIDB born out of his advocacy for the establishment of a merchant bank due to his growing interest in investment banking. He then left ICON to formulate his own financial firm known as Cities Securities before acquiring a merchant banking license to establish the FCMB which officially began operating in 1983 and was renowned for its entrepreneurial culture, and unique as an owner-managed bank as opposed to the government-owned banks at the time. Otunba Subomi Balogun’s FCMB made history as the first bank in Nigeria to be established without any foreign direct investments or government funding.

Otunba Subomi Balogun who has since then become a billionaire and philanthropic leader, built a National Pediatric Centre in Ijebu Ode donated to University of Ibadan’s, University College Teaching Hospital. He owns one of the most expensive mansions in Nigeria located at Ikoyi, Lagos state estimated to be worth N500million.

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