The founder of the First City Monument Bank, FCMB, Otunba Subomi Balogun, has died. He is aged 89 years.

Otunba Balogun died in London on Friday morning.

The astute banker had celebrated his 89th birthday in March.

He was an alumnus of Igbobi College and studied law at the London School of Economics.

The late Balogun practised as a lawyer in the regional justice ministry and then at the federal Ministry of Justice until the January 1966 coup.

After the coup, Otunba Balogun ventured into banking and began his banking career at the Nigerian Industrial Development Bank, NIDB.

He pioneered ICON Securities – a subsidiary of NIDB, which specialised in merchant banking – as Director of Operations. He thereafter ventured into several commerce and economics firms until FCMB was established in 1979.


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