Subomi served for 9 years (between 1966 and 1975) as Principal Counsel and Company Secretary to the Nigerian Industrial Development Bank (NIDB). That was partly how he developed an interest in banking. Subsequently, he received training at the International Bank for Reconstruction and Development (IBRD), also known as the World Bank, and its private sector affiliate, the International Finance Corporation (IFC), both in Washington DC. He went further to learn from leading stockbrokers, investment banks, and merchant banks in London and New York.
Balogun is a philanthropist and carries out much of his activities through the Otunba Tunwase Foundation. He has built healthcare institutions particularly targeted at children, including the Ijebu-Ode General Hospital, a newly-built and fully-equipped air-conditioned 40-bed Children’s Centre which he donated in 1989. It was named after his mother – Iye Subomi’s Child Care Centre.
and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career.As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via ruth.okwumbu@nairametrics.ng
In December 1977, Subomi Balogun set up City Securities Limited, the first institution in Nigeria to ever combine an issuing house and stockbroking business under one name. This was only a first step to establishing the merchant bank which he wanted. From there, he set up the first wholly Nigerian owned merchant bank – First City Merchant Bank Limited.
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 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.
Subomi Balogun. Chief Michael Olasubomi "Subomi" Balogun is a Nigerian Yoruba banker and philanthropist who founded First City Merchant Bank, a company that later became the FCMB group.
Before leaving for Europe, he briefly worked as a teacher. As a student in London, Balogun regularly attended fellowships and had the opportunity to meet some noted Nigerians such as Yakubu Gowon before the latter was president.
At NIDB, his interest in investment banking led him to advocate for the establishment of merchant bank sponsored by NIDB. When ICON securities, a merchant banking outfit was established in 1973 as a subsidiary of NIDB, Balogun moved to ICON Ltd as a director of operations.
He was born on the 9th of March, 1934 at Ijebu ode, Ogun state, Nigeria to Muslim parents. Balogun converted to Christianity while in secondary school. He graduated from Igbobi College and studied Law at London School of Economics. Before leaving for Europe, he briefly worked as a teacher.
When the operations of the bank took effect in 1983, Balogun established an entrepreneurial culture at the new bank, unique as an owner managed bank in contrast to the government owned banks at the time.
Chieftaincy titles. A direct descendant of Oba Tunwase of Ijebu-Ode, Chief Balogun currently holds the chieftaincy title of the Otunba Tunwase of Ijebuland. He is also the Olori Omoba of Ijebuland and the Asiwaju of Ijebu Christians.