Connect with us

Lifestyle

Otunba Michael Olasubomi “Subomi” Balogun: Pioneer of Modern Nigerian Banking and Philanthropy

Published

on

Otunba Michael Olasubomi Balogun, CON (9 March 1934 – 18 May 2023), was a visionary banker, entrepreneur, and philanthropist whose legacy reshaped Nigeria’s financial sector and inspired generations of business leaders.

Early Life and Education

Born in Ijebu-Ode, Ogun State, Balogun came from Ijebu heritage and was nurtured in an environment that valued both education and entrepreneurial aspiration. He attended Igbobi College, Lagos, followed by the London School of Economics, where he studied law. He was called to the English Bar in December 1959.

Path into Banking

After returning to Nigeria, Balogun initially worked in the public legal service, then transitioned into the financial sector:

He joined the Nigerian Industrial Development Bank (NIDB).

He served as Director of Operations at ICON Securities, a merchant banking subsidiary of NIDB.

In 1977, he founded City Securities Limited, a stock-broking and issuing house.

Founding FCMB and Banking Milestones

Balogun’s defining achievement was founding First City Merchant Bank (FCMB):

He applied for the merchant banking licence in 1979, though operations formally began in 1983 after he was granted the licence.

FCMB was celebrated as “the first bank in Nigeria established without government or foreign backing.”

In 2001, FCMB converted from a merchant bank to a universal bank and changed its name from “First City Merchant Bank” to First City Monument Bank Limited.

The bank became a public company and was listed on the Nigerian Stock Exchange (NSE) by introduction in December 2004.

Honors, Traditional Titles, and Philanthropy

He held the national honour Commander of the Order of the Niger (CON) in recognition of his contribution to banking.

See also  The image depicts Jankara Market in Lagos, Nigeria, in 1975.

Among his many traditional titles, Balogun was Otunba Tunwase of Ijebuland, Olori Omo-oba of Ijebuland, and held other leadership roles connecting him with Ijebu heritage.

His philanthropic footprint was substantial. He established the Otunba Tunwase Foundation, which supports healthcare, education, and welfare. Notably, he built the Otunba Tunwase National Paediatric Centre in Ijebu-Ode, which he donated in 2013 to the University of Ibadan and University College Hospital (UCH) Ibadan.

Legacy

Otunba Subomi Balogun passed away in London on 18 May 2023, but his impact remains deeply felt:

FCMB Group remains one of Nigeria’s influential banking and financial services institutions, offering retail, corporate, and asset management services.

His model of creating a wholly Nigerian bank without state or foreign backing challenged norms and demonstrated what local entrepreneurship could achieve.

His leadership blended business success with social responsibility, especially in his home region of Ijebu-Ode. His life remains a reference point for Nigerian banking reform, private-sector leadership, and philanthropy.

Sources:
FCMB Official History, “About FCMB Group Plc.”
“Otunba Olasubomi Subomi Balogun, CON (1934-2023).” The Nation, 2023.
Dawn Commission, “Otunba Subomi Balogun Dies at 89.”

Otunba Subomi Balogun stands as an exemplar of Nigeria’s private-sector pioneers—visionary not just in creating institutions, but in ensuring those institutions served broader social good.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Lifestyle

Declare Your Lineage – Royal Family Tells Musician KWAM 1 Over His Interest In Becoming Next Awujale Of Ijebuland

Published

on

KWAM 1, in a letter dated December 3, 2025, addressed to the chairman of the Fusengbuwa Ruling House in Agunsebi Quarters, Ijebu-Ode, announced his interest in the stool, describing himself as a “bonafide son” of the ruling house.

The Fusengbuwa ruling house of Ijebu-Ode, next in line to produce the new Awujale of Ijebuland, Ogun State, has instructed Fuji musician Wasiu Ayinde, popularly known as KWAM 1, to confirm his family’s royal lineage to validate his membership in the ruling house.

KWAM 1, in a letter dated December 3, 2025, addressed to the chairman of the Fusengbuwa Ruling House in Agunsebi Quarters, Ijebu-Ode, announced his interest in the stool, describing himself as a “bonafide son” of the ruling house.

KWAM 1 also stated that his candidacy aligns with Ijebu customary law and the Ogun State Chieftaincy Laws.

In an interview with Punch, the Chairman of the ruling house and former National President of the Institute of Chartered Accountants of Nigeria, Abdulateef Owoyemi, said only bonafide members of the family would be allowed to participate in the selection process.

Owoyemi explained that KWAM 1, Olori Omooba of Ijebu land and others interested in the stool have been directed to complete the Fusengbuwa ruling house royal lineage data form.

According to him, the form, which requires contenders to trace their genealogy back seven generations, ensures that only genuine princes from the family can participate, thereby blocking “strangers” from claiming the throne.

He said, “The first step for anyone interested in contesting for the Awujale throne is to declare their lineage by filling the standard Fusengbuwa ruling house royal lineage data form. Once confirmed as a legitimate member of the ruling house, they can then apply for the expression of interest form.

See also  IBA OLUYOLE: THE LEGEND OF IBADAN

“We have told him, just like everyone else interested in the Awujale throne, that the first step is to declare his lineage. He will do this by completing the royal lineage data form, showing his full name, which parent and grandparent he descends from, and continuing up to seven generations.

“The completed form will be signed and submitted to the head of the ruling house unit of the Fusengbuwa ruling house, who will affirm that he is a genuine member. Only then will the process move forward.”

Owoyemi emphasised that although the application window for the throne officially closed on December 5, KWAM 1 had been given a five-day extension, which would lapse on December 10.

He noted, “We won’t shut anybody out of picking the next Awujale, but we must ensure that you are a legitimate member of Fusengbuwa. Every right comes with responsibilities. For a royal family, everyone must prove their legitimacy by completing the royal lineage data form.

“When we receive the form, we will review it meticulously. If clarification is needed, we will contact the applicant. We welcome men of influence who will use their influence to enhance the throne, not to claim it, ensuring that what truly belongs to our family is preserved.”

Owoyemi explained that the local government has given them 14 days to select candidates, and the ruling house hopes to have a new Awujale by the second or third week of January 2026.

He added, “The local government has given us 14 days to select candidates, which expires on December 18. After that, the kingmakers have seven days to deliberate and choose one candidate, whose name will be forwarded to the governor.

See also  Ijebu-Ode gears up for major tourism boost

“Legally, the government then has 21 days to conduct background checks and security clearance, allowing for objections or protests. After this period, the State Executive Council will ratify the nominee, and the governor will announce the next Awujale, after which coronation rites will commence.

“So, combining the candidate selection, kingmakers’ deliberation, and legal objection period, we are looking at around 42 days. Therefore, we expect the next Awujale to emerge between the second and third week of January.”

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading

Lifestyle

VIDEO: I’m Married But Not In My Husband’s House; I Didn’t Have The Experience Of Living Happily Ever After – Singer Shola Allyson Reveals

Published

on

While speaking about her love life, the 54-year-old who came into limelight with a love album ‘Eji Owuro’, revealed that she is married but not living with her husband.

Sola Allyson, the popular Nigerian gospel singer, has revealed that she is not currently living with her husband.

The musician made this known in her latest interview on Oyinmomo TV.

While speaking about her love life, the 54-year-old who came into limelight with a love album ‘Eji Owuro’, revealed that she is married but not living with her husband.

Sharing her marital experience, the singer said she has never enjoyed the kind of happiness many people describe.

“I’m married, but I’m not in my husband’s house. We live separately. He in his house and I in mine.”

The interviewer asked: “You sang ‘Eji Owuro’, did you experience genuine love from your husband?

She replied, “We lied before. Those older than us didn’t inform us that it’s tough. They made us believe that so long as you both love each other, you will live happily ever after, but it’s a lie.

“That’s not the experience I have. I didn’t have the experience of living happily ever after. I did all I could to make it work.

“Marriage has been a big challenge. I hear people talk about joy in marriage, but I have never experienced it.”

CLICK TO WATCH THE VIDEO

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

See also  Things to know about Bernard Doro, Tinubu’s ministerial nominee from Plateau
Continue Reading

Lifestyle

VIDEO: Shola Allyson Finally Opens Up, Reveals Why She Does Not Reference Jesus In Her Songs

Published

on

Recall that Allyson, who is regarded as a gospel singer, was dragged on social media in March 2025 for not directly referencing ‘Jesus’ in all her songs.

Shola Allyson, the renowned Nigerian songstress, has opened up on the real reason she avoids mentioning the name of Jesus in all her songs.

Recall that Allyson, who is regarded as a gospel singer, was dragged on social media in March 2025 for not directly referencing ‘Jesus’ in all her songs.

Reacting to her critics in a post on X, the songstress stated that “No one can bully me into joining their darkness that looks like light because indolent souls find comfort in it”.

Finally revealing her reason for not mentioning Jesus in her songs, Shola Allyson on Saturday during her latest interview on Oyinmomo TV, stated that Jesus did not ask her to do PR for him.

She said “I’m not a religious singer. As I am, I have never introduced myself as a gospel singer. My name is Shola Allyson. I’m a singer”.

Interviewer; “Some people said you don’t mention ‘Jesus’ name’ in all your songs”.

She quickly responded “Jesus did not instruct us to mention his name in songs nor did Jesus ask us to do PR for Him”.

CLICK TO WATCH THE VIDEO

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

See also  The Legendary Story of Ajala the Traveller
Continue Reading

Trending