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He’s ‘Icon of the African Banking And Finance Industry’ – Obaseki
President Muhammadu Buhari has shared in the grief of loss with the business community, particularly the banking and investment sector, over the passing of an illustrious citizen, Chief Michael Olasubomi “Subomi” Balogun.
Chief Subomi Balogun, a legendary businessman and philanthropist, died on Friday, in London, aged 89.
President Buhari in a condolence message made available to newsmen by his Special Adviser on Media and Publicity, Femi Adesina, commiserated with family members, friends, and associates of late Subomi Balogun, whose legacy of kindness and charity stretched into many homes, institutions, and communities, touching lives through education, health, and multiple empowerment opportunities.
President Buhari affirmed that Chief Balogun, through foresight, wisdom, and hard work, lived ahead of his time, by starting the First City Merchant Bank in 1983, which has grown over the years, with branches across the country, and working assiduously for the take-off and success of the Nigerian Stock Exchange.The President noted the outpouring of testimonies on the life and times of the legendary banker, especially his towering influence in grooming many talented leaders in the sector, who had since set up their investment platforms, within and outside the country.He prayed that the Almighty God will receive the soul of the departed, and comfort all his loved ones.
Ogun State Governor has also mourned the death of the Olori Omo Oba of Ijebuland and Founder of FCMB Group, Otunba Subomi Balogun.
Balogun, a foremost banker, lawyer and entrepreneur, who died at the age of 89, in a London hospital after an illness
Mourning the passing of the business mogul and philanthropist, the governor, in a statement by his Chief Press Secretary, Kunle Somorin, described the death of Balogun as a colossal loss, not only to Ogun State, but Nigeria and the business world.
He noted that the late Olori Omo Oba of Ijebuland was one of the foremost entrepreneurs who took banking to an enviable level in the country.
Abiodun added that apart from being a business magnate, Chief Subomi Balogun was a devoted Christian, a loving father and husband as well as lover of Ijebuland.
The governor said 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.
According to the statement, the vacuum created by the demise of Balogun will be difficult to fill, pointing out that his love for humanity and dedication to the service of God was worth emulation.
While commiserating with the Awujale of Ijebuland, Oba (Dr.) Sikiru Adetona and the entire people of Ijebu on the passing of the renowned entrepreneur, Abiodun equally condoled the immediate family left behind by him.
Also, the Edo State Governor, Mr. Godwin Obaseki, has mourned the passing of the FCMB founder, describing him as an “icon of the African banking and finance industry.”
In a tribute, the governor said, “I celebrate the extremely accomplished life of the private and public sector colossus, Chief Michael Olasubomi Balogun, the Founder of First City Monument Bank (FCMB) and icon of the African banking and finance industry. Chief Balogun was a dexterous banker, who deployed his intellect for the service of humanity and his country.
“A blue blood and scion of Ijebuland, in Ogun State, Chief Balogun, after acquiring a law degree at the London School of Economics, cut his teeth as a banker working for the World Bank before setting up what was then known as the First City Merchant Bank.He continued: “He was a great man in all ramifications and remained the leading light in the banking profession.“Chief Balogun strode like a titan in the banking and investment sectors and was indeed a pioneer who tread where others feared.
He was brave and an inspiration to many who sought a career in investment banking.
“Through FCMB, Chief Balogun opened a new vista of opportunity for the expansion of the private sector in Nigeria by providing much needed credit for the growth of businesses. The banking industry has indeed lost a great pillar and Nigeria has lost an irreplaceable icon.”The governor commiserated with the Balogun family, friends and associates of the deceased and prayed that God will grant all the fortitude to bear the irreparable loss.
