The President-elect, Asiwaju Bola Ahmed Tinubu, has mourned the passing of Otunba Subomi Balogun, the deceased founder of First City Monument Bank, on Saturday.
He described Balogun as a “giant among men” for his pioneering work in Nigerian investment banking.
According to his family, the eminent banker and philanthropist, known for his regal and sartorial elegance, passed away in London on Friday.
The President-elect expressed his sadness for his transition in a message of sympathy sent from Abuja by his media representative, Tunde Rahman.
According to Tinubu, his passing will leave a void in the banking sector and among his Ijebu people, where he was a representation of harmony and traditional values, that will be challenging to fill.
In his eulogy, the former governor of Lagos State stated that the creator of FCMB had altered the financial services industry of the economy by having the vision to pioneer investment banking in Nigeria, which was once thought to be unachievable.
He said, “The news of the death of Otunba Subomi Michael Balogun in London yesterday was indeed a sad one. Even though he lived to the advanced age of 89, we didn’t expect that he would leave us at this time.
“Otunba Subomi Balogun lived a life full of many accomplishments and for this, we are grateful to God. He was a giant among men who changed the course of history and lived life on his own terms as a reputable investment banker. He blazed the trail for others to follow.
“From a lawyer who joined the Western Region Ministry of Justice and later as Parliamentary Counsel at the Federal Ministry of Justice, he moved to Nigerian Industrial Development Bank to start a banking career that blossomed into pioneering merchant banking in our country. What started as First City Merchant Bank in 1979 transformed into First City Monument Bank, one of the most admired banks in Nigeria today.
“While we mourn the exit of this great man of purpose, we cherish and celebrate his great achievements, his philanthropy and the many lives he positively impacted. We appreciate and commend his huge contributions to the growth and development of our country.
“I commiserate with the immediate family of this illustrious son of Nigeria, Governor Dapo Abiodun, His Royal Majesty Oba Sikiru Kayode Adetona, the Awujale of Ijebuland, the government and people of Ogun State and the entire Christian community in Ijebuland. May God grant Otunba Subomi Balogun eternal rest.”
