Otunba Subomi Balogun, a multibillionaire businessman, has passed away.
It was discovered that the FCMB founder had died in London.
He was born to Muslim parents in 1934 in Ijebu-Ode, Ogun State, Nigeria.
Balogun changed his religion while still a high school student. After graduating from Igbobi College, he went on to the London School of Economics to study law. He was a teacher for a short while before departing for Europe.
Balogun frequently attended fellowships while he was a student in London and had the chance to interact with notable Nigerians like Yakubu Gowon before the latter became president.
He went back to Nigeria to work for the Ministry of Justice in the Western Region after receiving his legal degree. Balogun acquired a new position in the Federal Ministry of Justice as a Parliamentary Counsel after leaving the regional Ministry of Justice where he served as a Crown Counsel.
He joined the Nigerian Industrial Development Bank following the coup in January 1966.
His interest in investment banking at NIDB motivated him to promote the creation of a merchant bank supported by NIDB. Balogun transferred to ICON Ltd. as the company’s director of operations when ICON Securities, a merchant banking organization, was founded as a division of NIDB in 1973.
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