The President-elect, Asiwaju Bola Ahmed Tinubu, expressed his heartfelt reaction on Saturday to the passing of Otunba Subomi Balogun, the esteemed founder of First City Monument Bank.
POLITICS NIGERIA reports that Tinubu described Balogun as a remarkable individual, a true giant among men, who pioneered Nigerian investment banking.
As previously reported by this newspaper, the distinguished banker and philanthropist, known for his regal demeanour and impeccable style, passed away in London on Friday, as confirmed by his family.
In a condolence message issued from Abuja by his media aide, Tunde Rahman, the President-elect mourned Balogun’s departure.
Tinubu acknowledged that his loss would create an irreplaceable void in the banking industry and among his Ijebu people, as Balogun symbolised unity and traditional values within their community.
In his tribute, the former governor of Lagos State recognised Balogun’s extraordinary achievements.
He emphasised that the FCMB founder accomplished what many deemed impossible when he spearheaded the establishment of investment banking in Nigeria.
The statement reads, “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.”
