Founder of First City Monument Bank (FCMB) and Olori Omoba of Ijebuland, Otunba Michael Olasubomi Balogun, is dead.
As a high-ranking Egba Chief, his death has not been officially announced, sources said he died aged 89, in London Friday morning.
News Central however gathered that the family had informed paramount ruler of Ijebuland of his death and a formal proclamation would be made in line with tradition.
Balogun was an alumnus of Igbobi College and studied law at the London School of Economics. He practised as a lawyer in the regional justice ministry and then at the federal ministry of justice until the January 1966 coup.
Following the coup, Balogun ventured into banking and joined the Nigerian Industrial Development Bank (NIDB).
He pioneered Icon Securities, a subsidiary of NIDB which specialised in merchant banking — as director of operations. He ventured into several enterprises until FCMB was established in 1979.
Details shortly…