Osinbajo, Tinubu Mourn Doyen of Banking, Subomi Balogun

Deji Elumoye and Adedayo Akinwale in Abuja

Vice President Yemi Osinbajo and President-elect, Senator Bola Tinubu, have decried the passing of the founder of First City Monument Bank (FCMB), Otunba Subomi Balogun, saying his death would create a vacuum that would be difficult to fill in the banking industry.

The billionaire banker passed on Friday in a London hospital after an undisclosed illness at the age of 89.

Osinbajo described Balogun as noble in word and deed, an outstanding legal mind, and a doyen of the Nigerian capital market and investment banking.

The vice president stated this yesterday in a personal tribute to the late FCMB founder, who died Friday morning in London at the age of 89.

According to him, following the death of Otunba Balogun, “the tribe of true nobility and greatness is diminished by one.” 

Osinbajo’s tribute to Otunba Balogun read: The tribe of true nobility and greatness is diminished by one! 

“Olori Omo Oba Subomi Balogun, noble in word and deed, outstanding legal mind, doyen of the Nigerian capital market and investment banking, deep, wise, forthright, kind to all, and God-fearing. 

“Remembered with much affection, respect and admiration. We pray that the Lord will comfort aunty (Olori), our dear brothers and the entire family in Jesus’ name. Amen.”

On his part, Tinubu in a statement issued and signed by his media aide, Tunde Rahman, said the news of his death was a sad one.

Tinubu said, “Otunba Subomi Balogun achieved what many considered impossible when he pioneered investment banking in Nigeria and through his dedication, vision, industry, and commitment to excellence, the late banking genius changed the financial services sector of the economy and became an example to generations of investment bankers.

“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 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.”

The president-elect said while everyone mourns the exit of this great man of purpose, adding that everyone cherished and celebrated his great achievements, his philanthropy, and the many lives he positively impacted. 

He commended and appreciated his huge contributions to the growth and development of our country. 

Tinubu commiserated with the immediate family of Subomi, Governor Dapo Abiodun, the Awujale of Ijebuland, Oba Sikiru Adetona, the government and people of Ogun State, and the entire Christian community in Ijebuland.