Olasubomi Balogun Biography & Net Worth

Real Name: Otunba Olasubomi Balogun
Net Worth $700 million
Date of Birth: March 9, 1934
State of Origin Ogun State
Birth Place Ijebu ode, Ogun State
Profession: Banker
Nationality: Nigeria

Otunba (Dr.) Michael Olasubomi Balogun, the Founder of FCMB Group and Olori Omo-oba of Ijebuland is a many of many parts who has reached an altitude in life that is shaping his attitude of gratitude to God.

Chief Michael Olasubomi “Subomi” Balogun is a Nigerian banker and philanthropist who founded First City Merchant Bank, (FCMB), a popular bank that started operations in 1982.

Apart from being the founder of FCMB Group, he is the Otunba Tunwase, the Olori Omo-oba of Ijebu; the Asiwaju of Ijebu Christians, the Baba Oba of Ijebu-Ife and the Asalu-Oba of Ijebu Mushin. Otunba Balogun is a baron of the Nigerian capital and money markets; doyen, pioneer and role model of entrepreneurial banking in Nigeria; a constructive philanthropist and a distinguished church leader who has devoted a substantial part of his private resources towards the care and service of the less privileged.

Michael Olasubomi Balogun Career, Early Life

Michael Olasubomi Balogun was born to Muslim parents on March 9, 1934. He, however, converted to Christianity while in secondary school. He graduated from Igbobi College and studied Law at the London School of Economics. Before leaving for Europe, he briefly worked as a teacher. As a student in London, Balogun regularly attended fellowships and had the opportunity to meet some noted Nigerians such as Yakubu Gowon before the latter was president. After earning his law degree, he returned to Nigeria to join the Ministry of Justice, Western Region. From the regional Ministry of Justice where he was a Crown Counsel, Balogun found a new post as a Parliamentary Counsel in the Federal Ministry of Justice.

After the January 1966 coup, he joined the Nigerian Industrial Development Bank (NIDB). At NIDB, his interest in investment banking led him to advocate for the establishment of a merchant bank sponsored by NIDB. When ICON securities, a merchant banking outfit was established in 1973 as a subsidiary of NIDB, Balogun moved to ICON Ltd as a director of operations. When Balogun’s ambition to head ICON was not realized, he left the firm to found City Securities, a stockbroking and issuing house.


City Securities developed relationships with Mobil, Texaco and Total petroleum marketing companies, handling the companies equity offerings. In 1979, he applied for a merchant banking license to establish First City Merchant Bank.

Balogun was inspired by the entrepreneurial works of Siegmund Warburg, who co-founded S.G. Warburg, he visited Warburg in London prior to establishing his merchant bank. When the operations of the bank took effect in 1983, Balogun established an entrepreneurial culture at the new bank, unique as an owner-managed bank in contrast to the government-owned banks at the time.

Balogun built a National Pediatric Centre in Ijebu-Ode that he donated to the University of Ibadan, University College Teaching Hospital. A lover of children who has built several institutions for the health care, welfare and survival of children, Otunba Balogun is also a distinguished author, opinion leader, writer and respected community leader whose contributions to community welfare continue to expand even as he grows older. A business icon, a philanthropist par excellence and a strong adherent to the Christian religion faith, he is also a strong character with unwavering inner convictions to which his resounding successes in many spheres of life could be attributed.

Michael Olasubomi Balogun Philanthropy

Over the years, Otunba Balogun distinguished himself with rare altruism—sleeping, waking and thinking about how to impact positively on communities and people, especially the less privileged in his society.  Philanthropy is almost always an interesting pastime for those who have the giving spirit and for Otunba Balogun, it goes beyond a pastime to what could be seen as a creed, hence he set up the ‘Otunba Tunwase Foundation’ through which he ventilates his philanthropic spirit in services to the community.


Otunba Balogun has 4 sons who are all grown and doing incredibly well for themselves. They are Bolaji, Jide, Ladi and Gboyega,

The first son, Mobolaji who is a tested and accomplished investment banker and financial guru, is the CEO of financial advisory services firm, Chapel Hill Denham. He is married to Kemi, the beautiful daughter of a veteran journalist, poet, playwright and author, Frank Aig-Imoukhuede. They have been married for many years and their love is still waxing stronger.

Jide Balogun is the second born of the business mogul and he is married to Uche, the beautiful daughter of Ide- Asaba billionaire, Chief Sonny Odoqwu.

Ladi is the 3rd son of Otunba Subomi Balogun and married into an illustrious Lagos family, the Alakija family. The tall, handsome, gorgeous, and good-looking former MD of FCMB, who is now the GMD of FCMB Group, met his pretty wife in the United Kingdom (UK) through his best friend, who is Banke’s cousin. She works with Shell.

Gboyega holds a B.Sc. in Economics and Management from the University of London (Royal Holloway College), and M.Sc. in Property Investment from City University, London. He was a registered representative of the New York Stock Exchange (Series 7), the London Stock Exchange, through his accreditation with Futures and Securities Association Registration (SFA) and is now an authorized dealer on The Nigerian Stock Exchange.

Awards & Recognition

Otunba Balogun has several awards in his kitty. He is a recipient of the American Biographical Institute Inc’s Distinguished Leadership Award for outstanding contributions to the development of Investment Banking.

He is also a recipient of the University of Ibadan’s Degree of Doctor of Laws (Honoris Causa) in recognition of his outstanding achievements both in the field of Law and his contributions to the socio-economic development of Nigeria; a Merit Award for philanthropic services to Ogun State in particular and the country as a whole, and also the Ijebu Development Association award and Council Membership of a number of multi-national Chambers of Commerce.

The Chartered Institute of Bankers of Nigeria made him a Fellow of the Institute for his pioneering and outstanding contribution to the Banking Industry.

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