Biography

Top facts about FCMB founder, Otunba Michael Olasubomi ‘Subomi’

Published

11 months ago

2023/05/20

Founder of First City Monument Bank (FCMB) Otunba Michael Olasubomi Balogun was on Friday, May 20, 2023, confirmed dead.

The Olori Omoba of Ijebuland was 89 years old at the time of his death.

Here are top facts about the legendary entrepreneur:

He was born on March 9, 1934, in Ijebu-Ode, Ogun state.
He attended the prestigious Igbobi College before heading to the London School of Economics, where he studied law.
While abroad, he met some prominent Nigerian figures like Yakubu Gowon, who later became Nigeria’s Head of State. His relationship with some of the figures he met abroad paved the way for him when he returned to the country.
On his return, he joined the Western Region Ministry of Justice. While working in this capacity, he became a Crown Counsel. He established a new position, Parliamentary Counsel in the Federal Ministry of Justice.
Chief Subomi joined the Nigerian Industrial Development Bank(NIDB) after the 1966 coup. While working with the NIDB, Subomi advocated creating a subsidiary merchant bank. This led to ICON Securities’ establishment in 1973, sponsored by NIDB.
Subomi then applied for a merchant banking license in 1979 to establish First City Merchant Bank, which later became First City Monument Bank. The bank began operations in 1983. The bank was owner-managed, in contrast to the government-owned banks at the time.
As a native man of Ijebu Ode and a direct descendant of Oba Tunwase, Subomi was titled the Otunba Tunwase of Ijebuland. His religious activities also earned him the title “Asiwaju of Ijebu Christians.”
Otunba Subomi has also kept a very low profile despite his wealth. He is reportedly worth an estimated net worth of $700 million.
The silent billionaire is a lover of exotic cars in his fleet. He is a staunch lover of the British luxury car, Rolls Royce, and he owns eleven of the expensive limousines making him top the list of Nigerians with the most Rolls Royce.
He also has one of the most prestigious mansions in the country. The N500 million property sits at Glover Road, Ikoyi.