Subomi Balogun is dead: FCMB founder dies

The founder of First City Monument Bank (FCMB), Olasubomi Balogun is dead.

According to reports, the business mogul died on Friday morning in London, United Kingdom after a brief illness.

He was 89 years old.

In 1979, Subomi Balogun applied for a merchant banking license to establish First City Merchant Bank. Balogun was reportedly 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.