Otunba Subomi Balogun Biography, Wikipedia, Net Worth, Cause of Death, Homes, Cars, Sons, Ages, Birthdays
Otunba Subomi Balogun Biography, Wikipedia, Net Worth, Cause of Death, Homes, Cars, Sons, Ages, Birthdays
Otunba Subomi Balogun, born Olasubomi Olaotan Olaonipekun Balogun., is a prominent Nigerian businessman and philanthropist. He is widely recognized for his contributions to the banking sector and his enormous wealth. In this article, we will dive into the biography, net worth, cause of death, house, car and sons of Otunba Subomi Balogun, shed light on his life and achievements.
Biography of Balogun Otunba Subomi
Olasubomi Olaotan Olaonipekun was born on March 9, 1934 in Ijebu-Ode, Ogun State, Nigeria. He hails from a wealthy and influential family. Balogun is a highly educated individual who obtained a Bachelor of Economics from the University of London. He then pursued further studies at Harvard Business School, earning a Master of Business Administration degree.
Otunba Subomi Balogun is a direct descendant of Awujale (king of Ijebuland). He spent his early years there before moving to Lagos State to study, and eventually he got used to being called Subomi.
He completed his secondary education at Igbobi College in Yaba, Lagos, before writing and passing the Cambridge School Certificate in Grade One in 1952 followed by the Advanced General Certificate Examination (GCE) .
Subomi then taught at a secondary school for a time before enrolling to study law at the London School of Economics (LSE) in 1956. He was admitted to the English Bar in December 1959, after graduating in June. 1959.
Subsequently, the Western Regional Government funded him to attend special training in Legal Drafting in Whitehall and the City of London, with a particular focus on law, financial instruments and agreements.
After graduation, he worked as a District Attorney at the then Western Nigerian Ministry of Justice and then as an Assistant Parliamentary Counsel at the Federal Ministry of Justice in Lagos.
Banking career and business venture
Otunba Subomi Balogun made his mark in the banking industry with the establishment of First City Monument Bank (FCMB) in 1982. Under his leadership, FCMB has grown to become one of Nigeria’s leading financial institutions , provides a variety of banking services to individuals and businesses . Balogun’s innovative vision and strategies have helped bring FCMB to great success.
Subomi worked as Principal Advisor and Company Secretary of the Nigerian Industrial Development Bank (NIDB) for nine years, from 1966 to 1975. That was one of the reasons he was interested in the business. Banking Sector. He later trained at the International Bank for Reconstruction and Development (IBRD), also known as the World Bank, and its private sector arm, the International Finance Corporation (IFC), both are located in Washington, DC. He went on to study with leading stockbrokers, investment banks and commercial banks in London and New York.
Subomi Balogun established City Securities Limited in December 1977, the first organization in Nigeria to combine an issuer and a stockbroking business under one name. This was just the first step towards establishing the commercial bank he wanted. From there, he founded First City Merchant Bank Limited, Nigeria’s first wholly owned commercial bank.
In addition to its banking ventures, Otunba Subomi Balogun has various business interests, including real estate, agriculture, and telecommunications. He has been actively involved in the development of his community and has made significant contributions to different sectors of the Nigerian economy.
Otunba Subomi Balogun’s Birthday
Balogun revealed in an interview while celebrating his 86th birthday in March 2020 that he exercised and swam regularly even into his eighties.
Otunba Subomi Balogun’s Birthday
“A friend of mine once visited and asked me why I still use the stairs when there is an elevator. I said I still want to walk like a sprinter. When I’m 90, I’ll be 100 years old in prayer and I still want to speak clearly and maintain my mental faculties,” he said.
Otunba Subomi Balogun Net Worth
Otunba Subomi Balogun is known for his huge fortune. While it is difficult to pin down an exact figure on his net worth, he is believed to have an estimated net worth of around $700 million. Many believe he is a billionaire, with significant investments and assets in Nigeria and beyond. His successful banking career, business ventures and shrewd investments contributed to his considerable fortune.
The late Otunba Subomi Balogun with the late MKO leader Abiola
Balogun House Otunba Subomi
As a wealthy person, Otunba Subomi Balogun owns many luxury real estate. He owns one of the most prestigious mansions in the country. N500 million property located in Glover Road, Ikoyi. He owns many impressive properties, including magnificent homes and estates. Specific details about his fortune are not available, as he maintains a relatively private life.
Car Otunba Subomi Balogun
The silent billionaire collects exotic cars for his fleet. He is a huge fan of Rolls Royce, and he owns 11 expensive limousines, putting him at the top of the list of Nigerians with the most Rolls Royce.
Otunba Subomi Balogun Cause of Death
Otunba Subomi Balogun died in London on May 19, 2023, aged 89. The exact cause of his death has yet to be revealed publicly. His passing was mourned by many in Nigeria, as he was considered a respected figure and a pioneer in the banking industry.
Otunba Subomi Son Balogun
Otunba Subomi Balogun is survived by his wife and four sons, Bolaji Balogun, Jide Balogun, Ladi Balogun and Gboyega Balogun, who are all successful in their fields.
Bolaji Balogun– He is the CEO of Chapel Hill Denham Group, a financial advisory services company, and the eldest son. He has over 19 years of experience in investment banking and is the co-founder of Econet Wireless Nigeria. He is also the chairman of Lafarge Africa Plc. He is married to Kemi, the daughter of veteran journalist and author Frank Aig-Imoukhuede. Sayo, Dayo, Timi, Kanyinsola and Funmilade are their five children.
Jide Balogun – He is the second son of FCMB Group Plc and a director. He also has other businesses and investments. He is married to Uche, daughter of billionaire businessman Sonny Odogwu and Ide-Asaba. They have a close friendship with Otunba Balogun.
Ladi Balogun – He is the third son of FCMB Group Plc and the company’s Group CEO. He has been with the bank for more than 20 years and played an important role in the expansion and transformation of the bank. He is also the founder and chairman of Legacy Pension Managers Limited, one of Nigeria’s leading pension fund managers. He is married to Banke, a lawyer and business owner. Their three children are Subomi, Tobi and Tomi.
Gboyega Balogun – He is the youngest son and co-founder and chief executive officer of investment banking firm CardinalStone Partners Limited. He has over 15 years of experience in finance and capital markets. He also serves on the boards of FCMB Group Plc and Legacy Pension Managers Limited. Emma, an accountant and fashion designer, is his wife. Femi and Simi are their two children.
Frequently asked questions:
Q: What is Otunba Subomi Balogun’s net worth? A: Although the exact number is unknown, Otunba Subomi Balogun is said to be a billionaire thanks to his successful banking career and business ventures.
Q: What is the cause of death of Otunba Subomi Balogun? A: The exact cause of his death has not been revealed publicly.
Q: How many sons does Otunba Subomi Balogun have? A: Otunba Subomi Balogun has three sons named Bolaji Balogun, Jide Balogun, Ladi Balogun and Gboyega Balogun.
Q: What are Otunba Subomi Balogun’s contributions to society? A: Otunba Subomi Balogun has made significant contributions to society through her charitable efforts. He has been actively involved in various charitable initiatives, including educational programs, wellness initiatives, and community development projects. His philanthropic efforts aim to uplift and empower individuals and communities, leaving a lasting impact on Nigerian society.
Q: Is Otunba Subomi Balogun involved in any other notable projects? A: In addition to her business and banking ventures, Otunba Subomi Balogun is involved in cultural and social activities. He is a patron of the arts and plays an important role in promoting Nigeria’s culture and heritage. He has supported many cultural festivals, art exhibitions and music events, contributing to the preservation and celebration of Nigerian traditions.
Q: What is the legacy of Otunba Subomi Balogun? A: Otunba Subomi Balogun’s legacy is manifold. He left a lasting impact on the Nigerian banking industry, revolutionizing the sector with the establishment of First City Monument Bank. His business success and philanthropic endeavors are an inspiration to aspiring entrepreneurs and philanthropists. In addition, his contributions to society, dedication to community development and the promotion of Nigerian culture have cemented his legacy as a visionary leader and a true icon. affairs in Nigeria.
Q: Was there any award or title given to Otunba Subomi Balogun? A: Otunba Subomi Balogun has received many awards and recognitions during her lifetime. He has been honored with noble titles, including the title of Otunba Tunwase I from his hometown, Ijebu-Ode. He is also the recipient of the Officer’s Order of the Federal Republic (OFR), a national honor in Nigeria, in recognition of his contributions to the development of the country.
Q: How will Otunba Subomi Balogun be remembered? A: Otunba Subomi Balogun will be remembered as a Nigerian banking pioneer, philanthropist and visionary leader. His impact on the economy, his commitment to community development and philanthropic initiatives will continue to inspire generations to come. His contributions to society have left an indelible mark, making him an enduring figure in Nigerian history.
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