The banking community, culture enthusiasts and the elite were yesterday, ruffled when the news of Otunba Michael Olasubomi Balogun’s passing flickered in. It initially came like a hush descend, but within minutes, it spread like wildfire, flooding the Internet and other social media platforms. The scion was the first Nigerian to singlehandedly establish a merchant bank in the country. He was a big fish that cannot swim in shallow waters. His demise in London will surely create a big vacuum in the country.
The banking community, culture enthusiasts and the elite were yesterday, ruffled when the news of Otunba Michael Olasubomi Balogun’s passing flickered in. It initially came like a hush descend, but within minutes, it spread like wildfire, flooding the Internet and other social media platforms.The banking community, culture enthusiasts and the elite were yesterday, ruffled when the news of Otunba Michael Olasubomi Balogun’s passing flickered in.
One guard said: “We have been instructed by the family members never to open the gate for any visitor.” Passing his exams in flying colours, Michael as he wished to be called then, picked up a teaching job in a secondary school before leaving for London School of Economics in 1956 to study Law. He graduated in June 1959 and was called to the English Bar in December 1959.
By 1973, Olasubomi was already showing a great level of expertise in banking, even as he became the Director in charge of the operations of Icon Securities Limited, a wholly owned subsidiary of NIDB. He was later part of the team that converted Icon Securities into a merchant bank. In 2001, the name of the bank was changed from First City Merchant Bank to First City Monument Bank, after it became a universal bank.
On his 60th birthday, he started building the Otunba Tunwase National Paediatric Centre as a gift to Nigeria. The OTNPC is a referral institution taking care of child healthcare and welfare, and also providing an avenue for specialised studies and academic research into different children’s diseases and ailments.
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