Breaking: FCMB Founder Michael Balogun Dies At 89

The founder of First City Monument Bank, FCMB Otunba Michael Olasubomi Balogun, has reportedly died. The Olori Omoba of Ijebuland was said to have died on Friday morning in London, ThisDay reports.

Balogun, who was Otunba Tunwase of Ijebuland, was aged 89. As a high-ranking Egba Chief, his death has not been officially announced.

The deceased practised as a lawyer in the regional justice ministry and then at the federal ministry of justice until the January 1966 coup. After the coup, Mr Balogun ventured into banking and joined the Nigerian Industrial Development Bank (NIDB).

GWG.ng reports that Balogun was the first Nigerian to obtain a Merchant Bank license and built a fortune around stockbroking, merchant banking and other financial services.

He reportedly died in London.

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