Subomi Balogun Networth, Early Life, and Complete Biography

Subomi Balogun Networth, Early Life, and Complete Biography


Subomi Balogun is a renowned Nigerian banker and philanthropist whose contributions have left an indelible mark on the country’s financial sector. As the founder of First City Monument Bank (FCMB), he has played a pivotal role in shaping the banking landscape in Nigeria. 

With a career spanning several decades, Balogun’s entrepreneurial spirit and dedication to social causes have made him a respected figure in both business and philanthropy. 

In this article, we will explore the biography of Subomi Balogun, shedding light on his net worth, early life, education, career, personal life, and the legacy he leaves behind.

Early Life and Education

Chief Michael Olasubomi Balogun was born on March 9, 1934, in Ijebu-Ode, Ogun State, Nigeria. He grew up in a Muslim household but later converted to Christianity during his secondary school years. Balogun spent his formative years in Ogun State before eventually relocating to Lagos.

He received his primary and secondary education, obtaining his First School Leaving Certificate and West African Senior School Leaving Certificate. After completing his secondary education, Balogun pursued a degree in Law at the London School of Economics, further expanding his knowledge and preparing himself for a successful career ahead.

Career Beginnings

Following the completion of his studies, Subomi Balogun embarked on his professional journey. Initially, he worked as a teacher in London for a period before returning to Nigeria. He then joined the Ministry of Justice in the Western Region, where he served as a parliamentary counsel in the Federal Ministry of Justice.

Venture into Investment Banking

In 1967, Balogun made a significant career move and ventured into the field of investment banking. He joined the Nigeria Industrial Development Bank (NIDB), where he honed his skills and gained valuable experience in the financial sector.

Director of Operations at ICON Ltd

In addition to his role at NIDB, Subomi Balogun served as the Director of Operations at ICON Ltd, further expanding his expertise in the industry. This position allowed him to contribute to the growth and development of the company while building a solid foundation for his future endeavors.


Founder of First City Monument Bank (FCMB)

Subomi Balogun’s most notable achievement came when he founded First City Monument Bank (FCMB). Established in 1980, FCMB started as First City Merchant Bank Limited and later transformed into a commercial bank. Under Balogun’s leadership, FCMB grew to become one of Nigeria’s leading financial institutions, offering a wide range of banking services and products to individuals and businesses.

Philanthropic Work

Throughout his career, Subomi Balogun demonstrated a deep commitment to philanthropy. He generously contributed to various social causes, including education and healthcare. One of his notable philanthropic endeavors was the donation of a National Pediatric Center to the University College Teaching Hospital in Ijebu-Ode. His contributions have positively impacted the lives of many, leaving a lasting legacy of compassion and care.

Personal Life and Legacy

Subomi Balogun was a private individual who valued his personal life. He was married and had children. His dedication to his family, coupled with his professional achievements and philanthropic work, cemented his reputation as a respected figure in Nigerian society.

On the 19th of May 2023, at the age of 89, Subomi Balogun passed away after a brief illness. His legacy lives on through his significant contributions to the banking industry and his enduring philanthropic efforts. He will be remembered as a visionary leader and a compassionate philanthropist who made a remarkable impact on both the business world and the community at large.

Subomi Balogun Net Worth

Subomi Balogun’s net worth has been estimated to be $9 billion. Throughout his successful career in banking and entrepreneurship, he accumulated significant wealth through his business ventures, investments, and strategic financial decisions. His net worth is a testament to his business acumen and the success of FCMB under his leadership.


Subomi Balogun leaves behind a rich legacy as a pioneering banker, visionary leader, and philanthropist. His contributions to the Nigerian banking industry have been instrumental in its growth and development, and he played a pivotal role in shaping the landscape of financial services in the country.

Balogun’s establishment of FCMB and his commitment to providing innovative banking solutions have left an indelible mark on the industry. His entrepreneurial spirit and dedication to excellence have set a standard for future generations of bankers and business leaders.


Beyond his professional accomplishments, Balogun’s philanthropic endeavors have had a transformative impact on society. His generous contributions to education and healthcare have improved the lives of countless individuals, particularly in his hometown of Ijebu-Ode. The National Pediatric Center he donated stands as a testament to his commitment to providing quality healthcare for children in need.


Subomi Balogun’s legacy extends beyond his business and philanthropy. He served as an inspiration and role model for many aspiring entrepreneurs and leaders in Nigeria. His values of hard work, integrity, and social responsibility continue to resonate and influence future generations.


Subomi Balogun’s biography is marked by his exceptional achievements in the banking industry, his commitment to philanthropy, and his lasting impact on society. His entrepreneurial spirit, leadership, and dedication to making a difference have solidified his place as one of Nigeria’s most influential figures. Subomi Balogun’s memory will live on as his contributions continue to shape the financial landscape and inspire others to strive for excellence.


Where is Subomi Balogun from?

Subomi Balogun hails from Ijebu-Ode, Ogun State, Nigeria.

How old was Subomi Balogun at the time of his passing?

Subomi Balogun passed away at the age of 89.

What was Subomi Balogun’s net worth?

Subomi Balogun’s net worth was estimated to be $9 billion. He amassed his wealth through his successful banking career and entrepreneurial endeavors.

What contributions did Subomi Balogun make to the banking industry?

Subomi Balogun founded First City Monument Bank (FCMB), which grew to become one of Nigeria’s leading financial institutions. His leadership and strategic decisions played a significant role in shaping the banking landscape in Nigeria.

What philanthropic work did Subomi Balogun engage in?

Subomi Balogun was known for his philanthropic efforts. He made substantial donations to various causes, including the establishment of a National Pediatric Center in Ijebu-Ode, which he donated to the University College Teaching Hospital. He also supported initiatives in education and healthcare.

What is Subomi Balogun’s educational background?

Subomi Balogun completed his primary and secondary education in Nigeria. He furthered his studies in Law at the London School of Economics.

Was Subomi Balogun married and did he have children?

Yes, Subomi Balogun was married and had children. However, specific details about his family life are not widely known due to his private nature.

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