LIVE UPDATES
According to reports, Otunba Subomi Balogun, a billionaire businessman, has passed away.
The founder of FCMB passed away in London, according to sources.
His parents were Muslims, and he was born in 1934 in Ijebu-Ode, Ogun State, Nigeria.
While still in high school, Balogun changed his religion to Christianity. After graduating from Igbobi College, he pursued a legal education at the London School of Economics. He temporarily worked as a teacher before departing for Europe.
When Balogun was a student in London, he frequently attended fellowships and had the chance to interact with notable Nigerians like Yakubu Gowon before the later became president.
He returned to Nigeria after receiving his law degree to work for the Ministry of Justice in the Western Region.Balogun acquired a new position as a Parliamentary Counsel at the Federal Ministry of Justice after leaving the regional Ministry of Justice where he served as a Crown Counsel.
He started working for the Nigerian Industrial Development Bank after the coup in January 1966.
His interest in investment banking led him to support the creation of a merchant bank supported by NIDB when he was there. Balogun came to ICON Ltd as director of operations when ICON Securities, a merchant banking organization, was founded as a subsidiary of NIDB in 1973.
