Otunba Subomi Balogun Bio, Net Worth, Cause Of Death, Houses, Cars, Sons

Otunba Subomi Balogun Biography, Wikipedia, Net Worth, Cause Of Death, Houses, Cars, Sons, Age, Birthday

Otunba Subomi Balogun, born Olasubomi Olaotan Olaonipekun Balogun., was a prominent Nigerian businessman and philanthropist. He was widely recognized for his contributions to the banking sector and his immense wealth. In this article, we will delve into Otunba Subomi Balogun’s biography, net worth, cause of death, houses, cars, and his sons, shedding light on his life and accomplishments.

Otunba Subomi Balogun Biography

Olasubomi Olaotan Olaonipekun was born on March 9, 1934, in Ijebu-Ode, Ogun State, Nigeria. He hailed from a wealthy and influential family. Balogun was a highly educated individual, having obtained a Bachelor of Arts degree in Economics from the University of London. He later pursued further studies at the Harvard Business School, obtaining a Master’s degree in Business Administration.

Otunba Subomi Balogun was a direct descendant of the Awujale (Ijebuland’s king). He spent his early years there before moving to Lagos state for his education, and he eventually grew accustomed to being addressed as 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 General Certificate Examination (GCE) Advanced Level.

Subomi then taught in a secondary school for a while before enrolling at the London School of Economics (LSE) to study law in 1956. He was admitted to the English Bar in December 1959, after graduating in June 1959.

Later, the Western Regional Government sponsored him to receive special training in Legal Drafting in Whitehall and the City of London, with a particular focus on financial legislation, instruments, and agreements.

Following graduation, he worked as a Crown Counsel in the then-Western Nigeria Ministry of Justice and then as an Assistant Parliamentary Counsel in the Federal Ministry of Justice in Lagos.

Banking Career and Business Ventures

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 grew to become one of Nigeria’s leading financial institutions, offering a wide range of banking services to individuals and businesses. Balogun’s innovative strategies and vision helped propel FCMB to great success.

Subomi worked as the Nigerian Industrial Development Bank’s (NIDB) Principal Counsel and Company Secretary for nine years, from 1966 to 1975. That was one of the reasons he became interested in banking. Following that, he received training at the International Bank for Reconstruction and Development (IBRD), also known as the World Bank, and its private sector affiliate, the International Finance Corporation (IFC), both of which are located in Washington, DC. He went on to study with top stockbrokers, investment banks, and merchant banks in London and New York.

Subomi Balogun founded City Securities Limited in December 1977, the first institution in Nigeria to combine an issuing house and a stockbroking business under one name. This was only the first step toward establishing the merchant bank he desired. From there, he established First City Merchant Bank Limited, Nigeria’s first wholly owned merchant bank.

Apart from his banking ventures, Otunba Subomi Balogun had diverse business interests, including real estate, agriculture, and telecommunications. He was actively involved in the development of his community and made significant contributions to various sectors of the Nigerian economy.

Otunba Subomi Balogun birthday

Balogun revealed in an interview while celebrating his 86th birthday in March 2020 that he exercised and swam regularly even in his eighties.

“A friend of mine once visited and asked why I still use a staircase when there is an elevator. I said I still want to be walking like a sprinter. By the time I am 90, I would be praying to be 100 and I would still want to be articulate and maintain my cerebral gifts,” he stated.

Otunba Subomi Balogun Net Worth

Otunba Subomi Balogun was known for his immense wealth. While an exact figure of his net worth is difficult to ascertain, He is reportedly worth an estimated net worth of $700 million. It is widely believed that he was a billionaire, with substantial investments and assets in Nigeria and beyond. His successful banking career, business ventures, and astute investments contributed to his significant wealth.

Otunba Subomi Balogun House

As a man of means, Otunba Subomi Balogun owned several luxurious properties. He owned one of the most prestigious mansions in the country. The N500 million property sits at Glover Road, Ikoyi. He had impressive real estate holdings, including magnificent houses and estates. Specific details about his properties are not readily available, as he maintained a relatively private personal life.

Otunba Subomi Balogun Cars

The silent billionaire collects exotic cars for his fleet. He is a die-hard Rolls Royce fan, and he owns eleven of the pricey limousines, putting him at the top of the list of Nigerians with the most Rolls Royces.

Otunba Subomi Balogun Cause of Death

Otunba Subomi Balogun died in London on 19 May 2023, at the age of 89. The exact cause of his death has not been disclosed publicly. His demise was mourned by many in Nigeria, as he was regarded as a respected figure and a pioneer in the banking industry.

Otunba Subomi Balogun Sons

Otunba Subomi Balogun was survived by his wife and four sons, Bolaji Balogun, Jide Balogun, Ladi Balogun and Gboyega Balogun who are all successful in their respective fields.

Bolaji Balogun– He is the CEO of Chapel Hill Denham Group, a financial advisory services firm, and the eldest son. He has over 19 years of investment banking experience and was a co-founder of Econet Wireless Nigeria. He also serves as 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 FCMB Group Plc’s second son and a director. He also has other businesses and investments. He is married to Uche, the daughter of billionaire businessman Chief Sonny Odogwu and Ide-Asaba. They have a close friendship with Otunba Balogun.

Ladi Balogun – He is FCMB Group Plc’s third son and the company’s group CEO. He has been with the bank for over 20 years and has been instrumental in its expansion and transformation. He is also the founder and chairman of Legacy Pension Managers Limited, one of Nigeria’s leading pension fund administrators. 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 the co-founder and managing director of the investment banking firm CardinalStone Partners Limited. He has over 15 years of finance and capital market experience. He also serves on the boards of FCMB Group Plc and Legacy Pension Managers Limited. Emma, a chartered accountant and fashion designer, is his wife. Femi and Simi are their two children.

FAQs:

Q: What is the net worth of Otunba Subomi Balogun?
A: While an exact figure is unknown, Otunba Subomi Balogun was believed to be a billionaire, thanks to his successful banking career and business ventures.

Q: What was the cause of Otunba Subomi Balogun’s death?
A: The exact cause of his death has not been publicly disclosed.

Q: How many sons did Otunba Subomi Balogun have?
A: Otunba Subomi Balogun had three sons named Bolaji Balogun, Jide Balogun, Ladi Balogun and Gboyega Balogun.

Q: What were Otunba Subomi Balogun’s contributions to society?
A: Otunba Subomi Balogun made significant contributions to society through his philanthropic endeavors. He was actively involved in various charitable initiatives, including educational programs, healthcare initiatives, and community development projects. His philanthropic efforts aimed to uplift and empower individuals and communities, leaving a lasting impact on Nigerian society.

Q: Was Otunba Subomi Balogun involved in any other notable ventures?
A: Apart from his banking and business ventures, Otunba Subomi Balogun was also involved in cultural and social activities. He was a patron of the arts and played a significant role in promoting Nigerian culture and heritage. He supported various cultural festivals, art exhibitions, and music events, contributing to the preservation and celebration of Nigerian traditions.

Q: What was Otunba Subomi Balogun’s legacy?
A: Otunba Subomi Balogun’s legacy is multifaceted. He left a lasting impact on the Nigerian banking industry, revolutionizing the sector with the establishment of First City Monument Bank. His success in business and his philanthropic endeavors serve as an inspiration to aspiring entrepreneurs and philanthropists. Additionally, his contributions to society, dedication to community development, and promotion of Nigerian culture cement his legacy as a visionary leader and a true icon in Nigeria.

Q: Are there any awards or honors conferred upon Otunba Subomi Balogun?
A: Otunba Subomi Balogun received several accolades and recognition throughout his lifetime. He was honored with prestigious titles, including the title of Otunba Tunwase I from his hometown, Ijebu-Ode. He was also a recipient of the Officer of the Order of the Federal Republic (OFR), a national honor in Nigeria, in recognition of his contributions to the country’s development.

Q: How will Otunba Subomi Balogun be remembered?
A: Otunba Subomi Balogun will be remembered as a trailblazer in the Nigerian banking industry, a philanthropist, and a visionary leader. His impact on the economy, his commitment to community development, and his 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.