download 2024 Budget SpeechThe Trailblazer Governor


19 May 2023

Chief Michael Olasubomi Balogun, the Founder of First City Monument Bank (FCMB)

I celebrate the extremely accomplished life of the private and public sector colossus, Chief Michael Olasubomi Balogun, the Founder of First City Monument Bank (FCMB) and icon of the African banking and finance industry.

Chief Balogun was a dexterous banker, who deployed his intellect for the service of humanity and his country.

A blue blood and scion of Ijebuland, in Ogun State, Chief Balogun, after acquiring a law degree at the London School of Economics, cut his teeth as a banker working for the World Bank before setting up what was then known as the First City Merchant Bank.

He was a great man in all ramifications and remained the leading light in the banking profession.

Chief Balogun strode like a titan in the banking and investment sectors and was indeed a pioneer who tread where others feared. He was brave and an inspiration to many who sought a career in investment banking.

Through FCMB, Chief Balogun opened a new vista of opportunity for the expansion of the private sector in Nigeria by providing much needed credit for the growth of businesses. The banking industry has indeed lost a great pillar and Nigeria has lost an irreplaceable icon.

I commiserate with the Awujale of Ijebuland, the Balogun family, friends and associates of this great man and pray that God will grant all the fortitude to bear the irreparable loss.

His Excellency

Godwin Obaseki

Governor, Edo State

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