President Buhari mourns FCMB founder, Subomi Balogun

Subomi Balogun, founder and former chairman of First City Monument Bank (FCMB) died at the age of 89.


President Muhammadu Buhari has expressed grief with the business community, particularly banking and investment sector, over the passing of an illustrious citizen, Chief Michael “Subomi” Balogun, 89.

The President, in his condolence message by his spokesman, Mr Femi Adesina on Friday in Abuja, also sympathized with family members, friends, and associates of the revered businessman.

He noted that Balogun’s legacy of kindness and charity stretched into many homes, institutions, and communities, touching lives through education, health, and multiple empowerment opportunities.

President Buhari affirmed that Balogun, ”through foresight, wisdom, and hard work, lived ahead of his time, by starting the First City Merchant Bank in 1983, which grew over the years, with branches across the country, and working assiduously for the take-off and success of the Nigerian Stock Exchange.”

The President noted the outpouring of testimonies on the life and times of the legendary banker, especially his towering influence in grooming many talented leaders in the sector, who had since set up their investment platforms, within and outside the country.

President Buhari prayed that God would receive the soul of the departed, and comfort all his loved ones. 

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