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FCMB Founder, Subomi Balogun Is Dead

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Aare Adetola Emmanuel-King Mourns Otunba Subomi Balogun

FCMB Founder, Subomi Balogun Is Dead

 

Sadly, the founder of First City Monument Bank {FCMB}, Michael Olasubomi Balogun, is dead.

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Aged 89, he reportedly died in London this morning. 

FCMB Founder, Subomi Balogun Is Dead

 

 

 

Chief Michael Olasubomi “Subomi” Balogun (born 9 March 1934) was a Nigerian banker and philanthropist who founded First City Merchant Bank, a company that later became the FCMB group. Balogun was a long time member of the council of the Nigerian Stock Exchange.

 

 

 

 

He was born in 1934 at Ijebu-Ode, Ogun State, Nigeria to Muslim parents. Balogun converted to Christianity while in secondary school.. He graduated from Igbobi College,  and studied Law at the London School of Economics.  Before leaving for Europe, he briefly worked as a teacher. As a student in London, Balogun regularly attended fellowships and had the opportunity to meet some noted Nigerians such as Yakubu Gowon before the latter was president. 

 

 

 

 

After earning his law degree, he returned to Nigeria to join the Ministry of Justice, Western Region.From the regional Ministry of Justice where he was a Crown Counsel, Balogun found a new post as a Parliamentary Counsel in the Federal Ministry of Justice.

 

 

 

 

After the January 1966 coup,  he joined the Nigerian Industrial Development Bank. At NIDB, his interest in investment banking led him to advocate for the establishment of a merchant bank sponsored by NIDB. When ICON securities, a merchant banking outfit, was established in 1973 as a subsidiary of NIDB, Balogun moved to ICON Ltd as a director of operations. When Balogun’s ambition to head ICON was not realised, he left he firm to found City Securities, a stock broking and issuing house. City Securities developed relationships with Mobil, Texaco and Total petroleum marketing companies, handling the companies equity offerings. In 1979, he applied for a merchant banking licence to establish First City Merchant Bank. Balogun was inspired by the entrepreneurial works of Siegmund Warburg.  He visited Warburg in London prior to establishing his merchant bank.He often tells the anecdotal story of how his son inspired him to take the leap in starting the bank.  When the operations of the bank took effect in 1983, Balogun established an entrepreneurial culture at the new bank, unique as an owner-managed bank in contrast to the government owned banks at the time.

Balogun built a National Pediatric Centre in Ijebu-Ode that he donated to the University of Ibadan’s, University College Teaching Hospital.

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Tinubu’s ‘Renewed Hope’ Agenda: General Buratai Remains Loyal, Rebuffs Misinformation – Engr Hassan

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Tinubu’s ‘Renewed Hope’ Agenda: General Buratai Remains Loyal, Rebuffs Misinformation – Engr Hassan

Tinubu’s ‘Renewed Hope’ Agenda: General Buratai Remains Loyal, Rebuffs Misinformation – Engr Hassan

 

Supporters of former Chief of Army Staff, Tukur Yusuf Buratai, have dismissed claims circulating on social media alleging that the retired army general is working against the administration of President Bola Ahmed Tinubu.

 

In a statement issued on Friday by Engr. Hassan Mohammed, Sarkin Yakin Garkuwan Keffi, the former Nigerian Ambassador to the Republic of Benin was described as a committed statesman who remains loyal to constituted authority and dedicated to Nigeria’s unity and stability.

Tinubu’s ‘Renewed Hope’ Agenda: General Buratai Remains Loyal, Rebuffs Misinformation – Engr Hassan

The statement noted that Buratai, who served as Chief of Army Staff and later as ambassador, had throughout his career demonstrated discipline, professionalism and respect for constitutional authority.
According to Mohammed, the retired lieutenant general has consistently expressed support for the Tinubu administration and its Renewed Hope agenda, particularly in the areas of national security, youth empowerment and national cohesion.

 

He said, “Gen. Buratai remains a committed Nigerian statesman who has always placed national interest above personal politics.”
The statement further described reports linking Buratai to alleged anti-government activities as “baseless, politically motivated and aimed at creating unnecessary division.”

Mohammed urged Nigerians to disregard what he called attempts at blackmail and misinformation, insisting that Buratai’s public record and engagements reflect his continued support for the current administration.

“His actions and public record speak louder than online rumours,” the statement added.
The supporters also called on the public to remain focused on issues that promote national development and unity rather than social media speculation.

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General Buratai Backs Son’s Political Ambition, Calls For Greater Youth Inclusion In Governance

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General Buratai Backs Son’s Political Ambition, Calls For Greater Youth Inclusion In Governance

 

Former Chief of Army Staff, Tukur Yusuf Buratai, has urged Nigerians to support young people in pursuing their dreams and taking active roles in politics, as he publicly endorsed the political ambition of his son, Tukur Buratai Jnr.

Buratai, a former Nigerian Ambassador to the Republic of Benin, made the call in a statement shared on his verified Facebook page, where he expressed support for his son’s decision to contest for the Biu Constituency seat in the Borno State House of Assembly under the platform of the All Progressives Congress⁠�.

According to the retired military chief, Nigeria’s future depends largely on its youthful population, stressing that excluding young people from governance and leadership would hinder national growth and development.

He noted that Nigerian youths should not merely be regarded as leaders of tomorrow, but as active contributors and solution providers capable of shaping the country’s future today.

Buratai further emphasized the need to create opportunities and an enabling environment for young Nigerians to thrive politically, economically, and socially, describing youth inclusion as critical to nation-building.

The endorsement of Captain Buratai Jnr, a pilot, is being viewed by political observers as a symbolic transfer of leadership ideals, discipline, and patriotism from one generation to another.

His candidacy is also expected to inject youthful energy and fresh perspectives into legislative representation in Biu Constituency ahead of future political contests.

As preparations gradually begin towards the next electoral cycle, Buratai’s message is likely to resonate among young Nigerians seeking greater participation in governance and public service.

 

General Buratai Backs Son’s Political Ambition, Calls For Greater Youth Inclusion In Governance

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Buratai Celebrates Ex-Internal Affairs Minister, General Magoro, At 85

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Buratai Urges FG to Form School Safety Task Force

Buratai Celebrates Ex-Internal Affairs Minister, General Magoro, At 85

 

 

Former Chief of Army Staff, Tukur Yusufu Buratai, has paid glowing tribute to retired Major General Muhammadu Magoro on the occasion of his 85th birthday, describing him as “a national hero and a general par excellence.”

 

 

 

In a congratulatory message issued on Thursday, Buratai hailed Magoro’s decades of service to Nigeria, noting that his military and political careers remained a model of patriotism, discipline, and leadership.

Magoro, who holds the traditional title of Mutawallen of Kebbi Kingdom, served as a commander during the Nigerian Civil War, later becoming Minister of Internal Affairs and a senator during the Second Republic.

 

Buratai said the retired general’s contributions to national development and security had earned him recognition both within and outside Nigeria.

 

 

 

 

He also acknowledged Magoro’s role in mentoring younger military officers, including himself, stressing that the elder statesman’s guidance and professional conduct had inspired generations of military leaders.

 

 

The former army chief recalled recently reconnecting with Magoro during the 25th anniversary celebration of the Arewa Consultative Forum in Kaduna, describing the meeting as symbolic of the enduring bond among those who had served the nation selflessly.

 

 

 

 

“As you mark this 85th birthday, I pray that Almighty Allah continues to bless you with good health, peace of mind, and many more fruitful years,” Buratai stated.

 

 

 

He further noted that Magoro’s legacy would continue to inspire future leaders across military and civilian institutions in the country.

 

 

 

Buratai concluded the message by wishing the elder statesman a memorable celebration, declaring that “Nigeria salutes” him for his sacrifices and enduring service to the nation.

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