Breaking: FCMB founder, Michael Balogun dies at 89

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Photo: The late Chief Michael Balogun

Breaking: FCMB founder, Michael Balogun dies at 89

Chief Michael Balogun, Nigeria’s billionaire banker, foremost philanthropist and founder of one of the country’s leading commercial banks, First City Monument Bank, FCMB, is dead.

Balogun reportedly died in London, United Kingdom, on Friday morning, according to a family source, who preferred to be anonymous.

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The deceased Balogun, a lawyer, recently celebrated his 89th birthday in March.

He was an alumnus of the famous Igbobi College, Lagos, and studied law at the London School of Economics.

The late Balogun briefly worked in the defunct Western Region Ministry of Justice and the Federal Ministry of Justice until Nigeria’s first military coup in the January 1966.

After the coup, Mr Balogun ventured into banking and joined the Nigerian Industrial Development Bank (NIDB).

He pioneered Icon Securities, a subsidiary of NIDB which specialised in merchant banking, where he served as the Director of Operations.

The foremost philanthropist also ventured into several commerce and economics firms until he founded FCMB in 1979.

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