In a public statement personally signed by Kesington Adebukunola Adebutu, the business magnate commiserates with the paramount ruler and Awujale of Ijebuland, Oba Sikiru Kayode Adetona, the Matriarch and the entire members of Olasubomi Balogun family, on the transition of Michael Olasubomi Balogun, the Otunba Tunwase of Ijebuland and patriarch of the Olasubomi Balogun family-which inevitable event occurred on Friday, 19th May, 2023.

According to the renowned philanthropist, Adebutu, “this is one death too many for the banking industry, the legal profession, Ijebu traditional establishment, the Christian community, and indeed Nigeria”.

“We have lost a quintessential  trailblazer, an epitome of industry, of tradition, and of Christian values.

“Balogun will be remembered for his Midas touch in the manner he raised the bar of everything he laid his hands on.

“May the good Lord accept his noble soul into His bosom”, Adebutu said.

The renowned banker graduated from Igbobi College and studied law at the London School of Economics.

Following his graduation in June 1959, he was called to the English Bar in December of the same year.

Balogun’s legal career saw him serve as a crown counsel in the ministry of justice of Western Nigeria and later as an assistant parliamentary counsel in the federal ministry of justice in Lagos. However, the January 1966 coup prompted a shift in his career trajectory towards the banking sector.

Balogun later founded City Securities, a stock broking and issuing house, which handled Mobil, Texaco and Total petroleum marketing companies equity offerings. He later secured a merchant banking licence to establish First City Merchant Bank.

When the operations of the bank took effect in 1983, Balogun was said to have 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 was a long time member of the council of the Nigerian Stock Exchange.