From Faith to Fortune: Mike Balogun’s Journey to Founding FCMB

Michael Subomi Balogun was born into a Muslim family in Ijebu-Ode on March 9, 1934. At 13, he embraced Christianity and went on to study law at the London School of Economics, qualifying for the English bar in 1959. Back in Lagos, Balogun worked as a bank lawyer and moved into a house in Apapa next to architect Alex Ekwueme. During the Civil War, many seized Igbo properties, including Ekwueme’s home. Balogun cleared the intruders, rented out the house and kept every penny to return to his friend. When Alex Ekwueme became Vice President in 1979, Balogun sought his help to open a bank. A chance meeting after church led the VP to secure Balogun’s banking licence the next day. On August 11, 1983, First City Monument Bank was born.

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