Otunba Michael Subomi Balogun, the founder of FCMB, has passed away at age 89.
Street News Journal who broke the news said he died in a London hospital on Friday morning.
Mr Balogun celebrated his 89th birthday in March.
He was an alumnus of Igbobi College and studied law at the London School of Economics.
The deceased practised as a lawyer in the regional justice ministry and then at the federal ministry of justice until the January 1966 coup.
After the coup, Mr Balogun ventured into banking and joined the Nigerian Industrial Development Bank (NIDB).
He pioneered Icon Securities — a subsidiary of NIDB that specialised in merchant banking — as director of operations. He ventured into several commerce and economics firms until FCMB was established in 1979.