The 38-year-old centre-back arrives from Cypriot side Aris Limassol, where he made 22 appearances last season, scoring twice and providing one assist.
“I am very happy to be a player of ETO FC, as this is an extremely exciting project,” Balogun told the club’s official website.
“I think the team has already shown what it is capable of in the first few matches, but now it is important to define and maintain the appropriate standard so that we can continue to build on the successes of last season.
“I look forward to joining the team and contributing my experience and strengths on and off the field.”
Balogun began his career in Germany before playing for Brighton & Hove Albion in the Premier League and enjoying two successful spells with Rangers, winning the Scottish Premiership, Scottish Cup and Scottish League Cup during his time in Glasgow.