bittyend:

Yeah, original Iperu son from the lineage of the big Agbonmagbe royal family but I can't put my surname here.

LOL,

REMO SON.

DO YOU KNOW ODORU ROYAL FAMILY.

the causes of the Biafran war is diverse but one thing is for sure, blame can be apportioned to the involvement of the British, Dutch, French and Italian oil companies whose battle for the rich Nigerian oilfields started the civil war and kept it going. They played on the ignorance, intolerance and greed of a people completely divided - the foreigners won - nigeria lost.

As a fan of Achebe, I too will read it, in the hope of new revelations.

bittyend:

Yeah, original Iperu son from the lineage of the big Agbonmagbe royal family but I can't put my surname here.

Hit me on twitter @odulare

Elaine Foster: the causes of the Biafran war is diverse but one thing is for sure, blame can be apportioned to the involvement of the British, Dutch, French and Italian oil companies whose battle for the rich Nigerian oilfields started the civil war and kept it going. They played on the ignorance, intolerance and greed of a people completely divided - the foreigners won - nigeria lost.

As a fan of Achebe, I too will read it, in the hope of new revelations.

Why blame foreigners over.
Our greed for power started the war.

dayokanu:

You are surely a mor0n. Wetin concern you about where benjamin Adekunle is today?

Where is Dwight Eisenhower today, Where is Douglas MacArthur, Where is Erwin Rommel, Where is Georgy Zhukov?

Yorubas unlike Igbos dont look to hausas for validation like your cannibalistic tribesmen who must always lookup to hausas like Azikwe to balewa, Ekwueme to Shagari, Sylvester ugo to Bashir Tofa, Soludo to Atiku

is that how you justify a recent picture of fashola bowing down to buhari posted by malawian on nairaland?

I don't care very much for Achebe. I have only ever read one of his works and it wasn't things fall apart. Writing about Biafra is so cliched so i won't be looking at any reviews soon of this memoir.

I have Igbo roots.

Antivirus92: is that how you justify a recent picture of fashola bowing down to buhari posted by malawian on nairaland?

Which Picture of fashola bowing to Buhari or are you retardeed ?

BTW bowing isnt a big deal Clinton bowed to Obama, Obama bowed to the king of Saudi

We bow to people older than us. unlike you people who wake your parents from the mat with sliding tackle

Am just thanking you for depicting that arrogancy played during the brutal civil war.

I thought this thread is to discuss Achebe's new book. No?

I can't by any stretch of the imagination fathom why some folks will sneak bigoted statements into this. Is it primordial or something.

It's a pathetic wast of intellect when Bigotry overrides common sense.


@topic, most read!

Jenny20: I thought this thread is to discuss Achebe's new book. No?

I can't by any stretch of the imagination fathom why some folks will sneak bigoted statements into this. Is it primordial or something.

It's a pathetic wast of intellect when Bigotry overrides common sense.


@topic, most read!

you shouldn't be surprised sis! Bigotry has come to stay on NL.

Antivirus92: you're the worst thing i have seen on nairaland. Nothing wrong with bowing to a mere human? U called it respect? But u see many things wrong with pairing with a northener to contest for an election. Well, i don't blame u,everybody reason according to the capacity of their brain.

www.nairaland.com/attachments/812416_561739_10151238133370120_2000093594_n_jpg6b89b653ff5a84e79c14c1aee14331d2

cnt wait!!! bt i av been told much bouh d bomb used by the igbos doing the world by then 'biafria military engnieer',was giving some of their training books where words like detonation and so many others tins were said

It 'll surely make for a good read...

Please, I implore everyone to act civil.

No more Derailing!

Express your views constructively

Thanks!

samkoro:

Why is it that when u speak via writting,d odour of ur mouth smells thru the wireless and across the screen of my device? U stink a lot.Are u under a spell.

Despite hiding under an I'd, I can percieve u as a nobody in the real world,as a result of ur inferiority complex,u are motivated to draw attention to ur self by way of senseless comments

if something is stinking to you where you sit, Have you checked your hygiene lately? It could be your mouth, your body or maybe some part of your body don dey rot already

It might be the curse placed on your lineage from Okija Shrine, it might be due to your ancestral cannibalism, It might be due to the molestation of Grandmothers.

For a reason why you stink even when no one is with you, you wuld have to consult your family elders

I've done my research so well.Nigeria is moving no where. Although it is good to be an optimist,but there are exceptions to the rule.I'm never optimistic about Nigeria.I'm not partriotic at all because it has a history it must deal with ie the civil war.Every one must put ego aside and admit the truth about the civil war.

If Awolowo and Adekunle are worshipped as heroes,then I my default position will be to consider every Yoruba man as an enemy,and I won't fail to tell my children that

berem: you shouldn't be surprised sis! Bigotry has come to stay on NL.

Nne you are right. And it's getting worst by the day.

The level of bigotry on Nairaland is something else. Gosh!

All the hate here cannot be far from the reality, they just won't admit it.

The Greatest Heist in Modern History By Awolowo and the Yorubas Known as Indigenization of Foreign Companies in Nigeria



This piece was prompted by what I saw as benign ignorance amongst some of our Ibo folks and because such ignorance is music to the ears of some other people and Yoruba in particular. In more than one occasion my friends and other Ibo have advanced the argument that if Ibo was that smart, how come Yorubas dominated the commerce industry in Nigeria? What they meant were the domination of Yoruba in the banking, insurance industries, Coco Cola and some other surviving industries. In one particular occasion a friend revealed to me that he recently discovered that the reason why some Yoruba are so wealthy is because they were smart enough to invest their money in corporate stocks and bonds (not realizing that Yoruba actually stolen those corporations) while Ibo is busy engaging in buying and selling. The Yoruba will like people to continue to believe that story, that it was because they were smart that they were able to do all these great investments in the commerce industry. One relevant question that I always managed to ask my interlocutors is whether they were aware of the indigenization decree of 1972, master minded by Awolowo and the Yoruba and the ramifications of that policy, as will be expected, the answer ranged from, I have heard of it but does not understand what it actually meant to I have not heard of the policy. Listening to this ignorance induced perspective from my friends made my heart to skip a beat, realizing that the task of bridging this information gap is not going to be a child’s play. What is disconcerting is that some in their benign induced ignorance believe that the effect of indigenization is inconsequential at this time because it happened about forty years ago. This piece is therefore for those that are educable and for those that have the capacity to appreciate the magnitude and most importantly for those that can relate that gigantic economic event that reshaped the economic foundation on which Nigerian economy settled on after the British/Biafran war and as well as relate our present economic malaise to that economic foundation engendered by indigenization.

There is no doubt that most people, particularly those that do not have either basic or international economics background are overwhelmed by the subject of INDIGENIZATION OF FOREIGN COMPANIES IN NIGERIA because of their inability to understand the economics of it and the efficacies to make the necessary connections and relate it to the present economic doldrums, some simply brush it aside or worse, simple minimize its far reaching implications particularly on the Ibo. In so doing, majority of us dabble into analysis of how terrible Ibo has managed their affairs since after the civil war, while leaving out a huge chunk of the elements that need to be factored into their analysis. The unspeakable effect of the policy of indigenization on the Ibo was wicked and dastardly. The economic damage on the Ibo is impossible to calculate. The psychological toll on the Ibo is still reverberating amongst the Ibo today and creating identity crisis. Some folks will argue that we should drop the subject because it happened forty years ago, which is equivalent to saying that because slavery, Jim crow and the holocaust happened years ago, and for that reason, they have no relevance in today’s analysis. How can any credible analysis of American history not include slavery and its implications, or how can any Jewish history not include the holocaust and its implications and effects, but that is what some folks want us to do, to avoid or forget one of the most devastating economic policies that changed the economic landmark of Nigeria, second to the genocide of more than a million Ibo committed by the same man, Awo, and still arrive at any meaningful analysis. I believe that the incredulity that any ethnic group is capable of visiting such devastation on another is still an obstacle that the subject is struggling against and must overcome. It is not that most people do not know what happen, it is simply that they do not what to believe that it happened because it is mind bending. I also believe that if we do not tell the story over and over, the Yorubas will not tell and neither will the Hausa tell it, as a matter of fact they always wish that it will go away. So whether they like it or not, we must continue to broadcast what happened until people start to understand the effect of the policy not only on the Ibo but on the nation as a whole. Suffice to say that after Awo and the Yoruba succeeded in executing the indigenization decree and became overnight millionaires, many Ibo packed their bags and left Lagos to the east –ala Ibo, where they shortly died out of heart break because some of them also suffered the deprivation of their properties due to abandon property policy in Lagos and Port harcourt.

WHAT ENGENDERED THE INDIGENIZATION POLICY?

It is no more news worthy to point out that before the civil war that Ibo out of their capacity for honesty, to work hard, to produce, to innovate, to manage, create and persevere were able to penetrate all facets of Nigerian endeavor, when the British used merit as a yard stick. It is an irrefragable fact that even Yoruba would not dare challenge that fact, if not, what started the Yoruba hate, envy and jealousy against the Ibo in the first place, Yoruba and Hausa claimed that Ibo was dominating everything in the country but what they will not acknowledge publicly was the fact that the British were making the decisions about who to hire by their own standard and not by Ibo standard and that Ibo was good at what they did and better than them. The Yoruba and Hausa wanted not only equal opportunity they also wanted equal outcome regardless of effort and everyone knows that that is impossible.

There is one very important fact in my analysis that I want everyone to get, and that is that before the civil war, Nigeria as a nation did not have an economic of its own. Let me say it again, that Nigeria as a nation before the British/Biafran civil war did not have an economy of its own. I emphasized that point in other to say that whatever seemed like Nigerian economy were British owned. Put differently, if you excluded few of the regional cooperatives and some joint ventures businesses which were mostly British engineered to make buying raw materials easy for the British, ever y other aspect of the economy were owned majorly by the British, even the military, given the fact that almost every military supply came from Britain. It is then save to say that British investment in Nigeria amounted to a great totality of Nigerian economy or that Nigerian economy was at that time synonymous to the total investment of the British.

Below, courtesy of Africa today are the list of some of the companies that constituted Nigerian economy before the war that the Yoruba stole in one swoop, spanning the insurance companies like Lloyd’s of London and all the banks in Nigeria owned one way or the other by the British. This is but a partial list of what constituted the British investment in Nigerian economy.

“Pharmaceutical Nigeria Plc ,May and Baker Nigeria Plc,Vitafoam Nigeria Plc,Wahum Nigeria Limited ,CAP Nigeria Plc , International Paints of West Africa [IPWA], Berger Paints Nigeria Plc, Berec Nigeria Limited, Kabelmetal, Nigeria Bottling Company Plc, Leventis Nigeria Plc ,West African Portland Cement Company,[Lafarge ],Wema Bank Nigeria Plc, Scoa Nigeria Plc ,CFAO Nigeria Plc, Cadbury Nigeria Plc, Wemaboard Estates, Odua Group, Livestock Feeds Nigeria Plc , Nigerian Breweries Plc, new nigerian Bank, Batta, Kingsway Stores, Crittal Hope (Nigeria) Limited, Mushin, Lagos State. Dunlop (Nig.) Industries Plc, Ikeja, Lagos State. Galvanising Industries Limited, Ikeja, Lagos State. Nigeria Construction & Water Resources Development Company Limited, Ibadan, Oyo State Nigerian Wire & Cable Plc, Ibadan, Oyo State Nigerite PLC, Ikeja, Lagos State Nipol Limited, Ibadan, Oyo State Odu'a Textile Industries Limited, Ado-Ekiti, Ekiti State Soleh Boneh Overseas (Nigeria) Limited, Ibadan, Oyo State Vono Products Plc, Mushin, Lagos State Wema Bank Plc, Marina, Lagos West African Portland Cement Plc, Ikeja, Lagos State Great Nigeria Insurance PLC, Ikoyi, Lagos State Glanvill Enthoven & Company Limited ◦Guinness (Nig.) Plc, Ikeja, Lagos State. ◦International Breweries Plc, Ilesa, Osun State. ◦Macmillian Publishers (Nig) Limited, Ilupeju, Lagos ◦Nestle Food (Nig) Plc, Ikeja, Lagos State ◦Nidogas Company Limited, Lagos State ◦Niger Mills Company Limited, Calabar, Cross River State ◦Nigerian Aluminium Extrusions Limited, Lagos ◦SKG-Pharma (Nig.) Limited, Lagos ◦Tower Aluminium (Nig.) Plc, Lagos ◦U. A. C. of Nigeria Plc., Lagos etc.

The necessity of inserting this partial list of the companies/assets that existed before the war was to give the reader a sense of the extent of what the issue is all about and who owned what and when. The Yoruba hardly owned much of anything or any of these assets listed above except in some regional joint cooperative ventures with the British.

The story went like this, before the war the Ibo dominated the economic work force followed by the Yoruba, when British/Biafran war started, Ibo, for their safety left their jobs in different parts of the country to return to the east, the Ibo land. After the end of the war, the Ibo went back to seek for their jobs that they left for security reasons, the Yoruba who took advantage and occupied the positions that Ibo left decided that they will not relinquish those position because according to the Yoruba, Ibo abandoned their positions and do not deserve their position back, reminiscent of the abandon property thievery in Port Harcourt River State and Lagos. However, a dynamic developed as Ibo every morning dressed up and went and occupied the lobbies of their different offices that they used to work in. Tell me, if this is not manifest bravery of the highest order ever exhibited by any group in Nigeria and we are talking about days and weeks immediately after the war was declared over. But the final say as to whether or not the positions that Ibo left for dire life was going to be declared abandoned rested on the British that owned these companies. As the back and forth went on, the British started angling to make an economic decision because they understood the difference between the Ibo worker and the Yoruba worker and the three years of the civil war made that difference even more crystal clear to the British, if not, why would the British bother to accommodate the Ibo after such a long time? What became clear to the Yoruba was that the British were willing to make extra provision to re-absorb the Ibo any way possible. Yoruba was not ready to tolerate any of that because they knew that it was a matter of time before the wheat will be separated from the shaft that Ibo will assume their prominent positions. In order to prevent the British from re-absorbing the Ibo into these British owned companies, the corporate Yoruba decided to solicit the help of Awolowo who was then the finance minister and chairman of the federal military council.

This is where a plan was hashed to wrest the control of these companies, consisting of banks, insurance companies, corporations of different kinds and types from the British. The best way Awo and his cabal found fit was to convince Gowon and the military leadership who in all probability have never had the word indigenization in their lives to promulgate the INDIGENIZATION DECREE in 1972 that stipulated that every foreign owned venture must transfer majority ownership to Nigerian indigenes within a year of the promulgation of the decree or they will forfeit the assets of the company to the Nigerian government. (Emphasis within a year) As expected, the British were caught off guide, not understanding the motive behind the policy, the British thought it was a dream or a joke that will go away, particularly given the fact that they just won the war against the Ibo for the Yoruba and Hausa. After exhausting six months out of the one year in their bid to reverse the decree, the British became frantic and concluded that they could not reverse the decree and went about trying to salvage whatever they could. What was worst was that the British did not even have enough time to evaluate the worth of their ventures because of the limited time the decree allowed, courtesy of Awo and cabal. The situation gave chaos a new name because the British were in chaos. So the first problem the British ran into was limited time that they couldn’t figure what the value of majority of their ventures were, they could not tell how much to sell them for. Mind you that this was happening within a year after the end of the civil war. At this time the Yoruba was running every conceivable federal ministries, departments and agencies plus all the corporations listed above and more that the British owned. It is important to point out that the north had little or no presence in the commerce economy of the country before the war and after the war except in the military leadership and infantry. The economy of the country was dominated by Ibo first and Yoruba second before the war. In order to solidify the economic dominance that the Yoruba attained during and after the war and to make their position even more potent in acquiring the British spoils, Awo as the finance minister and chairman of the federal military council and his Yoruba cabal decided to economically emasculate the Ibo understanding

a) That Yoruba was fully running every conceivable federal parastatals

b) That Yoruba was running every conceivable corporation that the British owned or had majority ownership as listed above.

c) That Yoruba was managing all the Nigerian banks, insurance corporations, National shipping line, Nigerian airways, Nigerian’s Ports authority, Nigerian Railways and all the ministries, Departments and Agencies conceivable.

Decided to destroy whatever was left of the Ibo and putting a finishing touch to it by

a) Stealing through confiscating all the millions of pounds that Ibo had in all the Nigerian banks

b) Offering every Ibo person £20 pounds regardless of how many millions they had in the Nigerian banks before the war.

c) Militarizing every part of Ibo land.

d) Rendering every Ibo without exception a pauper.

e) Banning every importation of stock fish and used clothes to deprive the Ibo of any economic ability to compete with the Yoruba in buying into the British assets.

When that day of infamy arrived for the British to start selling their assets, Igbo having been disenfranchised and emasculated in any and every way stood on the sideline watching the Yoruba in their glee as they scrambled to obtain loans from their Yoruba dominated banks to make the most minimal of offers to the British as there were no competitions. The British had no choice but to accept any offer as the alternative was losing everything to the federal government. The British lost pretty much all their investment to the Yoruba whose stock in trade is robbing and stealing any and everything they can get their hands on. Thousands of Yoruba became millionaires overnight and there was jubilation and owanbe all over Yoruba land. Yoruba had parties day and night and weekends. They closed streets to display their new found wealth as they partied. That day marked the economic death of Nigeria, that day marked the death of Nigerian’s aspiration to join the civilized world. The implication was enormous and it sent a shock wave throughout the Ibo land, It was a dark history day, it was a day of manifest wickedness and viciousness, Ibo was dumbfounded, the days that followed were days of economic , social and psychological morose and confusion that are still lingering today within the Ibo. It might be hard to accept but Awo got the Ibo good and the country as well, he brought the Ibo to his knees economically at least temporarily and Ibo has never recovered from that one blow seven akpus in any appreciable way but Nigeria as whole is worse off for it. I believe that what was more devastating was that Ibo had no place or body to turn to. To be blunt, Awo decapitated the Ibo leadership and through Ibo into great confusion.

It is important to note that by this singular act of INDIGENIZATION DECREE engineered by the Yoruba, the Yoruba de facto constituted the new economic foundation, the sole owner and manager of Nigerian economy without any rivals. So, for those that have wondered why Ibo became traders, this is the why. The Yoruba will not let any Ibo near the management of any of these stolen corporations, will not let Ibo buy any shares of these corporations for decades following the heist. Now, some people without the capacity to comprehend the full seismic implication of this economic shift and restructuring will want us to believe that this does not matter and I will beg to disagree because it is like everything else, the foundation of everything matters and determines the success or failure, be it a house or business. As time has revealed, Yoruba stealing and forming the economic foundation for Nigeria was a bad idea and a monumental disaster. For the ignorants, all things being equal (in a fair fight) the Yoruba knew it, the British knew it, the Ibo knew it and the world knew it that the Yoruba did not possess the capacity, creativity, drive, perseverance, hard work and the competence to do what some are crediting to it if they did not conspire to steal not only from the British and Ibo but from everybody else that had any assets in Nigeria. The apparent dominant control the Yoruba has on the economy since after the war was not out of great honest smartness or creativity or innovation or hard work or competence but out of share robbery of the British and Ibo sweat and hard work. I believe that the question that the benign ignorant should be asking going forward is what did Yoruba do with all these assets and corporations that they stole? How did the country fair under the Yoruba management of the Nigerian economy? How did the Yoruba managed economy relate to today’s economic malaise. Hope they can make the connections

@Whitehorse,
Keep it coming! I'm enjoying your review. Though your effort so far is too scanty to assuage my voracious appetite. But I commend you for your effort nevertheless.

chosen04:


Why not release it on Nov.5 to the cursed entity?

onye tiri nwa n'ebe akwa?.....free ur mind of bitterness, u will b much happier.

Horayce: I don't care very much for Achebe. I have only ever read one of his works and it wasn't things fall apart. Writing about Biafra is so cliched so i won't be looking at any reviews soon of this memoir.

I have Igbo roots.

U have igbo roots? I Doubt it

A must read!

samkoro: The Greatest Heist in Modern History By Awolowo and the Yorubas Known as Indigenization of Foreign Companies in Nigeria



This piece was prompted by what I saw as benign ignorance amongst some of our Ibo folks and because such ignorance is music to the ears of some other people and Yoruba in particular. In more than one occasion my friends and other Ibo have advanced the argument that if Ibo was that smart, how come Yorubas dominated the commerce industry in Nigeria? What they meant were the domination of Yoruba in the banking, insurance industries, Coco Cola and some other surviving industries. In one particular occasion a friend revealed to me that he recently discovered that the reason why some Yoruba are so wealthy is because they were smart enough to invest their money in corporate stocks and bonds (not realizing that Yoruba actually stolen those corporations) while Ibo is busy engaging in buying and selling. The Yoruba will like people to continue to believe that story, that it was because they were smart that they were able to do all these great investments in the commerce industry. One relevant question that I always managed to ask my interlocutors is whether they were aware of the indigenization decree of 1972, master minded by Awolowo and the Yoruba and the ramifications of that policy, as will be expected, the answer ranged from, I have heard of it but does not understand what it actually meant to I have not heard of the policy. Listening to this ignorance induced perspective from my friends made my heart to skip a beat, realizing that the task of bridging this information gap is not going to be a child’s play. What is disconcerting is that some in their benign induced ignorance believe that the effect of indigenization is inconsequential at this time because it happened about forty years ago. This piece is therefore for those that are educable and for those that have the capacity to appreciate the magnitude and most importantly for those that can relate that gigantic economic event that reshaped the economic foundation on which Nigerian economy settled on after the British/Biafran war and as well as relate our present economic malaise to that economic foundation engendered by indigenization.

There is no doubt that most people, particularly those that do not have either basic or international economics background are overwhelmed by the subject of INDIGENIZATION OF FOREIGN COMPANIES IN NIGERIA because of their inability to understand the economics of it and the efficacies to make the necessary connections and relate it to the present economic doldrums, some simply brush it aside or worse, simple minimize its far reaching implications particularly on the Ibo. In so doing, majority of us dabble into analysis of how terrible Ibo has managed their affairs since after the civil war, while leaving out a huge chunk of the elements that need to be factored into their analysis. The unspeakable effect of the policy of indigenization on the Ibo was wicked and dastardly. The economic damage on the Ibo is impossible to calculate. The psychological toll on the Ibo is still reverberating amongst the Ibo today and creating identity crisis. Some folks will argue that we should drop the subject because it happened forty years ago, which is equivalent to saying that because slavery, Jim crow and the holocaust happened years ago, and for that reason, they have no relevance in today’s analysis. How can any credible analysis of American history not include slavery and its implications, or how can any Jewish history not include the holocaust and its implications and effects, but that is what some folks want us to do, to avoid or forget one of the most devastating economic policies that changed the economic landmark of Nigeria, second to the genocide of more than a million Ibo committed by the same man, Awo, and still arrive at any meaningful analysis. I believe that the incredulity that any ethnic group is capable of visiting such devastation on another is still an obstacle that the subject is struggling against and must overcome. It is not that most people do not know what happen, it is simply that they do not what to believe that it happened because it is mind bending. I also believe that if we do not tell the story over and over, the Yorubas will not tell and neither will the Hausa tell it, as a matter of fact they always wish that it will go away. So whether they like it or not, we must continue to broadcast what happened until people start to understand the effect of the policy not only on the Ibo but on the nation as a whole. Suffice to say that after Awo and the Yoruba succeeded in executing the indigenization decree and became overnight millionaires, many Ibo packed their bags and left Lagos to the east –ala Ibo, where they shortly died out of heart break because some of them also suffered the deprivation of their properties due to abandon property policy in Lagos and Port harcourt.

WHAT ENGENDERED THE INDIGENIZATION POLICY?

It is no more news worthy to point out that before the civil war that Ibo out of their capacity for honesty, to work hard, to produce, to innovate, to manage, create and persevere were able to penetrate all facets of Nigerian endeavor, when the British used merit as a yard stick. It is an irrefragable fact that even Yoruba would not dare challenge that fact, if not, what started the Yoruba hate, envy and jealousy against the Ibo in the first place, Yoruba and Hausa claimed that Ibo was dominating everything in the country but what they will not acknowledge publicly was the fact that the British were making the decisions about who to hire by their own standard and not by Ibo standard and that Ibo was good at what they did and better than them. The Yoruba and Hausa wanted not only equal opportunity they also wanted equal outcome regardless of effort and everyone knows that that is impossible.

There is one very important fact in my analysis that I want everyone to get, and that is that before the civil war, Nigeria as a nation did not have an economic of its own. Let me say it again, that Nigeria as a nation before the British/Biafran civil war did not have an economy of its own. I emphasized that point in other to say that whatever seemed like Nigerian economy were British owned. Put differently, if you excluded few of the regional cooperatives and some joint ventures businesses which were mostly British engineered to make buying raw materials easy for the British, ever y other aspect of the economy were owned majorly by the British, even the military, given the fact that almost every military supply came from Britain. It is then save to say that British investment in Nigeria amounted to a great totality of Nigerian economy or that Nigerian economy was at that time synonymous to the total investment of the British.

Below, courtesy of Africa today are the list of some of the companies that constituted Nigerian economy before the war that the Yoruba stole in one swoop, spanning the insurance companies like Lloyd’s of London and all the banks in Nigeria owned one way or the other by the British. This is but a partial list of what constituted the British investment in Nigerian economy.

“Pharmaceutical Nigeria Plc ,May and Baker Nigeria Plc,Vitafoam Nigeria Plc,Wahum Nigeria Limited ,CAP Nigeria Plc , International Paints of West Africa [IPWA], Berger Paints Nigeria Plc, Berec Nigeria Limited, Kabelmetal, Nigeria Bottling Company Plc, Leventis Nigeria Plc ,West African Portland Cement Company,[Lafarge ],Wema Bank Nigeria Plc, Scoa Nigeria Plc ,CFAO Nigeria Plc, Cadbury Nigeria Plc, Wemaboard Estates, Odua Group, Livestock Feeds Nigeria Plc , Nigerian Breweries Plc, new nigerian Bank, Batta, Kingsway Stores, Crittal Hope (Nigeria) Limited, Mushin, Lagos State. Dunlop (Nig.) Industries Plc, Ikeja, Lagos State. Galvanising Industries Limited, Ikeja, Lagos State. Nigeria Construction & Water Resources Development Company Limited, Ibadan, Oyo State Nigerian Wire & Cable Plc, Ibadan, Oyo State Nigerite PLC, Ikeja, Lagos State Nipol Limited, Ibadan, Oyo State Odu'a Textile Industries Limited, Ado-Ekiti, Ekiti State Soleh Boneh Overseas (Nigeria) Limited, Ibadan, Oyo State Vono Products Plc, Mushin, Lagos State Wema Bank Plc, Marina, Lagos West African Portland Cement Plc, Ikeja, Lagos State Great Nigeria Insurance PLC, Ikoyi, Lagos State Glanvill Enthoven & Company Limited ◦Guinness (Nig.) Plc, Ikeja, Lagos State. ◦International Breweries Plc, Ilesa, Osun State. ◦Macmillian Publishers (Nig) Limited, Ilupeju, Lagos ◦Nestle Food (Nig) Plc, Ikeja, Lagos State ◦Nidogas Company Limited, Lagos State ◦Niger Mills Company Limited, Calabar, Cross River State ◦Nigerian Aluminium Extrusions Limited, Lagos ◦SKG-Pharma (Nig.) Limited, Lagos ◦Tower Aluminium (Nig.) Plc, Lagos ◦U. A. C. of Nigeria Plc., Lagos etc.

The necessity of inserting this partial list of the companies/assets that existed before the war was to give the reader a sense of the extent of what the issue is all about and who owned what and when. The Yoruba hardly owned much of anything or any of these assets listed above except in some regional joint cooperative ventures with the British.

The story went like this, before the war the Ibo dominated the economic work force followed by the Yoruba, when British/Biafran war started, Ibo, for their safety left their jobs in different parts of the country to return to the east, the Ibo land. After the end of the war, the Ibo went back to seek for their jobs that they left for security reasons, the Yoruba who took advantage and occupied the positions that Ibo left decided that they will not relinquish those position because according to the Yoruba, Ibo abandoned their positions and do not deserve their position back, reminiscent of the abandon property thievery in Port Harcourt River State and Lagos. However, a dynamic developed as Ibo every morning dressed up and went and occupied the lobbies of their different offices that they used to work in. Tell me, if this is not manifest bravery of the highest order ever exhibited by any group in Nigeria and we are talking about days and weeks immediately after the war was declared over. But the final say as to whether or not the positions that Ibo left for dire life was going to be declared abandoned rested on the British that owned these companies. As the back and forth went on, the British started angling to make an economic decision because they understood the difference between the Ibo worker and the Yoruba worker and the three years of the civil war made that difference even more crystal clear to the British, if not, why would the British bother to accommodate the Ibo after such a long time? What became clear to the Yoruba was that the British were willing to make extra provision to re-absorb the Ibo any way possible. Yoruba was not ready to tolerate any of that because they knew that it was a matter of time before the wheat will be separated from the shaft that Ibo will assume their prominent positions. In order to prevent the British from re-absorbing the Ibo into these British owned companies, the corporate Yoruba decided to solicit the help of Awolowo who was then the finance minister and chairman of the federal military council.

This is where a plan was hashed to wrest the control of these companies, consisting of banks, insurance companies, corporations of different kinds and types from the British. The best way Awo and his cabal found fit was to convince Gowon and the military leadership who in all probability have never had the word indigenization in their lives to promulgate the INDIGENIZATION DECREE in 1972 that stipulated that every foreign owned venture must transfer majority ownership to Nigerian indigenes within a year of the promulgation of the decree or they will forfeit the assets of the company to the Nigerian government. (Emphasis within a year) As expected, the British were caught off guide, not understanding the motive behind the policy, the British thought it was a dream or a joke that will go away, particularly given the fact that they just won the war against the Ibo for the Yoruba and Hausa. After exhausting six months out of the one year in their bid to reverse the decree, the British became frantic and concluded that they could not reverse the decree and went about trying to salvage whatever they could. What was worst was that the British did not even have enough time to evaluate the worth of their ventures because of the limited time the decree allowed, courtesy of Awo and cabal. The situation gave chaos a new name because the British were in chaos. So the first problem the British ran into was limited time that they couldn’t figure what the value of majority of their ventures were, they could not tell how much to sell them for. Mind you that this was happening within a year after the end of the civil war. At this time the Yoruba was running every conceivable federal ministries, departments and agencies plus all the corporations listed above and more that the British owned. It is important to point out that the north had little or no presence in the commerce economy of the country before the war and after the war except in the military leadership and infantry. The economy of the country was dominated by Ibo first and Yoruba second before the war. In order to solidify the economic dominance that the Yoruba attained during and after the war and to make their position even more potent in acquiring the British spoils, Awo as the finance minister and chairman of the federal military council and his Yoruba cabal decided to economically emasculate the Ibo understanding

a) That Yoruba was fully running every conceivable federal parastatals

b) That Yoruba was running every conceivable corporation that the British owned or had majority ownership as listed above.

c) That Yoruba was managing all the Nigerian banks, insurance corporations, National shipping line, Nigerian airways, Nigerian’s Ports authority, Nigerian Railways and all the ministries, Departments and Agencies conceivable.

Decided to destroy whatever was left of the Ibo and putting a finishing touch to it by

a) Stealing through confiscating all the millions of pounds that Ibo had in all the Nigerian banks

b) Offering every Ibo person £20 pounds regardless of how many millions they had in the Nigerian banks before the war.

c) Militarizing every part of Ibo land.

d) Rendering every Ibo without exception a pauper.

e) Banning every importation of stock fish and used clothes to deprive the Ibo of any economic ability to compete with the Yoruba in buying into the British assets.

When that day of infamy arrived for the British to start selling their assets, Igbo having been disenfranchised and emasculated in any and every way stood on the sideline watching the Yoruba in their glee as they scrambled to obtain loans from their Yoruba dominated banks to make the most minimal of offers to the British as there were no competitions. The British had no choice but to accept any offer as the alternative was losing everything to the federal government. The British lost pretty much all their investment to the Yoruba whose stock in trade is robbing and stealing any and everything they can get their hands on. Thousands of Yoruba became millionaires overnight and there was jubilation and owanbe all over Yoruba land. Yoruba had parties day and night and weekends. They closed streets to display their new found wealth as they partied. That day marked the economic death of Nigeria, that day marked the death of Nigerian’s aspiration to join the civilized world. The implication was enormous and it sent a shock wave throughout the Ibo land, It was a dark history day, it was a day of manifest wickedness and viciousness, Ibo was dumbfounded, the days that followed were days of economic , social and psychological morose and confusion that are still lingering today within the Ibo. It might be hard to accept but Awo got the Ibo good and the country as well, he brought the Ibo to his knees economically at least temporarily and Ibo has never recovered from that one blow seven akpus in any appreciable way but Nigeria as whole is worse off for it. I believe that what was more devastating was that Ibo had no place or body to turn to. To be blunt, Awo decapitated the Ibo leadership and through Ibo into great confusion.

It is important to note that by this singular act of INDIGENIZATION DECREE engineered by the Yoruba, the Yoruba de facto constituted the new economic foundation, the sole owner and manager of Nigerian economy without any rivals. So, for those that have wondered why Ibo became traders, this is the why. The Yoruba will not let any Ibo near the management of any of these stolen corporations, will not let Ibo buy any shares of these corporations for decades following the heist. Now, some people without the capacity to comprehend the full seismic implication of this economic shift and restructuring will want us to believe that this does not matter and I will beg to disagree because it is like everything else, the foundation of everything matters and determines the success or failure, be it a house or business. As time has revealed, Yoruba stealing and forming the economic foundation for Nigeria was a bad idea and a monumental disaster. For the ignorants, all things being equal (in a fair fight) the Yoruba knew it, the British knew it, the Ibo knew it and the world knew it that the Yoruba did not possess the capacity, creativity, drive, perseverance, hard work and the competence to do what some are crediting to it if they did not conspire to steal not only from the British and Ibo but from everybody else that had any assets in Nigeria. The apparent dominant control the Yoruba has on the economy since after the war was not out of great honest smartness or creativity or innovation or hard work or competence but out of share robbery of the British and Ibo sweat and hard work. I believe that the question that the benign ignorant should be asking going forward is what did Yoruba do with all these assets and corporations that they stole? How did the country fair under the Yoruba management of the Nigerian economy? How did the Yoruba managed economy relate to today’s economic malaise. Hope they can make the connections

Bros, what is British/Biafra war.
Thought you Igbos claims the British supported Nigeria against Biafra.
Your spelling of Ibo maked me wander, who you are.
Above all you make looks like the Western business men.

USarmy: This book can not change the fact that every Igbo youth should channel his mind to sentiments and sophistications to be able to fit into the new world order, rise up brothers,

Yea but old scar are hardly forgotten...i bet you are not a casualty of that brutal war!

Choi, 12po for the Kindle edition. O makazi? Okay oh. In memory of the dead on both sides of the line.

That long write up I posted is the reason why Nigerian presidents,Governor,ministers and other government officials would travel a million times to woo investor without success.Investors won't come cause the world know what the short sighted and tribalistic yorubas did;how they steal what does not belong to them.That indegenisation policy killed the Nigerian dream of industrialization.Those companies You-robbers stole motivated their countries of Origin,mainly the Western world to vow that Nigeria will never experience industrialization,rather they will experience,generator importation,tobacco companies and industries that won't be of any real value to it.

Deaf and dumb Ajaokuta is as a result of that.Its a pay back for that indeginisation policy.
That is also the reason why Asian investors are in a hurry to recoup what ever smal scale investment they make here thus they enslave workers to get back their money Fast before the You-robber tribalistic brain starts working