Friday, Sep. 17, 1965
[size=14pt]Africa: The Nigerian Millionaires[/size]


Along with pride in status and problems of self-government, independence for the 31 nations of black Africa means the emergence of black businessmen. A few flourish on cottage industries, that early stage of every economy; some are the opportunistic agents of the colonial companies that formerly ruled them. Now, however, more of Africa's new businessmen are not only university-trained and experienced but surprisingly sophisticated in trade and finance. In Equatorial Africa, it is no longer unusual to see a $200,000 letter of credit emerging from the folds of a native robe. Nowhere is the new African businessman doing better than in Nigeria, black Africa's most populous and most prosperous nation. With a population of 55 million and an economy that grows 4% each year, the number of Nigerian millionaires is growing almost as fast as the country itself.

Peanuts & Petroleum. Even before Britain withdrew five years ago, Nigeria had a flourishing trade, exporting peanuts, cotton, palm kernels and cocoa and importing in exchange manufactured goods, foods and tobacco The first native millionaires made their money by competing with the white man for his trade. Among Nigeria's richest businessmen is Alhaji Sanusi Dantata 46, who buys and ships much of the rich Kano region's peanut crop. Dantata's agents last year bought 84,000 tons from small farmers, paid with traditional handfuls of coin counted out in dusty village squares. Sir Odumegwu Ojukwu 66, knighted shortly before independence, started off by importing dried fish for resale to the nonfishing Nigerians then decided to ship the fish inland himself instead of leaving the job to others. He also amassed the country's largest fleet of "mammy wagons," the trucks that carry Nigerians (including market women, which gives the trucks their name) from place to place.

In today's new Nigeria, businessmen are more likely to succeed by producing new goods or services. Sir Mobolaji Bank-Anthony, 59, known as "The Black Englishman" for his impeccable manners and imperturbable air, began by importing cuckoo clocks and marble statues. He now controls or owns part of ten companies, including a tanker fleet and a charter airline. Emmanuel Akwiwu, 43, earned law degrees at Cambridge; returning home just as Nigeria's oil boom began he organized a company that now has 70 vehicles, hauls oil rigs and supplies for British Petroleum Ltd. Chief Shafi Lawal Edu, 54, who is president of Lagos' chamber of commerce, has built a fleet of eight oil tankers. He owns a silver-blue Rolls-Royce, but usually drives around in a Mercedes—thinks it is less ostentatious.

No Need to Clash. Many Nigerian businessmen have taken advantage of the novel opportunities that inevitably accompany broadening prosperity. Chief Timothy Adeola Odutola, 63, a onetime farmer, developed a business to produce bicycle tires for the growing army of bikes, has done so well that he is adding a $1,700,000 plant, plans eventually to harvest his own rubber from his 5,000-acre plantation. A former office worker, Ade Tuyo, 63, cast around for a business that would have 'first priority in people's spending" opened a bakery that today has four shops and makes 115 products. The firm's unusual name—De Facto Works Ltd.—was shrewdly chosen by Tuyo to impress Nigerian bankers with the fact that he was seriously in business

Bayo Braithwaite, 36, one of Nigeria's younger businessmen, left a British insurance company to found a firm that would write life insurance on Nigerians which the British underwriters avoided. So successful has Braithwaite been that his African Alliance Insurance Co Ltd occupies a six-story Lagos home office and has 300 bush-beating agents. Braithwaite lives in an elegant house in suburban Ikoyi, where glass and concrete are deliberately intermixed with African folk art to prove that "the two need never clash."

So, it is, too, with Nigerian business. The Nigerians feel that they and their onetime white masters need never clash. "The time is coming," says Timothy Udutola, "when we will produce more than we can consume and we will have to look outside Nigeria for markets" Against that time, Nigeria is seeking joint ventures in Europe and the U.S., has also concluded negotiations for eventual associate membership in the European Common Market. Already it exports more to the Market than to its old master, Britain.

[url]http://www.time.com/time/magazine/article/0,9171,842145,00.html[/url]

Interesting early beginnings. Fast track to 2010 and a different story unfolds.

We were the hope of the black race.

Can someone comment on the current state of their 'empires' - if they still exist? Although i guess that there was no continuity on the part of their descendants, i would like to be corrected

marcdunu:

We were the hope of the black race.

Funny to hear that from a tribalist. Yes, we are the hope destroyed by tribalism.

Beaf:

Funny to hear that from a tribalist. Yes, we are the hope destroyed by tribalism.

I must admit, tribalism is a binch. Nigeria had so much potential. All squandered, because people look to their tribal loyalty. When will people realize, that our leaders do not give a dammn about their own tribesmen, let alone the nation as a whole.

nice op

Those were the days when millionaires earned the name. Now any idiot is a millionaire courtesy of stealing, looting, 419, kidnapping and armed robbery.

Emmanuel Akwiwu is a name my grandfather mentioned fondly. A shrewd businessman back in those days.

PapaBrowne:

Friday, Sep. 17, 1965
[size=14pt]Africa: The Nigerian Millionaires[/size]

So, it is, too, with Nigerian business. The Nigerians feel that they and their onetime white masters need never clash. "The time is coming," says Timothy Udutola, "[b]when we will produce more than we can consume and we will have to look outside Nigeria for markets" [/b]Against that time, Nigeria is seeking joint ventures in Europe and the U.S., has also concluded negotiations for eventual associate membership in the European Common Market. Already it exports more to the Market than to its old master, Britain.

[url]http://www.time.com/time/magazine/article/0,9171,842145,00.html[/url]

Such optimism in those bolded words.

Interesting article there. Sanusi Dantata was reputed to be Nigeria's richest man at the time, and it was the first name that came to mind when I saw the thread title. Chief S L Edu, Odutola brothers, Ojukwu, we read, were also deep-pocketed at the time. S.O Gbadamosi, Action Group's financier was also reputed to be stupendously rich at the time. After them, in the 70s, came the likes of S B Bakare, Saloro of Ijeshaland; Henry Fajemirokun before Abiola later surfaced.

The Dantata empire has been able to survive through the ages, and Dangote, arguably Nigeria's richest man today, is from the family and was indeed set up by his maternal grandfather, Sanusi Dantata.

The piece is refreshing. Thanks for bringing it here.

Today, can Nigeria lay claim to be 'Africa's most properous' nation as we were decribed in that 1965 article?

Jarus:

Today, can Nigeria lay claim to be 'Africa's most properous' nation as we were decribed in that 1965 article?

Well maybe south africa has taken that mantle for some time.

Nigeria still has a lot of richmen though

PapaBrowne:

Friday, Sep. 17, 1965
[size=14pt]Africa: The Nigerian Millionaires[/size]


Along with pride in status and problems of self-government, independence for the 31 nations of black Africa means the emergence of black businessmen. . . .With a population of 55 million and an economy that grows 4% each year, the number of Nigerian millionaires is growing almost as fast as the country itself. . .
. . .

http://www.time.com/time/magazine/article/0,9171,842145,00.html

The period after independence was opportune for prosperity but which kind aphrodisiac we dey consume for this country! ! !

Population of 55 million in 1965, and a population today of at least 150 million. Some other nations, like the U.K. for example, with roughly the same population as Nigeria in 1965 have not experienced the same level of population growth Nigeria has experienced (UK current population is under 65 million see quote and link below).

In 1965, the UK population of 54,349,500 was being augmented by a much higher total fertility rate [live births per woman] than now. In England and Wales, the rate in 1965 was 2.85. In 2006 the rate, despite recent increases, was only 1.87.

http://news.bbc.co.uk/1/hi/magazine/7060676.stm

Like I said, which kind aphrodisiac we dey consume! Despite the many scourges that Nigeria has been beset with, the one thing that has thrived is the population growth.

interesting.its hard for this generation to think that one existed. its a pity.

Highly interesting article. The halcyon days of yore. I sometimes wish I experienced those beautiful days when Nigeria held so much hope.

Akin-Egba:
Those were the days when millionaires earned the name. Now any idiot is a millionaire courtesy of stealing, looting, 419, kidnapping and armed robbery.

That's a wretched lie.

There are in fact more Nigerian millionaires today who got rich from their own sweat than the 5 or 6 that were around in 1965. But you will only see the ones that got rich via dubious means because your mind is attuned to negativity.

pro01: Highly interesting article. The halcyon days of yore. I sometimes wish I experienced those beautiful days when Nigeria held so much hope.

Those ''halcyon days'' were characterised by mass poverty, destitution and illiteracy for the overwhelming majority of Nigerians. Do not be fooled by that article. Life is a lot better today for the average Nigerian.

Epiphany: Can someone comment on the current state of their 'empires' - if they still exist? Although i guess that there was no continuity on the part of their descendants, i would like to be corrected

Adeola Odutola Industries Plc. is still around.

This to me was ne of the biggest highlights of the article...is it possible that we've missed out on maybe one of the biggest issues in nigeria? overpopulation...WTF! From 55 to 160 in less than 50 years? that's 3 times...wtf

papas:


The period after independence was opportune for prosperity but which kind aphrodisiac we dey consume for this country! ! !

Population of 55 million in 1965, and a population today of at least 150 million. Some other nations, like the U.K. for example, with roughly the same population as Nigeria in 1965 have not experienced the same level of population growth Nigeria has experienced (UK current population is under 65 million see quote and link below).

[b][/b]



Like I said, which kind aphrodisiac we dey consume! Despite the many scourges that Nigeria has been beset with, the one thing that has thrived is the population growth.

Yet, they said the Yoruba man is not industrious. How many Yoruba names are pact up there? Sai Oodua

The ingenuity of a Yoruba man.

No Need to Clash. Many Nigerian businessmen have taken advantage
of the novel opportunities that inevitably accompany broadening
prosperity. Chief Timothy Adeola Odutola, 63, a onetime farmer,
developed a business to produce bicycle tires for the growing army of
bikes, has done so well that he is adding a $1,700,000 plant, plans
eventually to harvest his own rubber from his 5,000-acre plantation.

A former office worker, Ade Tuyo, 63, cast around for a business that
would have 'first priority in people's spending" opened a bakery that
today has four shops and makes 115 products. The firm's unusual
name—De Facto Works Ltd.—was shrewdly chosen by Tuyo to
impress Nigerian bankers with the fact that he was seriously in
business

When Forbes posts rich nigerians of today most of the people call them thieves.
I sense a lot of hypocrisy