₦airaland Forum

KunleMax:
"might have been worth a billion dollars or more in the 80s". Might?

With the way you talked about the Ibrus owning Ilashe beach, I think say you really Sabi them oh Or close to them.

The Ibru family is/was a multi-billion dollar family. It's not even a question of "might".

ChidiKalu:
I said (I think) the family collectively is wealthier than Dangote. We are talking assets here cos the Dangote Forbes networth is about assets.

"Alot" of new kids on the block would put the Ibrus to shame? Lmao. Please casually name like three of such new kids on the block.

PS: Obaro is not in hiding. Motherfucker is in "Dubai living his best life" (touring the world). He only went low-key after the oceanic crisis.

casualobserver:
I say “might” because when the Ibru’s reigned $1b was hard to come by. We are talking about 70s and 80s, It’s today that everybody is a billionaire. The number of billionaires in the world were not many. Our entire revenue from oil was not even up to $15b in the 70s- 90s

Hedonisco:
Abeg make I laugh. Even some top level yahoo boys would dust his azz in that same Dubai.

Generally I don't need to mention some heavy names but trust me, 'ordinary' Jowi, Captain Okunbor's heir, and many more will run Obaro out of own.

ChidiKalu:
I said (I think) the "family" is collectively wealthier than Dangote (which is a possibility). It wasn't an authoritative statement and I was referring to the net assets of the Ibru family vs Dangote. 60-80% of Dangote's networth is derived from Nigeria stock exchange, paper valuation. No one knows the true extent of the Ibru family wealth as they are private...especially their real estate holdings across the globe. And I can tell you authoritatively that only Michael Ibru line is worth over $5B. There are documents that supports this.


You can't head POFON for years and not be a significant player in that industry. Aden River estates has over 6k hectares of Palm plantation...that's in no way small. Another major Nigerian player in the palm oil industry is Ajibola Adebutu.

PS: The Ibru family has stakes in all those industries you mentioned above. I think you truly don't know how wide their tentacles spread neither do you know how diversified they are (judging from your points on this thread).

KunleMax:
A recent study by some American bussiness group alluded to the fact that Nigerian Billionaires of old are far richer than our current billionaires. You dey forget say in the 70s & 80s the naira was stronger than the Dollar. If you were a billionaire in naira in the 80s it means you were also a billionaire in dollars, as naira was stronger, and Michael Ibru was definitely a billionaire in the 80s. Na these days $5m fit make you naira billionaire.

The personal assets of Cecilia Ibru alone in 2010 dwarfed the combined networth of Otedola and Dangote. Didn't she forfeit $1.2B worth of assets to the govt? And that was just a fraction of her asset base sef.

Omo!! Leave Ibru family oh. The family wealth used to run in the Multi-billions of dollars (dis na public knowledge nah). Don't know about their worth now but they are still stupendously wealthy.

Hedonisco:
Haba. By the Ibrus I mean their kids na. How many first generation Ibrus are still alive? Is it Michael, Felix, or... Emm (what's his name) the one who owned Guardian and Sheraton?

So really. Who are the current "Ibrus"? Is it Oskar? Oboden? Obaro? Bet mind the smaller kiddos. They can't compete with the contemporary kids on the block.. Facts.

casualobserver:
I think you are getting carried away with the hype. In the 1980s when the Ibru’s were at their peak the whole of Coca Cola world wide was not worth $24b. Our entire federal budget in 1992 for example was less than $10b. Warren Buffet was only worth $3b in 1990. In 1992 the entire GDP of Nigeria was $42b! Having $100m in those days is like having $1b today. My personal opinion: no Nigerian was worth $1b uptill the 1990s except those who stole from government. The economy was just not big enough to make you a billionaire. Feeling or appearing to have stupendous wealth is. It the same as actually being worth $1b. Again I repeat $1b was not beans in the 70s to 90s when the Ibru’s were at their peak! $1b of 1970,1980 or 1990 is not $1b of 2023.

Like many Nigerian businessmen of the time, their assets and businesses were mainly in Naira and we know what happened to the Naira. Devaluation eroded whatever wealth they had.

Todays billion is not the same as $billion of the 80s. I personally doubt they ever reached the billion mark but I am willing to give the benefit of doubt but I am 100% sure they were never multi billionaires.

Land was very cheap even uptill the early 2000s, it wouldn’t have cost more than $1m to buy the whole of ilashe beach at the time…if that.

As for your comment about the American report, I can believe that because $1b today is approximately $100m in the 1980s. If it were based on that only Dangote and probably Rabiu would be billionaires and no matter the vastness of the interests of the Ibru’s in the 1980s, they were nowhere closed to Dangote.

KunleMax:
This is not about hype but following the facts. And I get your point too. But the Ibrus were not even at their peak in the 80s (even though they were the wealthiest). Some of their companies today even kicked off in the 90s. Oceanic bank for example was founded in 1990. Multiple sources confirm the Ibru organization was still a multi-billion Dollar conglomerate in the 2000s.

And If you followed the conversation, I already pointed out to the Chidi Kalu guy that the Ibrus are not richer than Dangote "presently". Dangote, Rabiu, Adenuga are the only people that I can authoritatively say are wealthier than the Ibrus "presently".

casualobserver:
I think you are getting carried away with the hype. In the 1980s when the Ibru’s were at their peak the whole of Coca Cola world wide was not worth $24b. Our entire federal budget in 1992 for example was less than $10b. Warren Buffet was only worth $3b in 1990. In 1992 the entire GDP of Nigeria was $42b! Having $100m in those days is like having $1b today. My personal opinion: no Nigerian was worth $1b uptill the 1990s except those who stole from government. The economy was just not big enough to make you a billionaire. Feeling or appearing to have stupendous wealth is. It the same as actually being worth $1b. Again I repeat $1b was not beans in the 70s to 90s when the Ibru’s were at their peak! $1b of 1970,1980 or 1990 is not $1b of 2023.

Like many Nigerian businessmen of the time, their assets and businesses were mainly in Naira and we know what happened to the Naira. Devaluation eroded whatever wealth they had.

Todays billion is not the same as $billion of the 80s. I personally doubt they ever reached the billion mark but I am willing to give the benefit of doubt but I am 100% sure they were never multi billionaires.

Land was very cheap even uptill the early 2000s, it wouldn’t have cost more than $1m to buy the whole of ilashe beach at the time…if that.

As for your comment about the American report, I can believe that because $1b today is approximately $100m in the 1980s. If it were based on that only Dangote would be a billionaire and then he would probably be about $1.5 max. Probably Rabiu and Mike would be jumping in and out of the billionaire index. So no matter the vastness of the business interests of the Ibru’s in the 1980s, they were nowhere close to Dangote. They would not have been billionaires in the 80s.

Look at what Dangote empire is today, the countries he operates in, and yet in 1980s valuation, he probably would just managed to scrape the billionaire barrier and you think the Ibru’s were worth $1b in the 1980s…..with what? Businesses that were domestically focused and based on a Naira that lost 90% of its value in 10 years between 1982 and 1992? Even if they were (again I don’t believe they ever were) they lost the majority of their wealth because of the Naira.

casualobserver:
Oga I have football to watch. This is a topic that was buried months ago. I don’t have time to argue over another man’s wealth. If I can’t make my own let me enjoy my life, I have ball to watch.

ChidiKalu:
Re: His name is Otunba Emmanuel Ibru. Very silent and unassuming agro-billionaire. Exports Agro products to Holland and Brazil mostly.

ChidiKalu:
Let me go further and say they own/co-own/have significant stake in the following companies:

Total Nigeria Plc. NDEP Plc. Midwestern Oil and Gas Ltd, Ecobank parent company, Ibafon Oil Limited, etc.

They have considerable shipping operations across the globe (oil & Gas particularly), and there's also the fishing bussiness, etc.

Federal palace and Sheraton is always talked about but do you know the Ibrus own one very plush & exclusive resort in Aburi, Ghana? Few days ago, Oskar Ibru was hosted by the Ghanian president at the presidential villa in relation to some project he's got planned in Ghana. No media PR, No fanfare. Just a silent generational wealthy family maintaining their coins.

Their holdings alone in the UK run into tens of millions of dollars (the family is highly rated in London). But someone here is erroneously telling me that the Ibrus are worth $500m at best. SMH

ChidiKalu:
Good point man. Although Cecilia wasn't the owner of Oceanic bank. It was Chief's bank. She was only put in charge in 1997. Did quite a fine job growing the bank until she ran it aground.

The casualobserver guy is here yapping about dangote's wealth when in fact Dangote's bad loans was one of the things that killed oceanic.

Dangote is a govt bussinessman. He wouldn't have survived in the era of true entrepreneurs like Ibru, Akindele, Dantata, Folawiyo, Fajemirokun, Odutola, Ojukwu, etc.

ChidiKalu:
For the sake of this thread, I surfed the net hoping to find something related to the networth I mentioned but nothing substantial came up, which is understandable, cos it wasn't public. I stumbled upon some supporting stuffs though...

Pic 1 - is someone else supporting my earlier position on Olorogun's true networth from 2020. I guess she was privy to some court records (perhaps she's a lawyer).

Pic 2 & 3 - is an asset management guy with Citi from 2016.

Pic 4 - is just some casual discussion on the Ibrus from 2yrs ago.


Again, nothing substantial, but this gives one a passing idea of what I was saying earlier. I am sure of what I know and I don't need to break confidentiality to prove a point on the internet. But one thing is certain, you are not a finance guy, neither have you worked in IB/AM, so I
would understand Forbes being your only go-to source for wealth estimation. Like I stated earlier, Forbes usually doesn't have access to some private wealth. Some people shut them out.


Nevertheless, the $2.5B networth in public domain puts your $250m-$500m estimation to shame.

KunleMax:
"alot of the new kids on the block with access to new money schemes (related or unrelated to govt funds) would casually put the Ibrus to shame when it is a matter of cash"? Nonsense talk!! Mteew

The Ibrus are invested in real estate, Agriculture, media, hospitality, aviation, education, Oil & Gas, shipping, banking, Port operations, etc. Even govt funds sef follow (Subsidy). The only relevant "new sector" I know they are not invested in currently is Telecoms.

How can you be more liquid (cash) than people who run daily port operations, receive shipping, terminal & jetty fees in dollars, plus commercial warehousing fees? They own arguably the biggest warehouse in Nigeria & the largest indigenous shipping fleet. A family that controls almost the entire coastline of tin can? Just dey play oh !!!

So no vex, name the "new money schemes" you dey talk about. Thank you.

ChidiKalu:
For the sake of this thread, I surfed the net hoping to find something related to the networth I mentioned but nothing substantial came up, which is understandable, cos it wasn't public. I stumbled upon some supporting stuffs though...

Pic 1 - is someone else supporting my earlier position on Olorogun's true networth from 2020. I guess she was privy to some court records (perhaps she's a lawyer).

Pic 2 & 3 - is an asset management guy with Citi from 2016.

Pic 4 - is just some casual discussion on the Ibrus from 2yrs ago.


Again, nothing substantial, but this gives one a passing idea of what I was saying earlier. I am sure of what I know and I don't need to break confidentiality to prove a point on the internet. But one thing is certain, you are not a finance guy, neither have you worked in IB/AM, so I
would understand Forbes being your only go-to source for wealth estimation. Like I stated earlier, Forbes usually doesn't have access to some private wealth. Some people shut them out.


Nevertheless, the $2.5B networth in public domain puts your $250m-$500m estimation to shame.

WhizdomXX:
Chidikalu thank you.

KunleMax:
Wait oh!! When you talked about the new kids on the block that would casually put the Ibrus to shame when it's a Matter of cash, na Jowi zaza you dey talk about? Oluwa oh 😂 😂. Jowi zaza and Ibru family in the same sentence, how nah? Omo see wetin Social media doings don cause oh. Dem no even born him papa.

Make I no too reason am...make I give you benefit of the doubt believe say na just Obaro & Jowi you dey strictly compare sha. Omo!!

ChidiKalu:
I totally agree Twitter Igbo vs Yoruba is a crazy affair.

ChidiKalu:
Lol. Bro Make we no turn this thread to tribal war abeg. We've seen enough on Twitter. Thank you.

LagosFirstSon:
Hmm!! You people have bad mouth Lmao

KunleMax:
[img][/img] Go watch Nenesi Ibru wedding videos make you see true wealth and class. You think say na about sponsoring and sleeping with Lagos IG baddies or to dey loud on social media we dey discuss here? mteew

No be only Jowizaza and captain Okunbor heir. Wetin be the level of the company/investment wey Dem and their papa dey control? Tell us wetin Dem get. Big bosses like Cletus Ibeto na Ibrus tenant for Apapa sef.

FYI We are discussing a certain "cadre" of wealth here. No be Jowizaza matter or him papa level.

KunleMax:
This na Oil & gas coy co-owned by a third generation Ibru (Chris). This is not part of the Ibru family conglomerate oh, na him personal business.

Oya tell us which bussiness Jowi zaza get or dey control wey dey make una dey always over hype am say him get funds. Their main bussiness na Nipco. How much revenue does Nipco make? We dey Apapa...we know people wey dey run Apapa.

Social fame & Doings no be wealth!!

FSBoperator:
The Ibru family from Ughelli, Delta state own Sheraton Hotel, Ikeja, Guardian Newspapers , Aerocontractors, several high brow business buildings and high rise in Lagos Island and VI. The family owns substantial jetty real estate in Apapa which served as their first fishing business jetties and cold room. The West Minister cold room and fish processing factory that ohus now occupy to sell their imported second hand cheap home appliances is owned by Ibru family.

The Ibru family is the only surviving family business dynasty in Nigeria. The only other family that comes close is the Dantata group which Dangote is descended from.

Okiete Ibo JuJu that is very common among Anambra business folk will not see wealth translate beyond the life of the one who mortgaged his soul to Ekwensu aka Satan does not come close to the real honest wealth of the Ibru family dynasty .

If the Patriarch Ibru was heebo we for no hear word.

Silent honest and humble billionaire family that has kept wealth in the loop because they do honest business.

Hedonisco:
Abeg make I laugh. Even some top level yahoo boys would dust his azz in that same Dubai.

Generally I don't need to mention some heavy names but trust me, 'ordinary' Jowi, Captain Okunbor's heir, and many more will run Obaro out of own.

ChidiKalu:
I came back to this comment cos I screenshoted and shared on my WhatsApp and the comments were absolutely hilarious.

Obaro Ibru have been balling since birth. Baba is now about 50 and still living la vida da loca in UAE - 5 decades and counting...

But you are mentioning Fraud boys that just came into money maybe 2-5yrs ago that also blow their "lick" fast and go broke within a short time? They should try ballin for atleast 3 decades consecutively let's see how "long" and "solid" their money are. How long has Jowi and Osahon Okunbor been on the conspicuous lifestyle scene? Lmao.

The Ibrus are generally quiet people. The most conspicuous/reckless Ibrus were Obaro & Tive Ibru alongside their squad which consisted of other wealthy kids like Paddy & Jide Adenuga. But these people are now past 40yrs, some of them are now even married with kids. That youthful exuberance and energy is no longer there. Even the Adenuga boys left the scene and went low-key. Are you saying they went quiet because the Adenuga family lacks liquidity today? Tive Ibru was even cut off from the family finances due to his irresponsible & reckless lifestyle (he's a druggie).



PS: Captain Hosa Okunbor left behind about 11 kids (most of them are young), Osahon Okunbor will have to do a lot of work taking care of those kids, he's 36 now, let's see if he can maintain the money he inherited for another ten years.

ChidiKalu:
I came back to this comment cos I screenshoted and shared on my WhatsApp and the comments were absolutely hilarious.

Obaro Ibru have been balling since birth. Baba is now about 50 and still living la vida da loca in UAE - 5 decades and counting...

But you are mentioning Fraud boys that just came into money maybe 2-5yrs ago that also blow their "lick" fast and go broke within a short time? They should try ballin for atleast 3 decades consecutively let's see how "long" and "solid" their money are. How long has Jowi and Osahon Okunbor been on the conspicuous lifestyle scene? Lmao.

FYI The Ibrus are generally quiet people. The most conspicuous/reckless Ibrus were Obaro & Tive Ibru alongside their squad which consisted of other wealthy kids like Paddy & Jide Adenuga. But these people are now past 40yrs, some of them are now even married with kids. That youthful exuberance and energy is no longer there. Even the Adenuga boys left the scene and went low-key. Are you saying they went quiet because the Adenuga family lacks liquidity today? Tive Ibru was even cut off from the family finances due to his irresponsible & reckless lifestyle (he's a druggie).



PS: Captain Hosa Okunbor left behind about 11 kids (most of them are young), Osahon Okunbor will have to do a lot of work taking care of those kids, he's 36 now, let's see if he can maintain the money he inherited for another ten years.

Hedonisco:
Haba. By the Ibrus I mean their kids na. How many first generation Ibrus are still alive? Is it Michael, Felix, or... Emm (what's his name) the one who owned Guardian and Sheraton?

So really. Who are the current "Ibrus"? Is it Oskar? Oboden? Obaro? Bet mind the smaller kiddos. They can't compete with the contemporary kids on the block.. Facts.

Hedonisco:
Even Tunde Folawiyo alone is wealthier than the Adelekes. But he is dead silent.

That said, it is ridiculous to say that the Ibrus are wealthier than Dangote. Not anywhere close to close. Forget old name. In fact, a lot of the new kids on the block with access to new money schemes (related or unrelated to government funds) would casually put the Ibrus to shame when it is a matter of cash. Even their previously conspicuously extravagant children (Obaro and Co) have been forced into hiding because they simply lack contemporary liquidity and can no longer compete!

KunleMax:
You just dey shout facts without facts, dey display ignorance. Olorogun Oskar is super wealthy and extremely liquid. Even some of your popular fave rich men dey twale & dobale. No dey zuzu...wetin you no Sabi no talk put. Thinking about it, It is Oskar's networth that should be put at an estimated $500m-$700m, not the FAMILY fortune. To quote "Channel 4", a reputable British media outlet - "Oskar Ibru is a billionaire whose wealth is akin to Aristotle Onassis".

Oboden dey oversee the Ibru family interest in Midwestern Oil & gas, he is currently CEO of the company. He's also a power & finance sector player.

E say na contemporary kids on the block!! No be only!! Name their companies and investments.

KunleMax:
If na Emmanuel Ibru you dey talk about (Osaze Odewingie's boss), then you dey correct. The man is "perhaps" the most prominent indigenous player in the Oil palm industry. Owns over 15k hectares of plantation in Nigeria. Na proper billionaire.


Cadidlady na you start this thread oh. Where you even dey sef?

KunleMax:
"alot of the new kids on the block with access to new money schemes (related or unrelated to govt funds) would casually put the Ibrus to shame when it is a matter of cash"? Nonsense talk!! Mteew

The Ibrus are invested in real estate, Agriculture, media, hospitality, aviation, education, Oil & Gas, shipping, banking, Port operations, etc. Even govt funds sef follow (Subsidy). The only relevant "new sector" I know they are not invested in currently is Telecoms.

How can you be more liquid (cash) than people who run daily port operations, receive shipping, terminal & jetty fees in dollars, plus commercial warehousing fees? They own arguably the biggest warehouse in Nigeria & the largest indigenous shipping fleet. A family that controls almost the entire coastline of tin can? Just dey play oh !!!

So no vex, name the "new money schemes" you dey talk about. Thank you.