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From fish to fortune: The untold story of Nigeria’s first billionaire, Louis Odumegwu Ojukwu
Within a decade, he rose from a tyre sales clerk to one of Nigeria's wealthiest individuals.
The Nnewi indigene, who suffered before success, shocked Nigeria's business world. Photo Credit: Chimere Ukoha Iroha/Facebook
Nigeria’s first billionaire, Louis Odumegwu Ojukwu, was a pioneering entrepreneur whose wealth and influence reshaped the country’s economic landscape. Born in 1909 in Nnewi, his remarkable journey from a humble background to becoming a titan of industry highlights his ingenuity and entrepreneurial spirit.
Early Beginnings: From Nnewi to Lagos
After finishing his schooling at the Hope Waddell Training Institution in Calabar, Ojukwu travelled from Nnewi to Lagos in 1929, when he was 20. Within a decade, he rose from a tyre sales clerk to one of Nigeria’s wealthiest individuals.
Building an Empire: Diversification and innovation
Ojukwu’s business acumen led him to import dried fish for resale, which laid the foundation for his wealth. He quickly diversified into textiles, cement, and transportation, establishing prominent businesses like Ojukwu Transport, Ojukwu Stores, and Ojukwu Textiles.
Recognition and influence
His contributions during World War II, where he provided his fleet of trucks to aid the British, earned him a knighthood from Queen Elizabeth II. He was also honoured to chauffeur the Queen during her visit to Nigeria, being the only Nigerian at the time to own a Rolls-Royce.
Shaping Nigeria’s economy
Ojukwu’s financial prowess could be seen with how he played a significant role in shaping Nigeria’s financial sector. He was a founding president of the Nigerian Stock Exchange and co-authored a pivotal report advocating the investment of surplus funds from the produce marketing board into regional banks and public corporations to drive economic development.
Leadership and legacy
As president of the African Continental Bank, Ojukwu’s influence extended across various sectors, establishing hie influence in corporate Nigeria. He served on the boards of major companies, including Shell Oil Nigeria Limited, Guinness Nigeria Ltd., Nigerian National Shipping Lines, and many others.
The Ojukwu legacy continues
Ojukwu’s legacy extended through his son, Chukwuemeka, who led the secessionist state of Biafra during the Nigerian Civil War and also became a billionaire. Their hometown, Nnewi, now boasts a high concentration of billionaires and has become a hub for manufacturing and trade, known as the “Japan of Africa.”
The lasting impact of a business icon
Louis Odumegwu Ojukwu’s entrepreneurial journey from fish vendor to billionaire industrialist is a testament to his vision and resilience. His story not only highlights the potential for success in Nigeria but also underscores the importance of diversification, innovation, and strategic investments in building a lasting legacy.
Sir Louis Odumegwu Ojukwu, who died at age 57, was worth an estimated $4 billion (N1,645, 960,000,000) in today’s currency, according to Forbes Africa.
