The culture of accumulating wealth in Nigeria did not originate in the 21st century, nor was it even born in the 20th century.
Long before independence in 1960, Nigerians were already amassing fortunes through trade, enterprise, and innovation. These early titans of commerce laid the foundation for Nigeria’s modern economy long before oil wealth.
Their fortune was amassed through foresight, commerce, and unyielding diligence. They have earned the moniker of ‘old money,’ with their influence still evident. Beyond being mere figures in historical texts, they are immortalized within the enduring financial entities, sectors, and familial empires that mold Nigeria’s landscape even now. Below is the list:
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1. Candido Da Rocha (1860–1959)
Born in Brazil, Candido Da Rocha eventually moved back to Nigeria with his father. Leveraging opportunities in property development, hotels, and water supply businesses, he amassed considerable wealth. Known for his landmark residence called Casa d’Água (House of Water), which also functioned as a significant water distribution center serving portions of Lagos, Da Rocha expanded his interests further into real estate and hospitality sectors. Among his ventures were establishments such as The Restaurant Da Rocha, Bonanza Hotel, and Sierra Leone Deep Sea Fishing Industries Ltd.
Rocha was exceedingly wealthy and had the means to have his soiled garments laundered in the UK, a practice he maintained for several years. When discussing his magnanimity, his 90-year-old granddaughter, Mrs. Angelica Oyediran, spoke with SUNDAY PUNCH about it.
Individuals would approach him, tearfully seeking monetary aid; standing on the balcony, he would inquire about their required amount and toss the funds down to them.
2. Alhassan Dantata (1877–1955)
Dantata was a trader based in Kano and the paternal grandfather of
Aliko Dangote
Dantata stood out as a prominent figure in the trading of groundnuts and kola nuts throughout West Africa. In 1929, he notably stored an impressive amount equivalent to 20 loads carried by camels at the Bank of West Africa in silver coins. His business involved dealing with various goods such as groundnuts, kola nuts, livestock, clothing, beads, valuable gemstones, cereals, cords, and numerous other commodities across the area. At the time of his passing, he was widely recognized as the wealthiest individual in British-controlled Western Africa.
3. Timothy Odutola (1902–1995)
An entrepreneurial figure hailing from Ijebu-Ode, Odutola progressed from being a clerk to establishing himself as an influential industrialist. By the 1940s, he had amassed a substantial business conglomerate encompassing activities such as trading in cocoa and palm oil, operating a sawmill, managing a cattle ranch, and running multiple factories. His ventures extended further into rubber cultivation and tire production. Additionally, he established retail outlets across several cities within the Western Region, specializing in goods like damask fabrics and fish. Notably, he served as the inaugural president of the Manufacturers Association of Nigeria.
4. Sir Mobolaji Bank-Anthony (1907–1991)
Born in Lagos, this entrepreneur and humanitarian developed a multifaceted enterprise ranging from palm oil and patent medicine trade to importing high-end products and venturing into shipping. From 1923 to 1930, he served as a junior clerk at the Post and Telegraphs Department’s correspondence division. In 1931, he ventured into commerce, visiting Germany and England to learn about palm oil production techniques.
Following that, he established M. de Bank Brothers to trade in palm oil and patent medicine. He was one of the first Nigerians to chair a European company and held key positions in firms like Mobil Oil and Friesland Foods. He also had stakes in Aero Contractors and once owned a charter airline. He also imported watches, clocks and pens, at a point, becoming the third largest seller of fountain pens in Nigeria after UAC and the United Trading Company.
5. Sir Louis Odumegwu Ojukwu (1908–1966)
The father of Biafra’s warlord Chukwuemeka Odumegwu-Ojukwu, Louis became Nigeria’s very first documented billionaire. His commercial activities covered sectors such as transportation, textiles, cement production, banking, and international trade. He held the position of president at the African Continental Bank and was among the founders of the Nigerian Stock Exchange. Awarded knighthood by Queen Elizabeth II, he also possessed the Rolls-Royce that was utilized during her trip to Nigeria.
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6. Shafi Edu (1911–2002)
In 1965, TIME magazine dubbed him one of Nigeria’s wealthiest individuals. Alongside Talabi Braithwaite, Edu established the country’s inaugural native-owned insurance firm. Known for his astute investment skills, he owned stakes in major corporations such as Nigerian Breweries, BP, Bata, and Lever Brothers. By the age of 54, he had amassed a flotilla comprising eight oil tankers. Additionally, between 1954 and 1959, he served on the boards of directors for companies like Blackwood Hodge Nigeria, Haden Nigeria, Glaxo Nigeria, and the Federal Industrial Loans. Politically engaged, he represented Epe district in the Federal House of Representatives.
7. Sanusi Dantata (1919–1997)
As the successor to Alhassan Dantata, his father, Dantata bequeathed him an inheritance valued at more than $12,000, despite himself being quite affluent even before this legacy. The grandfather of Africa’s wealthiest individual today, Sanusi Dantata accumulated substantial wealth independently. During the 1960s, he held the position as one of Nigeria’s leading purchasers of peanuts under license. His commercial operations included a comprehensive trading framework with around 200 representatives along with a structured hierarchy comprising dealers and cultivators. Renowned for his generosity towards those less fortunate, records suggest that he allocated approximately £40,000 yearly toward charitable endeavors.
8. Emmanuel Akwiwu (1924-2011)
He possessed a firm with seventy vehicles dedicated to transporting oil platforms and materials for British Petroleum Ltd. From 1954 until 1964, he served as a member of Congress within the House of Representatives. Additionally, during his tenure, he held the position of deputy speaker in the Eastern Legislative Assembly. Born in Port Harcourt, which lies in the state now known as Rivers, Akwiwu pursued higher education at Cambridge University from 1945 through 1950. After returning home in 1951, he qualified as a lawyer. In the ’60s, he launched Akwiwu Motors. At the inception of the Nigerian Ports Authority in 1954, he joined their board.
9. Ade Tuyo
In 1902, he came into this world and later earned recognition as one of Nigeria’s leading bakers during the middle part of the 1960s; his achievements were acknowledged when he appeared on Time magazine’s roster of Nigerian millionaires in 1965. Although initially trained as an educator, Tuyo abandoned teaching to spend 24 years working at various institutions including the Nigerian Railway Corporation, the British Bank of West Africa, and the Ministry of Commerce before retiring in 1953.
Following his retirement, Mr. Ade Tuyo recognized an opportunity within the baking industry. His insight was encouraged by governmental backing for local businessmen. He successfully secured a loan from the Federal Loans Board and launched De Facto Works, which specialized in catering and baked goods. By 1969, he had become the leading provider of bakery services nationwide.
10. Talabi Braithwaite (1928–2011)
Although younger compared to many others on this list, Braithwaite co-established the African Alliance Insurance Company in 1960 and had already established himself as a prominent figure in Nigeria’s financial services industry prior to gaining independence. In 1951, he became the first African to successfully complete the examinations needed to be recognized as an associate of the Chartered Insurance Institute in London. From 1963 to 1966, he held the position of being the inaugural indigenous president of the Insurance Institute of Nigeria. Additionally, he was the founding president of the Nigerian Association ofInsuranceBrokers.
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