Before Dangote, There Was Ojukwu: The story Of Nigeria’s First Billionaire

By - LCR 16 April 2025 Comments (0) 4 Mins Read

Sir Louis Odumegwu Ojukwu arrived in Lagos in 1929 with nothing and he became Nigeria’s first billionaire by 1960.

According to Forbes, shortly before Nigeria’s independence in 1960, Louis Odumegwu Ojukwu, was reportedly Nigeria’s first billionaire.

Sir Louis Odumegwu Ojukwu arrived in Lagos in 1929 with nothing but ambition and he rose to become Nigeria’s first billionaire by the time of its independence in 1960. He was known as the richest man in Nigeria during the pre-independence era, amassing wealth that rivalled global elites.

His Humble Beginnings

Ojukwu was born in 1909 in Nnewi, Anambra State. He was the only son in a modest household. After completing his primary education in Asaba and secondary education at Hope Waddell Training Institute in Calabar, he moved to Lagos in 1929 and began his career as a tyre sales clerk at John Holt.

A Serial Entrepreneur

When he noticed Igbo traders buying textiles alongside tyres, it prompted him to open Ojukwu Stores in Onitsha, marking his entry into entrepreneurship. By 1930, Louis expanded into transportation, purchasing a second-hand truck to move his goods, thus founding Ojukwu Transport Company.

His fleet grew rapidly, and by the late 1930s, he had built a powerful fleet and became a major transporter across Nigeria’s East-West road. By the 1950s, Ojukwu’s transport business had expanded to include over 200 trucks, making it one of the largest fleets in West Africa at the time due to post-war demand for West African raw materials.

Transportation was just the beginning. Ojukwu ventured into:

Textile trading (Ojukwu Textiles)
Cement business
Stockfish imports (he pioneered this in Nigeria)
Real estate

He was also a founding figure in Nigeria’s financial sector, becoming the first president of the Nigerian Stock Exchange in 1960 and serving as the president of the African Continental Bank. He sat on the boards of Shell Oil Nigeria, Guinness Nigeria, Nigerian Cement Factory, Nigerian National Shipping Line, Nigerian Coal Corporation, Costain West Africa, and many more.

In 1960, his support for the British during World War II which he did by lending his trucks earned him a Knighthood of the British Empire (KBE).

His Wealth

By the time Nigeria gained independence, Ojukwu’s wealth was staggering. Estimates place his fortune at $4 billion to $40 billion in today’s value. Sources like Wikipedia suggest $4 billion, while others like Forbes Africa propose $40 billion, factoring in compound interest or broader asset valuation.

He was:

The first President of the Nigerian Stock Exchange
President, African Continental Bank
Chairman, Nigerian Cement Company (NIGERCEM)
CEO, Ojukwu Transport Company with over 5000 fleet of trucks
Chairman, Nigerian National Shipping Line with over 100 ships and vessels
Chairman, Lion Of Africa Insurance Company
Chairman, BISCO Nigeria Limited
Chairman, Nigerian Industrial Development Bank was founded to specifically give loans to industries
Vice President, Lagos Chamber Of Commerce
Chairman, Palmline Shipping company
Chairman, Nigerian Produce Marketing Board
Chairman, Eastern Nigerian Development Corporation
Chairman, Costain West Africa
Director, Shell D’Arcy Petroleum
Director, Thomas Wyatt & Son
Director, Nigerian Coal Corporation
Director, Guinness Nigeria Limited
Director, Nigerian Tobacco Company
Director, Daily Times of Nigeria

His fleet reportedly included:

Over 5,000 trucks
More than 100 ships
Properties and stock portfolios across sectors

One of the most iconic symbols of his status was his Rolls-Royce Silver Wraith, which was used to chauffeur Queen Elizabeth II during her visit to Nigeria in 1956.

Ojukwu was not just a businessman, he was a mentor. Some of Sir Ojukwu’s early drivers such as Chief Ilodibe (Ekene Dili Chukwu) and Chief Izuchukwu (Izuchukwu Transport) would later become Transport moguls themselves. His generosity also helped build Nnewi into an entrepreneurial hub, now referred to as the “Japan of Africa” for its manufacturing strength.

Sir Louis Odumegwu Ojukwu passed away in 1966 in Nkalagu, Ebonyi State, just a year before the Nigerian Civil War. Despite his early passing at 57, Ojukwu’s legacy continues. He remains a symbol of Igbo entrepreneurship, African excellence, and generational wealth. His son, Chukwuemeka Odumegwu Ojukwu, (also deceased) would go on to lead the secessionist state of Biafra during the war.

Credit: Culled From Pulse