There Is Igbo Money And, Then There Is Nnewi Money

There is Igbo money and then there is Nnewi money, this is a mantra that is common when people are talking about the wealth of the Igbo men. 

The Igbo people of South East, Nigeria are known for their penchant in the world of business. Their business acumen is one that has been unrivaled for years amongst other tribes in Nigeria, hence, for every discussion about business and money, the Igbos leads the chart. 

1970, the end of the civil war, the Nigerian government passed an unfriendly policy stipulating that all bank accounts belonging to the people of Biafra be seized and 20 pounds given to every Igbo person that has an account. The policy not only rendered every Igbo person penniless, but their properties were also confiscated. 

It’s worthy of note that before the civil war, Igbos were already making giant strides in the world. Louis Odumegwu Ojukwu founded the Nigerian Stock Exchange, he was commonly referred to as the first black billionaire. He was not the only affluent Igbo man then, Imagine other people like him who had these before made to start life with just 20 pounds. 

Back to zero, with the formidable Igbo hustling spirit, these people started rebuilding from the scratch.

Fast forward to 2021, at the helm of almost every business in Nigeria is the Igbos. Somehow they have been able to grow 20 pounds to billions of naira. 

Today, the Igbos are known for their money, they are easily the richest tribe in Nigeria with the highest concentration of millionaires and billionaires. Home and abroad, Igbo people are excelling and raking in cash and they sure do not hesitate to flaunt it. The Igbos has billionaires like Linda Ikeji- one of the biggest blogs in Africa, Tony Elumelu- former Chairman of UBA, Jim Ovia-founder of Zinox technologies, Arthur Eze- runs Atlas Petroleum, Emeka Offor- oil and gas tycoon, and several others.

These individuals single-handedly take up community projects, setting up youths in their village. A few days ago, the media was agog with the news of Chief Joseph Ezeokafor donating 10 million naira for road construction in his hometown, Ekwulobia

The Igbo money is long but what about Nnewi money?

List Of 15 Billionaires Who Are From Africa And Their Net Worth

Home to the first black billionaire, Nnewi, in the southeastern state of Anambra, either by good fortune or hard work, has bred more naira billionaires than any other town in Nigeria, and possibly Africa. Nicknamed the Japan of Africa, Nnewi is famous as a hub for automobile spare part dealers, and most recently, Innoson, Nigeria’s first indigenous car assembly plant. The town is also known for its factories that manufacture household goods and is home to the biggest road transport companies in the country. Nnewi, with a little over two million residents, is a 30-minute drive from the Onitsha – the biggest outdoor market in West Africa – on the banks of the Niger River.

Nnewi has a concentration of billionaires that cannot be compared to other towns. Billionaires like:
Cletus Ibeto

Cosmos Maduka 

Innocent Chukwuma

Gabriel Chukwuma

Alexander Chika Okafor 

Augustine Ilodibe

Ifeanyi Ubah 

Obiajulu Uzodike 

Louis Onwugbenu

These are just a few amongst many billionaires in this small town, their secret of wealth is one that has been called into question many times. But whatever the Nnewi people are doing, they are surely getting it right.