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BONA NAIJA – PEOPLE, EVENTS & URBAN TRENDS

BONA NAIJA – PEOPLE, EVENTS & URBAN TRENDS

The Small Town Of The Super Rich 

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Feature

The Small Town Of The Super Rich 

Published

8 years ago

on

August 11, 2017

By

Bona Naija
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The small Nigerian town of Nnewi has more naira billionaires per capita than anywhere else in the country.

Shortly before Nigeria’s independence in 1960, Louis Odumegwu Ojukwu, reportedly Nigeria’s first black billionaire, and founding president of the Nigerian Stock Exchange, was knighted by Queen Elizabeth II. The royal honor came after he helped the British during World War II with his fleet of trucks. He was so wealthy that during the Queen’s visit in 1956, she was chauffeured around in his Rolls-Royce – apparently the only one in the country at the time – on the request of the colonial administration.

Profiled in September 1965 by TIMEmagazine, Ojukwu made his money by importing dried fish for resale, and diversifying into textiles, cement and transport. When he died a year later, his wealth was an estimated $4 billion in today’s economic value.

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His son, Chukwuemeka, who also ended up a billionaire, returned from Oxford University at 22 with a master’s degree in history and led his fellow Igbos into the Nigerian civil war as head of the secessionist state of Biafra in 1967.

Their hometown 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. The Igbos, who sometimes refer to themselves as the ‘Jews of Africa’, have entrepreneurship in their blood. They have built themselves from the ground up, with little help from the government, after a controversial policy left them all with 20 pounds each, regardless of their bank balance, at the end of the Nigerian civil war in 1970.

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.

These are 10 of the most prominent naira billionaires from Nnewi, in no particular order:

  • Cletus Ibeto: The Ibeto Group has been described as the largest industrial enterprise in southeast Nigeria. Starting out as an apprentice to an already established auto spare parts dealer, Ibeto eventually branched out on his own and effectively ended importation of lead acid car batteries in Nigeria in the late 80s. The result is a conglomerate dealing in hospitality, motor products, real estate, petrochemicals, agriculture and cement.

 

  • Cosmas Maduka: One of the country’s foremost car dealerships, Coscharis Group, is the brainchild of a man who lost his father at four and had to drop out of school to sell bean cakes, a popular food staple. His company, one of the largest car dealerships in Nigeria that deals with BMW, Jaguar, Range Rover and Rolls-Royce, has diversified into agriculture.

 

  • Innocent Chukwuma: Another school dropout, he is the founder of Innoson Nigeria Limited which produces sport utility vehicles, commercial buses and passenger cars at the first indigenous assembly plant in Nigeria. The company has factories in Nnewi and Enugu and has the governments of Anambra and Enugu states, as well as a few federal agencies, among its customers.

 

  • Gabriel Chukwuma: The elder brother of Innoson, Gabriel is invested in sports, real estate and hospitality. As chairman of Gabros International Football Club, he oversaw its rise into the Nigerian Premier League and partnership with English side, West Ham FC before selling to fellow Nnewi entrepreneur, Ifeanyi Ubah. He began business as a patent medicine dealer.

 

  • Alexander Chika Okafor:Chicason Industries, and one of its products – A-Z Petroleum, are household names in Nigeria. The conglomerate has made significant inroads in the mining, manufacturing, and real estate in Nigeria and Sierra Leone. Okafor, its founder and chairman, was named in 2011 by the Senate as one of the beneficiaries of the subsidy fraud under the Goodluck Jonathan administration, pocketing as much as N18 billion ($54 million).

 

  • Augustine Ilodibe: An orphan and mass server in the Catholic church, young Ilodibe was gifted £35 by one of the priests and he initially invested in motor spare parts trading. By the sixties, he pioneered the interstate luxury bus transport service; for years, he was the sole importer of these buses. After helping organize vehicles for the Biafran side during the civil war, he established the hugely popular Ekene Dili Chukwu Transport, his main cash cow and later diversified into brewery and agriculture.

 

  • Ifeanyi Ubah: The flamboyant businessman funded parts of the Goodluck Jonathan campaign ahead of the 2015 presidential polls and unsuccessfully ran for the governorship of his home state, Anambra, in 2014. His wealth comes from investments in oil and gas, as well as exportation of motor spare parts and, recently, from sales of football players. In June 2015, Ubah – described by one Nigerian newspaper as ‘the new sugar daddy of Nigerian football’ – completed the purchase of Gabros FC for N500 million and renamed it Ifeanyi Ubah FC.

 

  • Louis Onwugbenu: The head honcho of Louis Carter Industries dropped out of school in 1967 when the Nigerian civil war broke out. He got his nickname from weekly trips to Lagos to sell motor spare parts under the popular Carter Bridge in the city. His reinvested profits allowed him to diversify into manufacturing car batteries and pipe fittings, agriculture, food processing, real estate and, by the age of 30, he was already a naira multimillionaire. The headquarters of his conglomerate sits in the Carter Industrial Estate, spanning many acres in Nnewi.

 

  • Obiajulu Uzodike: Nigeria is one of the foremost cable producers in the world due to many indigenous manufacturers across the southeast. One of the top cable companies is Cutix Nigeria, whose founder, Obiajulu Uzodike, cut his teeth in the business as a staff at a US-based aircraft and military wires and accessories company. By 1982, the Harvard Business School alumna and civil war veteran set up Cutix with N400,000 ($1,200), nurturing it to eventually become the first indigenous firm in the southeast to be listed on the Nigerian Stock Exchange.

-Written by Eromo Egbejule


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Feature

Ex-Oyo Governor Ladoja Installed as 44th Olubadan of Ibadan

Published

4 weeks ago

on

September 26, 2025

By

BONA NAIJA
The 44th Olubadan of Ibadanland, His Imperial Majesty Oba Rashidi Adewolu Ladoja.
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The odyssey of Senator Rashidi Adewolu Ladoja to the ancestral throne of Ibadan is not only historic but profoundly political, laced with trials and triumphs.

THE NEW OLUBADAN OF IBADANLAND, OBA RASHIDI ADEWOLU LADOJA
THE NEW OLUBADAN OF IBADANLAND, OBA RASHIDI ADEWOLU LADOJA

History often unfolds slowly, like a scroll revealing one line at a time. In Ibadan, a city steeped in tradition and resilience, history has once again taken a defining turn.

Oba Rashidi Adewolu Ladoja, former governor of Oyo State, businessman, politician, and activist, is now preparing to ascend the exalted throne as the 44th Olubadan of Ibadanland.

FIRS

His decades-long journey, filled with trials, victories, and service, tells a compelling story of destiny, courage, and legacy. From political powerhouses to royal lineage, from boardrooms to the battlefields of democracy, Ladoja’s life blends tradition with transformation. His ascension is not only personal fulfilment but also a cultural and historical moment for Ibadanland.

Indeed, his coronation stands as a milestone, a testament to resilience, faith, and destiny fulfilled. On September 26, 2025, Oba Ladoja will be crowned the 44th Olubadan of Ibadanland, closing a circle that began 34 years ago when he became Mogaji of his family compound in Isale-Osi. But this is no ordinary coronation; it is the culmination of a saga defined by ambition, resistance, exile, betrayal, resilience, and ultimately, triumph.

Road to Royalty: From Mogaji to Monarch

It began in 1991 when Rashidi Ladoja became Mogaji (family head) of the Arusa compound in Isale Osi, a deeply rooted quarter in Ibadan South-West Local Government Area. That symbolic beginning marked the first step on Ibadan’s rigorous 36-step chieftaincy ladder, reserved for those destined to wear the revered crown.

The Ibadan succession system is unique among Yoruba kingdoms. Unlike other traditional stools where royal families are narrowed to specific lineages, the Olubadan system is remarkably open and transparent. Two lines of succession, the civil (Otun) and the military (Balogun), run concurrently, and candidates rise step by step until the next in line becomes Olubadan. It is an orderly system that rewards longevity, patience, and service, making the throne one of the most respected in Yorubaland.

On October 1, 1993, Ladoja was installed as Jagun Balogun Olubadan, formally entering the military line of succession. Over the next 31 years, he advanced steadily, surviving political turbulence, personal setbacks, and traditional disputes. Few endure the politically charged and physically demanding journey to the top, but Senator Ladoja did — with grit, patience, and determination.

“I never imagined destiny would call me to the throne at this time. It’s been one of patience, perseverance, and grace,” Oba Ladoja told a gathering at his Bodija residence after his official nomination.

Political Elite Meets Royal Heritage

In a city of warriors and statesmen, Oba Ladoja is the first former governor and senator to become Olubadan.

Trained as a chemical engineer in Belgium, he made his mark in oil, shipping, banking, agriculture, and transport before rising as a political force.

During the short-lived Third Republic, he was elected senator on the platform of the defunct Social Democratic Party (SDP). In 2003, he defeated incumbent Lam Adesina to become Governor of Oyo State on the platform of the Peoples Democratic Party (PDP).

Two years later, he was impeached in what many described as a conspiracy driven by then-President Olusegun Obasanjo and political strongman, Lamidi Adedibu. His reinstatement by the Supreme Court after 11 months in exile was more than a legal victory — it was a political resurrection. It cemented his reputation as “the indomitable warrior”, a man political opponents could not erase or ignore.

That resilience, combined with patient navigation of Ibadan’s chieftaincy system, has now borne fruit.

“It has been a bumpy journey filled with trials, but only made possible by the grace of God,” he told jubilant supporters.

Defiance and Reconciliation

Ladoja’s political career was often defined by principles that put him at odds with powerful figures.

In 2018, when then-Governor Abiola Ajimobi crowned Ibadan High Chiefs as kings, Ladoja stood alone in defiance. He rejected what he called a “carton-paper-made” beaded crown, declaring that the only crown worthy of him was the Olubadan’s. His refusal sparked years of political and legal confrontation.

“Why should I wear a crown not recognised by tradition?” he asked. “The throne is not for the desperate.”

Yet, in August 2024, in a radio interview, he softened his stance, saying unity was more important than pride: “The voice of the people is the voice of God. I am ready to accept the beaded crown if it will bring peace and allow me to serve the people of Ibadan.”

That statement shifted the atmosphere. His colleagues in the Olubadan-in-Council rallied behind him, and he was soon unanimously nominated and approved by Governor Seyi Makinde as the 44th Olubadan.

Unlike his clashes with Ajimobi, Ladoja’s relationship with Governor Makinde has been cordial and strategic. Makinde’s prompt approval of his nomination reflected a convergence of political and traditional power, a necessity in Oyo State where the Olubadan stool carries both cultural influence and political weight.

The Crown and the City

Ibadan is no ordinary city. It is the largest traditional Yoruba urban centre and the historic political capital of the old Western Region. The Olubadan, though largely symbolic, wields influence over millions.

For Oba Ladoja, this reign is not ceremonial. It is an opportunity to redefine the stool, blending cultural authority with political wisdom.

“I pray that my reign shall bring peace, prosperity, and progress to Ibadanland,” he said, calling for unity.

Expectations are high. From Oke Aremo to Abuja, all eyes are on him to redefine the modern monarch’s role not just custodian of rituals, but guardian of peace, diplomacy, and security. He has already urged coordinated efforts to secure Ibadan and Yorubaland amid rising insecurity.

The coronation of Oba Ladoja is more than a local event; it is a national stage. Expected guests include President Bola Tinubu, former Vice President Atiku Abubakar, Senator Rabiu Kwankwaso, former governors, business moguls, activists, and traditional rulers across Yorubaland and beyond.

Their presence underlines the symbolic place of Ibadan in Yoruba and Nigerian politics.

Activism, Sacrifice, and Legacy

Ladoja’s story is not just about royalty; it is about activism and identity. As a NADECO stalwart, he stood against military rule in the 1990s, supporting the pro-democracy struggle after the annulment of the June 12 election.

Chief Adeniyi Akintola (SAN) recalls: “We used his ships for NADECO’s activities after the Senate was dissolved. His businesses were seriously affected — he had a shipping line and the largest palm plantation in West Africa then.”

As governor, he challenged a sitting president. As High Chief, he resisted compromising tradition. As a businessman, he sacrificed fortune for democracy. Now, as Olubadan, he embodies the fusion of political power and cultural authority.

To former Nigerian Ambassador, Dr. Yemi Farounbi, “Ibadan is the intellectual capital of Nigeria. It provided security for the Yoruba in times of war. Peace must return, and the Olubadan must lead it.”

Professor Tunde Adeniran, a former minister, added: “He comes with experience and expansive networks. Expectations are high. We must rally around him.”

For younger Ibadan residents, his ascension represents continuity and hope. “We grew up hearing about his struggles as governor and his fight for justice,” said Akeem Alabi, a postgraduate student at the University of Ibadan. “Now he is our king. We expect him to stand for the people, just as he did in politics.”

The Crown After the Storm

For many, the crowning of Oba Rashidi Ladoja is poetic justice, a fitting epilogue to a life of battles in politics, business, and tradition.

From Mogaji in 1991 to Olubadan in 2025, from impeachment to reinstatement, from defiance to reconciliation, he now wears the crown not as a reward but as a responsibility.

The royal father is no longer just the “cat with nine lives”; he is the king whose destiny has come full circle.

Governor Seyi Makinde has expressed readiness to work seamlessly with Oba Ladoja towards the development of Ibadan city, describing the new monarch as an exemplary leader whose wealth of experience in politics, business, and community service will enrich the Olubadan stool.

Makinde recalled that his own political journey could not be written without Ladoja’s role, stressing that: “Baba remains a father figure whose guidance has shaped many of us. I hold him in high esteem, and I believe Ibadan and Oyo State will benefit from his reign as Olubadan.”

As Ibadan embraces this new chapter, the coronation of Oba Rashidi Adewolu Ladoja stands as both history and prophecy fulfilled a story of destiny, resilience, and triumph, written across the canvas of politics, tradition, and legacy.

CULLED FROM THE GUARDIAN


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𝗜𝗻𝘁𝗹. 𝗗𝗮𝘆 𝗼𝗳 𝗣𝗲𝗮𝗰𝗲: 𝗛𝗼𝗻. 𝗢𝘁𝘂𝗼’𝘀 “𝗡𝗼 𝗗𝗶𝘀𝗰𝗿𝗶𝗺𝗶𝗻𝗮𝘁𝗶𝗼𝗻 𝗣𝗼𝗹𝗶𝗰𝘆” 𝗮 𝗣𝗮𝘁𝗵𝘄𝗮𝘆 𝘁𝗼 𝗣𝗲𝗮𝗰𝗲𝗳𝘂𝗹 𝗔𝗻𝗱𝗼𝗻𝗶

Published

1 month ago

on

September 22, 2025

By

Bona Naija
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By Ima-owaji G. Shedrack

As the world commemorates the International Day of Peace, attention has once again shifted to the bold and inclusive policies of the Chairman of Andoni Local Government Area, Hon. Promise Lucky Otuo, whose leadership style has been described as a model for peacebuilding and sustainable development.

Since assuming office, Hon. Otuo has consistently emphasized that his government is a “no discrimination government,” a philosophy set to guide his policies and programs across the council.

FIRS

In a remarkable demonstration of this principle, the Chairman extended empowerment opportunities not only to indigenes but also to non-indigenes residing and trading in Andoni. This inclusive approach, observers say, has deepened trust, fostered unity, and reduced the tensions that often arise from feelings of neglect or inequality.

Mr. Ima-owaji G. Shedrack, a stakeholder in the Renewed Hope family, applauded the initiative, noting that Hon. Otuo has shown that peace is not just about preventing conflict but also a conscious steps in building an environment where fairness and inclusiveness are at the center of governance.

“As Andoni joins the world to mark the International Day of Peace, Hon. Lucky Otuo’s leadership style that is anchored on ‘no discrimination’ is built to offer a clear roadmap, where peace is not only preached but practiced through deliberate policies of fairness and equal opportunity.”

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Feature

Eid-ul-Mawlid: Uphold Hon. Lucky Otuo in your prayers, Ima-owaji Shedrack Urges non indigenes in ANOLGA

Published

2 months ago

on

September 5, 2025

By

Bona Naija
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A stakeholder in Andoni Local Government Area of Rivers State, Ima-owaji Shedrack, has called on Muslim faithful in the area to remember the Chairman of Andoni LGA, Hon. Lucky Promise Otuo, in their prayers as they celebrate Eid-ul-Mawlid, the commemoration of the birth of Prophet Muhammad (SAW).

Speaking on Friday during the nationwide celebration, Ima-owaji stressed the importance of continuous prayers for leaders at all levels, describing Hon. Lucky Otuo’s administration as one that transcends sentiments, tribal lines, and religious differences.

“The government of Hon. Lucky Otuo is one beyond discrimination. Both indigenes and non-indigenes are carried along. This is why I urge our Muslim brothers and sisters to use this sacred celebration to pray for him and for the peace, progress, and prosperity of Andoni LGA,” Ima-owaji said.

He further noted that the Eid-ul-Mawlid celebration provides Muslims with another opportunity to renew their commitment to unity and inclusiveness, while also offering prayers for leaders who are steering the affairs of the people with sincerity.

FIRS

Ima-owaji urged residents of Andoni, regardless of religion or origin, to embrace peace and support the development agenda of Hon. Otuo’s administration, which he said is focused on progress and inclusivity.

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Feature

What to Know About CBN’s New Geo-Tagging Requirement for POS Terminals

Published

2 months ago

on

August 28, 2025

By

BONA NAIJA
pos machine
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The Central Bank of Nigeria (CBN) has issued a new directive requiring all Point of Sale (POS) terminals to be geo-tagged within the next 60 days, a move designed to curb fraud, enhance oversight, and modernize Nigeria’s digital payment ecosystem.

According to a circular released on August 26, 2025, any terminal not geo-tagged will be deactivated from October 20, 2025.

“This initiative is designed to ensure that all PoS terminals are traceable and that transactions are secure. Terminals operating outside their registered location will be flagged, and non-compliant devices will be deactivated,” the CBN stated.

Here’s a breakdown of what the policy means for operators, agents, merchants, and customers.

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What Geo-Tagging Means

Geo-tagging is the process of embedding location data, such as latitude and longitude, into a digital device.
For POS terminals, this means linking each machine to its exact physical address using GPS technology, creating a traceable digital footprint that makes every device verifiable and harder to misuse.

The CBN’s Key Requirements

  1. Geolocation Features
    All POS devices must have GPS and dual-frequency receivers for accurate location tracking.
  2. Real-Time Location Transmission
    Terminals must capture and transmit their exact location at the start of every transaction.
  3. Geofencing
    Each POS terminal will be restricted to a 10-metre radius around its registered location. Transactions outside this zone will be flagged for investigation.
  4. Registration
    Licensed banks and fintechs—such as Moniepoint, OPay, PalmPay, and others—must register each device with exact merchant coordinates through a payment aggregator.
  5. New Devices
    No new terminal will be certified or activated without geo-tagging.

Why Geo-Tagging Matters

  • Crackdown on Fraudulent Terminals
    Geo-tagging eliminates “ghost” or cloned devices and reduces card fraud, unauthorized withdrawals, and misuse of mobile POS machines. It also disrupts ransom collections and terrorism financing through untraceable transactions.
  • Better Oversight and Transparency
    Regulators gain real-time visibility of nationwide transactions, improving fraud detection and aiding financial inclusion strategies by identifying underserved areas.
  • Boosting Consumer Trust
    Customers gain stronger protection knowing every POS is tied to a verified address, building confidence in digital payments.

Impact on Stakeholders

  • Banks & Fintechs
    Institutions face the challenge of upgrading thousands of terminals and registering them within 60 days, requiring both funding and logistics.
  • POS Agents & Merchants
    Operators must work strictly within 10 metres of their registered business location, potentially disrupting mobile POS services that move around to serve customers.
  • Customers
    Shoppers stand to benefit most, with safer and more transparent transactions in Nigeria’s payment system.

Conclusion

The CBN’s geo-tagging directive is one of the most sweeping reforms in Nigeria’s digital payments landscape. While it presents operational hurdles for banks, fintechs, and agents, it promises stronger security, fraud reduction, and renewed consumer trust in the long run.

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Feature

Goodluck Nwaneri Pays Condolence Visit To The APC National Chairman

Published

2 months ago

on

August 21, 2025

By

Bona Naija
Goodluck Nwaneri Pays Condolence Visit To The APC National Chairman
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Chief Goodluck Nwaneri, a Director city boy movement, has paid a condolence visit to the APC National Chairman, Prof. Nentawe Yilwatda, at his residence in Abuja, following the passing of his beloved mother, late Mrs. Lydia Toma Yilwatda.

During the visit, Chief Nwaneri expressed his deep sympathy to Prof. Nentawe and the entire Yilwatda family, describing the death of a mother as a painful and irreplaceable loss. He noted that the late Mrs. Lydia Toma Yilwatda lived an exemplary life of faith, humility, and service, evident in the leadership qualities and values instilled in her children.

Chief Nwaneri prayed for the peaceful repose of her soul and asked God to grant the APC National Chairman and his family the strength and fortitude to bear the painful loss. He also encouraged them to find comfort in the enduring legacy their mother left behind.

He further reaffirmed his solidarity with Prof. Nentawe in this moment of grief, while urging the family to remain strong and united in honoring the life and memory of their departed matriarch.

FIRS

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