10 OG Billionaires Who Were Rich Before Nigeria Was Born

When people talk about Nigerian billionaires, names like Dangote and Otedola come up fast. But long before oil money and Instagram lifestyles, there were Nigerians who had already cracked the wealth code. 

These were the true OGs,  traders, risk-takers, and visionaries who built massive fortunes before Nigeria even gained independence in 1960.

They didn’t wait for foreign aid or oil booms. They made things happen with cocoa, palm oil, groundnuts, shipping, transport, and pure hustle. Their stories remind us that Nigeria’s history with wealth and enterprise runs deep and it didn’t begin with crude oil.

Here are some of the real old money pioneers who got rich before Nigeria became a republic:

Candido Da Rocha (1860–1959)

As a Lagos legend businessman and landlord, Da Rocha was a big name in hospitality and water distribution. His iconic home, “Water House,” wasn’t just a mansion, it was also a water depot that served parts of Lagos. 

He ran hotels, restaurants, and even a fishing business. He was so wealthy, he literally sent his laundry to the UK. That’s how soft his life was. But beyond the luxury, he was known for giving out money to strangers from his balcony cash gifts with no long story.

Alhassan Dantata (1877–1955)

Long before Dangote, there was Dantata, his grandfather. He was the king of groundnut and kola nut trade across West Africa. This Kano merchant famously rolled into the Bank of West Africa in 1929 with camel-loads of silver coins. 

He built a massive trade network, dealing in everything from cattle to cloth to beads. When he died, he was said to be the richest man in British West Africa.

Timothy Odutola (1902–1995)

Odutola started off as a clerk but didn’t stay small for long. He climbed the ladder and built an empire that touched cocoa, palm oil, sawmills, cattle ranching, and rubber production. He even dabbled in tire manufacturing. Odutola also helped shape the country’s industrial future and was the first president of the Manufacturers Association of Nigeria.

Sir Mobolaji Bank-Anthony (1907–1991)

From selling palm oil to importing fancy pens, watches, and luxury items, Mobolaji was all over the place. He turned hustle into high-class wealth. He also had major stakes in big companies like Mobil Oil and Friesland Foods, and even owned a charter airline. The man was a certified baller and a respected philanthropist.

Sir Louis Odumegwu Ojukwu (1908–1966)

This was Nigeria’s first official billionaire. Ojukwu made his name in transport and expanded into textiles, banking, cement, and more. He was the founding president of the Nigerian Stock Exchange and led African Continental Bank. And yes, that Rolls-Royce Queen Elizabeth rode in during her Nigeria visit? It belonged to him.

Shafi Edu (1911–2002)

Edu was a beast in business and politics. TIME magazine once called him one of Nigeria’s wealthiest men. He co-founded Nigeria’s first indigenous insurance company and invested in everything from breweries to oil tankers. His boardroom presence stretched across some of the biggest companies of the era. All this before most Nigerians even had access to radio.

Sanusi Dantata (1919–1997)

He inherited wealth from his father Alhassan Dantata but didn’t just relax on that. Sanusi built his own trade empire, especially in groundnuts. In the 1960s, he was the largest licensed groundnut buyer in Nigeria, running a powerful network of over 200 agents. And he gave generously — spending thousands of pounds every year on charity.

Emmanuel Akwiwu (1924–2011)

Akwiwu wore many hats lawyer, businessman, politician. But his major claim to wealth came from Akwiwu Motors, a company that managed fleets for big players like British Petroleum. He was also one of the earliest Nigerian lawmakers and served on the board of the Nigerian Ports Authority. Born in Port Harcourt, educated in Cambridge, this man had international class with local impact.

Ade Tuyo (1902–?)

Mr. Tuyo saw bread where others saw crumbs. After working for decades in the railways and civil service, he launched De Facto Works, a bakery and catering company. It quickly became Nigeria’s biggest bakery operation by 1969. His success even caught the eye of TIME magazine, which featured him among Nigeria’s top millionaires of the time.

Talabi Braithwaite (1928–2011)

Braithwaite was a pioneer in Nigeria’s insurance industry. He became the first African associate of the Chartered Insurance Institute in London and went on to co-found African Alliance Insurance in 1960. Even before independence, he was already shaking up the finance scene.