10 richest men in colonial Nigeria who built business empires before 1960

• Some of Nigeria’s biggest fortunes were built before independence by entrepreneurs who dominated trade, agriculture, transport, and manufacturing.

• Men like Candido da Rocha, Alhassan Dantata, and Louis Ojukwu created business empires that influenced generations after them.

• Many colonial-era wealthy Nigerians invested part of their fortunes into education, healthcare, religion, and community development.

• Their stories show that Nigerian entrepreneurship and wealth creation existed long before the oil boom era.

Long before Nigeria became independent in 1960, some Nigerians were already building businesses, owning properties, controlling trade networks, and creating wealth that would still be talked about decades later.

At a time when colonial rule limited economic opportunities for many Africans, these men found ways to rise above the restrictions. They were merchants, industrialists, politicians, farmers, and investors who built empires from scratch.

Some became wealthy through cocoa, palm oil, transport, banking, construction, and manufacturing, while others used their influence to shape education, politics, and society.

Here are 10 of the richest men in colonial Nigeria who proved that Nigerian entrepreneurship did not start after independence.

Before many Nigerians knew cocoa would become one of the country’s biggest exports, James Pinson Labulo Davies was already experimenting with it.

Born in Sierra Leone to freed Yoruba parents, Davies trained with the Royal Navy before returning to Lagos, where he became one of the most respected merchants of his time.

Known as Captain J.P.L. Davies, he built his wealth through trading and farming. He later introduced cocoa cultivation to mainland West Africa after bringing cocoa seeds from Brazil and Fernando Po.

Beyond business, Davies invested heavily in education. In 1859, he contributed £50 to help establish CMS Grammar School, Nigeria’s first secondary school, and later donated another £100 toward its expansion.

He was also married to Sarah Forbes Bonetta, a Yoruba princess who became Queen Victoria’s protégée.

By the time he died in 1906, Davies had become one of colonial Lagos’ most influential figures.

Richard Beale Blaize was not just a wealthy businessman; he was also one of colonial Nigeria’s strongest voices for African representation.

Born in Freetown, Sierra Leone, Blaize moved to Lagos in 1862 and started building his business empire through import and export trading.

His success in commerce made him one of West Africa’s richest merchants. At the time of his death in 1904, he reportedly left behind an estate worth £60,000, which would be worth millions today.

But Blaize was not only interested in making money. In 1880, he founded The Lagos Times and Gold Coast Colony Advertiser, using the newspaper to campaign for education, self-government, and greater African participation in leadership.

He also invested in property and finance, becoming a major player in Lagos’ economic scene.

His influence was so strong that in 1901 he played a role in introducing Eshugbayi Eleko to Governor MacGregor before Eleko became the Oba of Lagos.

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Mohammed Shitta-Bey was one of colonial Nigeria’s richest merchants and a major figure in Lagos’ Muslim community.

Born to freed Yoruba parents in Sierra Leone, he later moved to Lagos and built a successful trading business dealing in palm oil, ivory, kola nuts, textiles, and other commodities.

His wealth allowed him to invest heavily in religious and community projects.

In 1891, he began building what became the famous Shitta-Bey Mosque in Lagos, a stunning Afro-Brazilian style structure that remains a historic landmark today.

The mosque, completed in 1894, reportedly cost between £3,000 and £7,000 to build.

During its opening ceremony, attended by colonial officials, traditional rulers, and prominent Nigerians, Shitta-Bey received the Ottoman Order of Medjidie and the title “Bey.”

He died in 1895, exactly one year after the mosque’s inauguration.

Candido João da Rocha is often remembered as Nigeria’s first millionaire.

Born in Brazil to a Yoruba family, he returned to Lagos and inherited his father’s wealth before expanding it into a much larger business empire.

His businesses covered real estate, hospitality, banking, fisheries, and water supply.

One of his most famous properties was the “Water House” on Kakawa Street, Lagos. The building had a private borehole and water fountain, making it one of the first homes in Lagos with such facilities.

He sold water to residents and even colonial authorities, turning a basic need into a profitable business.

Da Rocha was also known for his generosity. He once allowed students of King’s College to use his Bonanza Hotel during World War II and was famous for throwing coins from his balcony to children.

Among the Yoruba, the phrase “Do you think I’m Da Rocha?” became associated with spending money carelessly because of his reputation for generosity.

Alhassan Dantata became one of the wealthiest men in West Africa through smart trading and innovation.

Born into a family of traders in Kano, he started by selling kola nuts before expanding into groundnuts and other commodities.

By the 1920s, Dantata had become one of the biggest players in the groundnut trade, supplying major companies including the Royal Niger Company and United Africa Company.

He was responsible for the famous Kano groundnut pyramids, which became a symbol of Nigeria’s agricultural strength.

Dantata was also involved in cattle, textiles, real estate, and other businesses.

Beyond wealth, he was known for supporting his community. He funded Hajj trips, helped the poor, and gave interest-free loans to young entrepreneurs.

His business legacy continued through his descendants, including billionaire businessman Aliko Dangote.

Sir Louis Phillip Odumegwu Ojukwu is often described as Nigeria’s first billionaire.

When he arrived in Lagos from Nnewi in 1929, he reportedly had only a few pounds. But through business intelligence and determination, he built one of the biggest indigenous business empires of his time.

He founded Ojukwu Stores, Ojukwu Textiles, and Ojukwu Transport Company, which grew into a major logistics company with more than 200 trucks.

During World War II, his transport business supported British operations.

He later expanded into banking, shipping, insurance, cement, and real estate.

Ojukwu became the first President of the Nigerian Stock Exchange in 1960 and served on the boards of companies like Shell and Guinness.

He was also the father of Chukwuemeka Odumegwu Ojukwu, the leader of the former Republic of Biafra.

Chief Timothy Adeola Odutola was one of Nigeria’s earliest indigenous industrialists.

Starting his career as a clerk, he later entered business and built companies involved in transportation, agriculture, manufacturing, and mining.

By the 1940s and 1950s, he had expanded into saw milling, rubber production, gold mining, and tyre manufacturing.

His factories spread across cities including Ibadan, Kano, and Onitsha.

Odutola was also a strong believer in education. He founded Olu-Iwa College, later renamed Adeola Odutola College, and supported university development through donations.

In 1971, he became the first President of the Manufacturers Association of Nigeria.

He died in 1995 at the age of 92.

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Chief Shafi Lawal Edu built his fortune from transportation and oil services.

Born into a royal family in Epe, Lagos, Edu started as a ship chandler and timber trader before becoming a major businessman.

In the 1950s, he founded Slee Transport Ltd, which operated oil tankers and became a major contractor for British Petroleum.

A 1965 TIME magazine profile described him as: “Chief Shafi Lawal Edu, 54…has built a fleet of eight oil tankers.”

Edu also served on the boards of several major companies and became president of the Lagos Chamber of Commerce in 1963.

Later in life, he focused on environmental protection and founded the Nigerian Conservation Foundation in 1980.

Chief Salami Agbaje became one of Ibadan’s most successful businessmen during the colonial period.

Born in Lagos, he began as a tailor before moving into commerce.

When the Lagos-Ibadan railway was introduced in 1901, Agbaje saw an opportunity and supplied timber for its construction. He used the profits to expand into cocoa, palm kernel, and other agricultural exports.

He became the first person in Ibadan to own a car and one of the first to build a two-storey cement house.

His businesses included a private motor garage and cinema.

Although he faced opposition when he contested for the Olubadan throne in 1949, he remained one of Ibadan’s most respected figures.

His colonial-era mansion in Beere, Ibadan, still stands today.

Sir Mobolaji Bank-Anthony was one of Nigeria’s biggest businessmen in the years before and after independence.

Born in Belgian Congo in 1907, he started his career in the government service before entering business.

He first made money exporting palm oil and later became a major distributor of watches, clocks, and fountain pens.

He went on to lead several major companies, including Mobil Oil Nigeria, Aero Contractors, Law Union & Rock Insurance, and Borini Prono Construction.

Bank-Anthony also played a role in developing Nigeria’s financial sector as president of the Lagos Stock Exchange.

His philanthropy included donating the Ayinke Maternity House to Ikeja General Hospital and funding medical facilities.

He died in 1991 at the age of 83.