Africans
How Rich is Nnewi: Top 10 Richest Men in Nnewi.
Nnewi the second largest city in Anambra state is known to be the heart of motor spare parts commerce in Nigeria and west Africa and a lot of revenue is being generated from this city due to that.
This is a clear indication of the dedication, doggedness and business minds of Nnewi men and people residing in Nnewi.
So, it is no news that Nnewi as a city has arguably the most number of self-made, rich and wealthy men in billions. Nnewi has possibly bred more billionaires than any other town in Africa and is nicknamed the Japan of Africa.
The already established spare parts market was a great pedestal to the rise of many young men. While others were into other merchandise like transportations services, which is also a very lucrative business in the city. Others were into importation and exportation, food processing and production, Oil and gas etc.
One thing is common amongst all these great and rich men from Nnewi, they built from the scratch and their doggedness and industriousness is on another level.
These individuals have amassed their fortunes in various sectors and have made significant contributions to Nigeria’s economy.
Some of the Rich men from Nnewi in no order includes:
CHIEF INNOCENT CHUKWUMA (IFEDIASO NNEWI)- CEO INNOSON GROUP.
Chief Innocent Ifediaso Chukwuma CON (born 1 October 1961) is a Nigerian business magnate and investor. He is the founder and CEO of Innoson Vehicle Manufacturing, (IVM) Nigeria’s first indigenous automobile manufacturing company.
Innocent Chukwuma was born into the family of Chukwuma Mojekwu. He is the youngest child in a family of six (4 males and 2 females). His dad is Chukwuma Mojekwu he was a government worker, while his mum Martina Chukwuma was a stay at home mum. The family is from Uru Umudim, Nnewi.
Innocent Chukwuma, the founder and CEO of Innoson Vehicle Manufacturing (IVM), is a pioneer in Nigeria’s automobile industry. As the first indigenous car manufacturer in Nigeria, Chukwuma has built a multi-billion-naira empire with his company producing cars, buses, and trucks. IVM has received support from both the Nigerian government and private sector clients, making it a leader in the automotive industry.
Chukwuma’s wealth is not only a result of his business acumen but also his commitment to industrialization in Nigeria. His vision of reducing the country’s reliance on imported vehicles has positioned him as one of the most innovative entrepreneurs in Nigeria.
With his contributions to the automotive sector and broader economic landscape, Innocent Chukwuma’s net worth is estimated to be around $1 billion. His entrepreneurial achievements underscore his impact as a trailblazer in Nigerian business and industry, earning him recognition both domestically and internationally.
Recently IVM motors just unveiled Nigeria’s first locally manufactured Electric vehicle was produced and test driven by the company.
This hall mark achievement has turned their assembling plant into a tourist location with a bevy of fascinated people visiting, taking photos of activities daily.
MR. CLETUS IBETO (IBETO GROUP)
Cletus Ibeto, the founder of Ibeto Group, is another billionaire from Nnewi with vast interests in cement manufacturing, petrochemicals, and hospitality.
Cletus Madubugwu Ibeto (born November 6, 1952) is a Nigerian businessman from the industrial city of Nnewi. He is head of The Ibeto Group, the largest business enterprise from Nnewi, a city unique for its entrepreneurial spirit. In the early 1980s, when the oil crash and a controversial import licensing system was making a dent on the Nigerian manufacturing environment, Nnewi went through a growth period. The Ibeto Group under the Ibeto’s leadership was a pacesetter in the region and nation’s trading and later manufacturing development.
The Ibeto Group is one of the largest conglomerates in Nigeria, and its cement division plays a critical role in the country’s construction sector. Ibeto’s business interests also include oil trading, real estate, and hotels.
Ibeto’s wealth and influence extend beyond Nigeria, with his company engaging in export-import businesses across Africa and Asia. His contributions to Nigeria’s industrial growth and infrastructure development have earned him recognition as one of the country’s leading entrepreneurs.
MR. COSMAS MADUKA (COSCHARIS GROUP)
Cosmas Maduka CON (born December 24, 1958) is a Nigerian businessman and philanthropist, the founder, president, and chairman of the Coscharis Group.
Maduka, an Igbo Christian from Nnewi, Anambra State was born into the family of Mr. Peter and Mrs. Rose Maduka in the City of Jos. Maduka began his entrepreneurial journey at the age of six, two years after his father died. He dropped out of primary school and started hawking Akara, a popular Nigerian food staple made from beans to support his mother.
Coscharis Group is a conglomerate involved in several sectors including automotive, agriculture, and pharmaceuticals. Coscharis Motors, one of the subsidiaries, is a major player in Nigeria’s automobile industry, holding exclusive distribution rights for brands like BMW, Ford, and Land Rover in Nigeria.
SEN. DR. IFEANYI UBAH (EBUBECHUKWUZO NNEWI)
Ifeanyi Ubah, a prominent figure in Nigeria, is renowned for his multifaceted roles as a businessman, investor, entrepreneur, and philanthropist. He held ownership of the Nigerian football team, Ifeanyi Ubah F.C., showcasing his passion for sports. Moreover, Ubah served as the CEO and owner of Capital Oil and Gas Industries Limited, a leading player in Nigeria’s oil and gas sector.
Ubah’s journey to wealth began with humble beginnings, as he initially ventured into the sale of tire supplies and vehicle replacement parts. Through his entrepreneurial acumen and strategic investments, he has since built a thriving business empire. Capital Oil and Gas Industries Limited stands as a testament to his success in the energy sector, solidifying his position as a key player in Nigeria’s economic landscape.
In addition to his business pursuits, Ifeanyi Ubah was known for his philanthropic endeavors, contributing to various social causes and community development projects. His diverse interests and commitment to excellence have earned him widespread recognition and respect both within Nigeria and beyond.
Ifeanyi Ubah’s passion for the industry has been instrumental in expanding his business ventures beyond Nigeria’s borders. Leveraging his expertise and dedication, he successfully ventured into exporting tires from Nigeria to neighboring countries such as Ghana, Liberia, and Sierra Leone. This strategic expansion enabled him to tap into new markets and broaden the scope of his business operations.
Ubah was also a senator representing Anambra South Senatorial District, and his influence in politics has further bolstered his business interests.
Sadly he passed away recently, on the 27th of July 2024. People are yet to recover from the shock.
His outstanding contribution to job creation and infrastructure development in Anambra State, made him one of the most influential figures in the region.
CHIEF AUGUSTINE ILODIBE (EKENEDILICHUKWU MOTORS)
Chief Augustine Ilodibe, popularly known as Ekene Dili Chukwu, built his wealth through transportation and logistics. He was the founder of Ekene Dili Chukwu Transport, one of the largest and most reliable transport companies in Nigeria.
Augustine Ilodibe started his business when received a gift. One of the priests of the Catholic Church gave him 35 pounds. Augustine invested the money in spare parts trade. He was the first dealer in luxurious bus transportation in Nigeria. Mr. Ilodibe was the only importer of such buses for a long time. He founded Ekene Dili Chukwu Transport which had great popularity. Moreover, Mr. Ilodibe is also involved in brewing and agriculture.
While Ilodibe passed away in 2007, his legacy continues through his family, who have maintained the business and diversified into other sectors, including real estate.
Ilodibe was known for revolutionizing Nigeria’s transport industry by providing affordable and reliable long-distance bus services. His company helped connect various parts of Nigeria and created employment for thousands of people.
ENGR. GILBERT OBIAJULU UZODIKE (OZIUZO NNEWI)
Engr Gilbert Obiajulu Uzodike, founding Chairman/CEO of Cutix Plc was born on March 25, 1949, in Nnewi, Anambra state.
Founded in 1982 by Gilbert Obiajulu Uzodike, after returning from a stint with Raychem Corporation in the United States, Cutix has today grown in leaps and bounds, becoming a multi-award winning manufacturer of electric and telecoms cables, making it one of the best-performing indigenous companies quoted on the Nigerian Stock Exchange (NSE).
Sadly he passed away on June 7, 2024 in Dallas, Texas, United states. His legacy still lives on.
ALEXANDER CHIKA OKAFOR (CHICASON)
Alexander Chika Okafor is the founder and chairman of Chicason Industries, a conglomerate that deals in mining, manufacturing, and real estate in Nigeria and Sierra Leone.
CHIEF GABRIEL ALEXANDER (GABROS FC)
Gabriel Chukwuma is the elder brother of Innocent Chukwuma-CEO of Innoson Group. He is involved in sports. Gabriel is a chairman of Gabros International Football Club. He helped the club succeed in the Nigerian Premier League. Then he sold it the other Nnewi businessman. Besides, Gabriel Chukwuma is engaged in real estate and hospitality.
LOUIS ONWUGBENU
Louis Onwugbenu is the head of Louis Carter Industries. He sold spare-parts under the Carter Bridge in Lagos, before diversifying into manufacturing car batteries and pipe fittings, agriculture, food processing, real estate.
Louis Onwugbenu (Louis Carter Moore) established Louis Carter Industries. Mr. Onwugbenu received his nickname during his weekly trips to Lagos for spare parts selling. He sold them under the famous Carter Bridge. Louis Carter managed to reinvest his earnings into producing car batteries and fittings for pipes. Besides, he involved in agriculture, food industry, and real estate. Mr. Onwugbenu became amulti-millionaire before he reached 30 years old. His conglomerate owns the Carter Industrial Estate which occupies a lot of acres area in Nnewi.
MR. HUMPHREY NGONADI
Mr. Humphrey Ngonadi is the Chairman and CEO of Ngobros & Company Nigeria Limited, a leading auto spare parts, lubricants and baby care products manufacturer in Nigeria, serving a wide range of customers from various African countries, as well as the Nigerian market.
He currently serves as the 3rd President of the Southeast Chamber of Commerce, Industry, Mines and Agriculture (SECCIMA) after previously serving as the President of the Nnewi Chamber of Commerce Industry, Mines and Agriculture. A core supporter of women in business, he is also the Patron NACCIMA Businesswomen Group (NAWORG) Anambra State Chapter.
