TEN ANCIENT BILLIONAIRES IN NIGERIA

10. Shafi Lawal Edu
In 1965, TIME magazine listed Shafi Edu one of Nigeria’s richest men. Along with Talabi Braithwaite, he co-founded the first indigenous insurance company in the country. He had shares in big companies like Bata, Alumaco, Wiggins Teape, BP (formerly British Petroleum), Lever Brothers and Nigerian Breweries.
Edu was the inaugural president of the Lagos Chamber of Commerce and the Lagos Rotary Club.
At 54, he had built a fleet of eight oil tankers. He was also on the boards of Blackwood Hodge Nigeria, Haden Nigeria, Glaxo Nigeria and the Federal Industrial Loans from 1954 to 1959.

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