10 Richest Men In Nnewi (2024)

When talking about cities in Nigeria, none has ever come near producing billionaires like Nnewi. This town in Anambra state is renowned for birthing an extraordinary number of affluent individuals. Nnewi has long been a hub for wealth creation, drawing attention even from Forbes in recent years.

With a predominantly Igbo population, Nnewi’s success is attributed to a culture deeply ingrained in entrepreneurship, with even the richest men starting their careers as early as 17 years old. Join us as we look at the top 10 richest men in Nnewi, Anambra state, and how their entrepreneurial abilities have contributed greatly to the town and Nigeria as a nation.

Top 10 Richest Men In Nnewi

1. Cletus Ibeto

Cletus Ibeto is considered the richest man in Nnewi, Anambra state. He is a Nigerian businessman who started his career as a spare parts import dealer in his hometown. In March 1988, he shifted from direct importation to manufacturing by establishing his factory in Nnewi. By 1995, Ibeto had become one of the largest auto spare parts manufacturers in Nigeria.

In 1996, Ibeto expanded his business ventures by establishing Ibeto Petrochemical Industries Ltd., which engaged in blending oil lubricants and producing various petroleum products for both local and international markets. Over the years, his company grew to become one of the leading players in Nigeria’s petroleum industry, owning one of the largest liquid storage facilities in the country.

In May 2018, Ibeto Cement Company Limited announced a merger with Century Petroleum Corporation, a move aimed at entering global markets. Ibeto acquired a controlling stake in the company and was appointed Chairman of the Board of Directors.

2. Innocent Chukwuma

Second on our list of the richest men in Nnewi is none other than the popular automobile manufacturer, Innocent Chukwuma, popularly known as Innoson. Innocent Chukwuma is a Nigerian businessman known for founding Nigeria’s first indigenous automobile manufacturing company – Innoson Vehicle Manufacturing (IVM).

He started his career trading spare parts, which was a profitable business in Southeast Nigeria. Later, he established Innoson Group, which includes Innoson Manufacturing and Innoson Tech. & Industries Co. Ltd as subsidiaries. In 2013, Chukwuma was appointed as the Deputy Chairman of the Board of Trustees for the National Coalition for Jonathan/Sambo Presidency, aimed at promoting Goodluck Jonathan’s election bid.

Under his leadership, Innoson Vehicle Manufacturing became a significant player in Nigeria’s automotive industry, contributing to job creation and indigenous technology development. Chukwuma’s dedication to local manufacturing has been instrumental in reducing Nigeria’s dependence on imported vehicles.

3. Dr. Cosmas Maduka

Dr. Cosmas Maduka is a Nigerian businessman who started his business career at the early age of 17. He founded Coscharis Group, which began as a spare parts company. In 1982, Coscharis was selected by the Nigerian government for motor import licenses, marking a turning point.

By 2015, Coscharis Motors became the sole distributor of BMW in Nigeria and established an assembly plant for Ford Ranger. Over the years, Maduka expanded into agriculture, with a 5000-hectare rice cultivation project approved by Anambra State in 2016.

4. Gabriel Chukwuma

Gabriel Chukwuma is the brother of Innocent Chukwuma, the biggest automobile manufacturer in Nigeria. This should explain why he is also on this list, since it’s obvious that business runs in the Chukwuma family. Gabriel Chukwuma started his career in various sectors, including real estate, sports, and hospitality.

Over the years, he invested in different businesses across Nigeria, expanding his portfolio. His investments have made him a prominent figure in Nnewi and beyond, contributing to the economic growth of the region.

5. Obiajulu Uzodike

Obiajulu Uzodike is the founder and owner of Cutix Cable Nigeria, a leading cable manufacturing company. He started his career in 1982 when he founded Cutix Cable with a capital of N400,000 in his hometown. After conceiving the idea in 1981, Obiajulu left his previous job at Raychem Corporation to establish his indigenous firm. The company specializes in manufacturing various types of cables for electricity, telecommunications, and automobiles.

In 1986, when the Nigerian economy was liberalized, Cutix went public through the Second Tier Security Market, becoming the first private company east of the Niger to be listed on the Nigerian Stock Exchange. Over the years, Obiajulu expanded his business, investing in modern machinery and technology to increase production capacity. Between 2000 and 2007, Cutix installed several machines to enhance its product lines.

In 2014, Cutix Plc further solidified its position in the market by commissioning a new state-of-the-art factory dedicated to producing various types of power cables, positioning the company as one of the leading cable manufacturers in Nigeria.

6. Ifeanyi Ubah

Taking the sixth spot on our list of the richest men in Nnewi is Ifeanyi Ubah, a Nigerian businessman and politician. He started his career as an exporter of motor tyres and spare parts in West Africa in the early 2000s. In 2001, he founded Capital Oil and Gas Limited, which became one of the prominent companies in the petroleum products storage and distribution sector in Nigeria. Under his leadership, Capital Oil expanded its operations across Southeast and Southwest Nigeria, boasting one of the largest tank farms in Lagos.

Ubah diversified his business interests by venturing into media with the founding of The Authority Newspaper. Additionally, he entered the sports industry by acquiring a football club, Ifeanyi Ubah F.C., formerly known as Gabros International Football Club. His entrepreneurial endeavors extended to Europe, where he expanded his business ventures in countries like Belgium and the United Kingdom.

7. Alexander Chika Okafor

Alexander Chika Okafor is another Nigerian billionaire on our list. Despite coming from a humble background, he rose to prominence through hard work and determination. In his early years, he sold akara on the streets to support his family after his father passed away when he was just 8 years old. Later, he ventured into various businesses, including supplying fishing materials to Ghanaian fishermen.

In 1978, he opened Chicason Electronics shop in Anambra, Nigeria, specializing in selling televisions and fridges. His business expanded rapidly, and by 1997, he had diversified into clothing and fashion, which proved to be highly successful. Okafor’s entrepreneurial journey continued to flourish as he expanded his empire to include lubricants, food commodities, real estate, and detergents. Today, Alexander Chika Okafor is renowned as the founder and CEO of the Chicason Group of companies, a conglomerate with interests in diverse sectors.

8. Joe Igbokwe

Joe Igbokwe is a Nigerian politician who began his career as a professional engineer. He is the founder of Optimum Plaza and First Grade International Ltd., as well as National Vision Newspapers Ltd. In 2015, he was appointed as the pioneer General Manager of Lagos State Infrastructure Maintenance & Regulatory Agency (LASIMRA), overseeing infrastructure maintenance in Lagos State.

He also served as the pioneer Chairman of Wharf Landing Fees Collecting Authority in Apapa, Lagos. Igbokwe played a significant role in the political arena as the State Chairman of the defunct Action Congress (AC), which later merged to become the ruling All Progressives Congress (APC).

He has been actively involved in various professional organizations such as the Nigerian Society of Engineers (NSE) and the Council for the Regulation Of Engineering in Nigeria (COREN).

9. Olisa Metuh

Olisa Metuh is a Nigerian lawyer and politician. He started his law career at his father’s law firm, Olisianunba Chambers. In 1990, he formed a partnership firm called Metuh, Okafor & Associates. A year later, he became chairman of Legend Properties Limited.

He registered as an Investment Adviser with the Securities and Exchange Commission in 1991. Later in 1996, he established his own law firm, Olisa Metuh and Co, which focused on legal practice, real estate, and share acquisitions. Metuh began his political journey as the coordinator of the Igbo United Congress and a member of the finance committee of the People’s National Forum. He played significant roles within the People’s Democratic Party (PDP), starting from 1999 when he was elected as an ex officio member of the National Executive Committee.

Over the years, he held various positions within the party, including acting as the secretary of the National Peace and Reconciliation Committee and serving as national auditor and vice chairman for the Southeast zone. From 2013 to 2015, he served as the national publicity secretary of the PDP.

10. Frederick Leonard

Frederick Nnaemeka Leonard, born on May 1, 1976, is a Nigerian actor. He started his acting journey in 2001 but took a break to finish his university studies. In 2008, he returned to Nollywood, the Nigerian movie industry. His first major role came in the movie “Indian Doctor”.

In 2009, he appeared in the TV series “Disclosure”, which aired on Africa Magic. Leonard’s talent didn’t go unnoticed, and in 2014, he won the Best Supporting Actor award at the Golden Icons Academy Movie Awards. He continued to shine, winning the City People Movie Award for Best Supporting Actor of the Year in 2016.



This list has explored the top 10 richest men in Nnewi, Anambra State. As you can see, it’s evident that the city’s prosperity is a testament to the entrepreneurial spirit of its residents.

From Cletus Ibeto’s pioneering ventures to Cosmas Maduka’s diversified empire, and Ifeanyi Ubah’s range of portfolios, we can clearly agree that each individual has left an indelible mark on Nnewi’s economy.