Michael Ibru
Encyclopedia
Michael Ibru is a prominent Nigerian businessman from Agbarha-Otor, Delta State
. He is the head of the Ibru Organization
, one of the largest conglomerate
s in Nigeria. As a traditional chieftain of his homeland, Ibru bears the tribal honourific Olorogun and often uses it as a pre-nominal style. This title is also borne by many of the members of his large family in the same way.
worker, who also worked at the Igbobi Orthapaedic Hospital, Lagos
. After secondary school, he joined the United African Company, as a management trainee. In 1956, a few years after joining U.A.C, he dropped out of the company and started a partnership, which he called Laibru. The corporate entity was in partnership with an expatriate
, Jimmy Large. After engaging in general trading with some success, in 1957, Michael Ibru discovered that the frozen fish market was a fertile market with the potential to deliver returns above the market rate. However, it was a tough market to penetrate, at the time, many expatriate firms and Nigerian traders were lacking and some were not interested in the market. But he felt he could put extra effort communicating with general trader
s, who played key roles in products acceptance. To trade in seafood, he established an importing company, he also rented and built cold storage facilities across the country. By the mid-1960s trading fish had become the traditional money maker for the Ibru organization. Though he had other profitable interests such as transportation and construction, fish trading helped him secure financing and other forms of capital to engage in large scale trading. He established a partnership with a Taiwan
ese company, Osadjere Fishing Company, which provided Trawlers and other accessories for trading. By the end of the 1960s he branched out fully into other areas of the economy
. Like a lot of his contemporaries, he established a transportation company, called Rutam. He also invested in palm oil
production. Over the years, the Ibru Organization has expanded into other areas such as Tourism
, Brewery, Timber
and Poultry
.
He is known as an entrepreneurial figure who created one of the largest modern Nigerian owned groups with other figures such as the low key Bode Akindele.
He also tried his hands in politics, in 1983, he was a gubernatorial candidate but lost to Samuel Ogbemudia
. He is also a member of the Liberal Convention and the New Movement, which metamorphosed to become NRC.
Delta State
Delta State may refer to:*Delta State, a state in southern Nigeria.*Delta State , a Canadian animated television series.*Delta State University, a public university located in the U.S. state of Mississippi....
. He is the head of the Ibru Organization
Ibru Organization
The Ibru Organization, established in 1956, became one of the largest conglomerates in Nigeria. By 1990 it had between 9,000 and 11,000 employees....
, one of the largest conglomerate
Conglomerate (company)
A conglomerate is a combination of two or more corporations engaged in entirely different businesses that fall under one corporate structure , usually involving a parent company and several subsidiaries. Often, a conglomerate is a multi-industry company...
s in Nigeria. As a traditional chieftain of his homeland, Ibru bears the tribal honourific Olorogun and often uses it as a pre-nominal style. This title is also borne by many of the members of his large family in the same way.
Early life
Ibru was born to the family of Peter Ibru, a missionaryMissionary
A missionary is a member of a religious group sent into an area to do evangelism or ministries of service, such as education, literacy, social justice, health care and economic development. The word "mission" originates from 1598 when the Jesuits sent members abroad, derived from the Latin...
worker, who also worked at the Igbobi Orthapaedic Hospital, Lagos
Lagos
Lagos is a port and the most populous conurbation in Nigeria. With a population of 7,937,932, it is currently the third most populous city in Africa after Cairo and Kinshasa, and currently estimated to be the second fastest growing city in Africa...
. After secondary school, he joined the United African Company, as a management trainee. In 1956, a few years after joining U.A.C, he dropped out of the company and started a partnership, which he called Laibru. The corporate entity was in partnership with an expatriate
Expatriate
An expatriate is a person temporarily or permanently residing in a country and culture other than that of the person's upbringing...
, Jimmy Large. After engaging in general trading with some success, in 1957, Michael Ibru discovered that the frozen fish market was a fertile market with the potential to deliver returns above the market rate. However, it was a tough market to penetrate, at the time, many expatriate firms and Nigerian traders were lacking and some were not interested in the market. But he felt he could put extra effort communicating with general trader
Merchant
A merchant is a businessperson who trades in commodities that were produced by others, in order to earn a profit.Merchants can be one of two types:# A wholesale merchant operates in the chain between producer and retail merchant...
s, who played key roles in products acceptance. To trade in seafood, he established an importing company, he also rented and built cold storage facilities across the country. By the mid-1960s trading fish had become the traditional money maker for the Ibru organization. Though he had other profitable interests such as transportation and construction, fish trading helped him secure financing and other forms of capital to engage in large scale trading. He established a partnership with a Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
ese company, Osadjere Fishing Company, which provided Trawlers and other accessories for trading. By the end of the 1960s he branched out fully into other areas of the economy
Economy
An economy consists of the economic system of a country or other area; the labor, capital and land resources; and the manufacturing, trade, distribution, and consumption of goods and services of that area...
. Like a lot of his contemporaries, he established a transportation company, called Rutam. He also invested in palm oil
Palm oil
Palm oil, coconut oil and palm kernel oil are edible plant oils derived from the fruits of palm trees. Palm oil is extracted from the pulp of the fruit of the oil palm Elaeis guineensis; palm kernel oil is derived from the kernel of the oil palm and coconut oil is derived from the kernel of the...
production. Over the years, the Ibru Organization has expanded into other areas such as Tourism
Tourism
Tourism is travel for recreational, leisure or business purposes. The World Tourism Organization defines tourists as people "traveling to and staying in places outside their usual environment for not more than one consecutive year for leisure, business and other purposes".Tourism has become a...
, Brewery, Timber
Timber
Timber may refer to:* Timber, a term common in the United Kingdom and Australia for wood materials * Timber, Oregon, an unincorporated community in the U.S...
and Poultry
Poultry
Poultry are domesticated birds kept by humans for the purpose of producing eggs, meat, and/or feathers. These most typically are members of the superorder Galloanserae , especially the order Galliformes and the family Anatidae , commonly known as "waterfowl"...
.
He is known as an entrepreneurial figure who created one of the largest modern Nigerian owned groups with other figures such as the low key Bode Akindele.
Private citizen
Chief Ibru has five wives and seventeen children, the most prominent being Olorogun Oskar Ibru (who heads Ibafon Ports) and Oboden Ibru (who is a key player in Oceanic bank International PLC).He also tried his hands in politics, in 1983, he was a gubernatorial candidate but lost to Samuel Ogbemudia
Samuel Ogbemudia
Dr. Samuel Osaigbovo Ogbemudia is a Nigerian former army officer and politician. He was military Governor of the Mid-West State, later renamed Bendel State, part of which in turn became Edo State. After the return to democracy in 1999, he became a power in the Peoples Democratic Party...
. He is also a member of the Liberal Convention and the New Movement, which metamorphosed to become NRC.