Biography,Children and net worth of Olorogun Michael Ibru who died at 86
Olorogun Michael Ibru death.One of the richest men in Nigeria Olorogun Michael Ibru on Tuesday finally succumbed to the cold hands of death after years of battling with an undisclosed ailment.
The deceased, who celebrated his 85th birthday in January, was born to the family of Chief Peter Epete and Mrs. Janet Omotogor Ibru, a missionary, who also worked at Igbobi Orthopaedic Hospital, Lagos.
Like his brothers, the Agbarha-Otor, Ughelli North Local Government Area of Delta State indigene attended Igbobi College, and acquired a school certificate
The consummate businessman, forefront politician and entrepreneur died barely two months after his younger brother, Senator Felix Ovuodoroye Ibru, was buried in their hometown.
In terms of entrepreneurship, the deceased was said to have created one of the largest modern Nigerian-owned groups with other figures such as Bode Akindele.
Biography of Olorogun Michael Ibru.Although he is best known for his successes in business, the deceased had also tried his hands in politics, when in 1983, he was a gubernatorial candidate but lost to Samuel Ogbemudia.
During his foray into politics, he was a member of the Liberal Convention and the New Movement, which metamorphosed to become NRC.
He attended the famous Igbobi College, Lagos between 1948 and 1951. During the period, he not only distinguished himself in academics, he also excelled in extracurricular activities such that in his last year in school, he was appointed the senior prefect, a position usually reserved for the best students with leadership traits. His ingenuity manifested itself for the first time at Igbobi College in 1948 when he moved up meteorically to Secondary Class II straight from the Elementary School without the usual preamble. In 1951, his fourth year, on a study that normally lasted six years, he passed the Cambridge School Certificate Examination with resounding distinction in Division One.
The biography read thus, “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 traders, 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 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 andPoultry.”
Where other older Nigerian commercial capitalists were faithful to ready-made products, principally importing industrial goods from the United Kingdom, he was far more daring
in prospecting for new products to sell. His greatest commercial innovation was the production and marketing of frozen fish. hence IBRU ventured where no other Nigerian had dared. In the 1950s, frozen fish (once unsuccessfully pushed by the foreign-owned West African Fisheries and Cold Stores) had a poor reputation in Nigeria. When he introduced frozen fish in 1957, its detractors, including meat sellers, labelled it “mortuary” fish. He waged a vigorous campaign that successfully persuaded the whole nation that frozen fish was good, establishing over 350 distribution depots throughout Nigeria.
Indeed, in the early 50s, the Commonwealth Development Corporation, had attempted to establish a fishing venture in the Nigerian waters with cold-storage facilities and a distribution operation through the West African Fisheries and Cold Store but failed because fish stocks were reportedly insufficient off Port-Harcourt and the boats were inappropriate, coupled with marketing and distribution challenges.
Noticing that fish held little attraction for the European trading houses but despite the challenges,Olorogun IBRU felt he could put extra effort communicating with general traders, who played key roles in products acceptance. His early involvement with the Swiss and Liberian partners was unsuccessful. But determined to succeed in this business,He formed the IBRU Sea Foods, an importing company solely owned by himself. He rented cold-storage facilities at the Ijora Wharf in Lagos from the UAC, using the facility at night and traded from the back of a Land Rover. Later, he built his cold storage facilities first at 33 Creek Road, Apapa. By the mid-1960s, fish trading 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.
When the news of his death filtered in, Nigerians took to different social media platforms to eulogize the deceased.
One Victor Asemota said, “I made my money the old fashioned way, selling fish. Go and sell fish, Late Olorogun Michael Ibru to me in 2001.”
Also, the CEO Firewood Media, Stanley Nwabia wrote, “I just want to say RIP to our great leader and ultimate Chairman Olorogun Michael Ibru, founder of defunct Oceanic Bank. Awesome fellow.”
Olorogun Michael Ibru net worth is a staggering $1.1 billion ! Jeez! That's all i can say.The man was indeed destined to be a great man right from his school days and deserves every acolade and every dollar he ever earnt.
Names of Michael Ibru children.The great man had 8 children.Their names are Elvina,Obado,Obeden,Obukoma,Osio,Oscar,Gloria and Peter Ibru.