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supply and also met consumer resistance. Two joint ventures both failed. He then formed Ibru Sea Foods as the sole owner, importing the frozen fish and at first trading from the back of a truck. He expanded quickly, chartering his first fishing boat in 1963, and in 1965 founding a fishing company with three freezer trawlers as a joint venture with a
Japanese firm. Despite setbacks, the fishing fleet had grown to as many as 25 trawlers in the 1970s, and Ibru had 200 transport vehicles. Ibru had also expanded into vehicle distribution and fruit growing.
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Starting in 1957, Ibru was a pioneer in distributing frozen fish in
Nigeria. Although freshwater fishing was a major agricultural activity in Nigeria at the time, Ibru saw that this would change with economic development, opening a market for frozen fish. At first he ran into technical problems with
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Rutam Motors was established in 1969, the firm took over management of Ibru's 200 fleet vehicle that were acquired from expatriate firms and were used to service the organizations various operations. The new firm acquired vehicle franchises and focused on after sales maintenance of vehicles from
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The organization continued to grow through acquisitions and joint ventures in diverse businesses including brewing, construction and petroleum distribution, with varying degrees of success. The company also acquired extensive holdings of real estate for agriculture and industrial activity. The
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recession of the early 1980s caused by falling oil prices, combined with import restrictions, forced contraction and a restructuring at the end of the 1980s. By this time, Michael's eldest son
Olorogun Oskar Ibru had joined the boards of companies in the organization.
79:, established in 1956, is one of the largest conglomerates in Africa. By 1990 it had between 9,000 and 11,000 employees. By 2009 the Ibru Organisation was a multi-billion dollar conglomerate with interests that included
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Talking at
Michael Ibru's 80th birthday celebration in January 2011, his eldest son Oskar said "The only thing I can say about my family is that we grew up as a team. We were like a bunch of broom sticks".
143:. The family patriarch was Chief Peter Epete Ibru. His wife, Janet Omotogor Ibru was the matriarch of the Ibru dynasty. She was closely involved in the organization. The founder of the firm was their son
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but she was arrested for a multi-billion dollar corporate fraud in 2010. She was sentenced and given a fine of $ 1.2B (£786m) in cash and assets
Cecilia Ibru had started her career at this corporation.
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from 1951 until 1956. That year, aged 24, he partnered with Jimmy Large, an
Englishman, to form the Laibru general trading company, and also bought a share of Ace Jimonma, a construction firm.
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brands such as Mazda, British
Leyland Peugeot and Jeep. The company also expanded into commercial tractor sales and maintenance.
261:, took the helm of the multinational organization in the late 1980s and has been responsible for steering the wheel since then.
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helped his brothers with their education, gave them stakes in the Ibru organization and helped them to branch out on their own.
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established an architectural firm, Entering politics, in 1992 Felix became the first executive governor of
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in 1983, with Alex Ibru as chairman. Alex was minister of
Internal Affairs from 1993 to 1995.
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and chairman of Ikeja Hotels Plc (owners of the federal palace hotel & Sheraton hotels)
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as one of the ten leading family businesses in Africa. Michael Ibru’s first son,
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147:. Michael gained a secondary education at Igbobi College, then worked for the
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Entrepreneurship in Sub-Saharan Africa: A strategic management perspective
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The advance of
African capital: the growth of Nigerian private enterprise
202:, chairman of Rutam Motors, met with newspapermen Stanley Mecebuh of the
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The Ibru
Dynasty is close with all members involved in the business.
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234:, who had qualified as a commercial lawyer, became president of the
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She’s sleek and a fighter; tale of a rogue Nigerian billionaire
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381:"Former Nigeria bank CEO Cecilia Ibru jailed for fraud"
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studied architecture in Israel, and after teaching at
414:, October 2009 The Nation, Retrieved 23 February 2016
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527:. Archived from the original on March 20, 2012
253:In 2014, the Ibru Organization was listed by
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461:"The 10 Leading Family Businesses In Africa"
279:"The 10 Leading Family Businesses In Africa"
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521:"Oskar: I want to maintain the Ibru legacy"
482:. Urhobu Historical Society. Archived from
609:Conglomerate companies established in 1956
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480:"The Matriarch Extraordinaire Goes Home"
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604:Conglomerate companies of Nigeria
574:Omonisa, Oghene (July 15, 2009).
212:also formerly of that paper and
614:1956 establishments in Nigeria
519:Ibru, Oskar (9 January 2011).
504:. Edinburgh University Press.
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478:Evwode, Oghenevware (2006).
220:. With 55% funding from the
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244:Yaba College of Technology
45:Multinational Conglomerate
544:: CS1 maint: unfit URL (
24:
498:Forrest, Tom G. (1994).
553:Ogbor, John O. (2009).
236:Nigerian Stock Exchange
205:Daily Times of Nigeria
149:United Africa Company
576:"What Is Olorogun?"
370:, pp. 135–136.
21:
410:2018-04-18 at the
277:Nsehe, Mfonobong.
216:, formerly of the
566:978-1-4389-3392-4
210:Patrick Dele-Cole
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583:. Retrieved
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68:Michael Ibru
16:Conglomerate
329:Evwode 2006
248:Delta State
232:Goodie Ibru
222:Ibru family
141:Delta State
133:Agbara-Otor
125:Ibru Family
113:Oil and gas
97:Agriculture
93:Real estate
89:Hospitality
598:Categories
585:2011-06-25
531:2011-06-25
490:2011-06-25
391:2024-01-25
341:Ogbor 2009
265:References
259:Oskar Ibru
240:Felix Ibru
424:Ibru 2011
200:Alex Ibru
168:Companies
155:Expansion
34:Formation
540:cite web
408:Archived
385:BBC News
101:Aviation
81:Shipping
471:Sources
137:Ughelli
119:Origins
105:Banking
63:Founder
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283:Forbes
255:Forbes
56:Africa
135:near
131:from
109:Media
561:ISBN
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185:led
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123:The
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