Eze Ibeakanma, at 61, gives a rare peep into a bizman’s wealth journey
By Edith Igbokwe
To mark his 60th birthday, the Eze Ndigbo of Oshodi-Isolo LGA, Chief Dr Reuben Ibeakanma, spoke exclusively to Echonews on his story from grass to grace.
Also known as Eze Udemba Ezinifite, he said he was born on June 12, 1960, and his desire to do business led him into trading in LG Thermocool Home appliances.
Today, the birthday boy has a big showroom on Oyetayo Street, Bolade Oshodi.
Narrating his experiences, he said he served JOJ company owned by three masters -John, Joseph and Nicolas in the seventies.
When the company collapsed, the masters shared the leftover capital, having N20 each while each of the servants was given N10.
Ibeakanma teamed up with his master by joining his N10 with his master’s N20 and they started their own business with the little capital, hoping to rise again from there.
Though the capital was too small to start a business, they forged ahead against difficulties with the intention that things would fall in line and they would get back to robust business.
In December 1977, he left his master and followed Mr Cyril Uwaogaranya to Lagos and helped him in his business pending his settlement from his former master.
He realised N18,000 profit for his new master and was settled with N500 by December.
He later went into ‘kaya’ ( load carrier) business for about six months from which he realised N300 which he used wisely to get himself into another business.
He ventured into radio cassette sales by offering one Mr Wegas yams, drinks and hen bought with the money he made to collect radio cassettes on credit and then return money after-sales and Mr Wegas agreed to assist him through that way.
Not less than 150 radio cassettes were given to him at the rate of N50 each which he sold from house to house at the rate of N150 per cassette, and within two weeks, he had sold all and he realised N15,000 as his profit.
This was the beginning of his success in business because he built six rooms and a parlour in his home town, bought a bus to carry his goods and established his own business in Oshodi main market with his profit and the business yielded to what he has today as Thermocool Home appliances showroom at Bolade, Oshodi.
In his life struggle, Ibeakanma said he also served the community through the police force work for about three years (1978- 1981) but resigned willingly to face his business which he has a passion for.
“And today, I settle a dispute between my community and Ndigbo association. My policy today is to assist the community settle differences and my station is my office.”
As Eze Ndigbo in the Oshodi-Isolo community, Ibeakanma said he has shouldered a lot of challenges fighting for the right of the association members, making peace in the market among traders and the union and the like.
