Chief Festus Samuel Okotie-Eboh was born on July 18, 1912 and was assassinated at the age of 54 years in the Military coup of January 15, 1966. He was a founding father of Nigeria and played major contributory roles in the formation of the nation before and after her independence from colonial rule. He was a remarkable contributor to nation building, a striking visionary and the impact of his monumental contributions to nation building is still felt in the several sectors he administered.
He contributed to nation building both in an individual capacity and as a prominent member of the then National Council of Nigeria and the Cameroons (NCNC) when Southern Cameroons was still a part of Nigeria, and when the name of the party was changed to National Council of Nigerian Citizens.
Business
He was an entrepreneur, an astute businessman, an industrialist who already had long-standing business contacts and associates globally before he became a front runner and an outstanding contributor in Nigerian politics. He was also a benefactor to many people.
Chief Festus Samuel Okotie-Eboh on a visit to Warri town
In this capacity, he established the Afro-Nigerian Export and Import Company Limited through which he exported Ribbed Smoked Sheets (RSS) rubber to several places in Europe, Canada and the United States of America, and later expanded that to include the production of processed rubber crepe. He also established the Omimi rubber and canvas shoe factory. In his travails as an entrepreneur, he formed numerous business partnerships namely: Dizengof and Cutinho Caro which gave rise to the establishment of the Mid-West Cement Company, a cement clinker plant in Koko and Cabinet Works in Unameji.
Education
Before venturing into politics at the national level, he had founded various primary and secondary schools in Sapele. The secondary schools were Zik’s College of Commerce (ZCC), Sapele, which later became Zik’s Academy (ZA) when he upgraded it to a full-fledged co-educational secondary school, and the other one was the Academy Grammar School which was renamed Okotie-Eboh Grammar School, Sapele, after his death.
As a contribution towards dismantling apartheid when it was a political system in South Africa, he offered teaching employment to indigenous South Africans in his secondary schools.
Okotie-Eboh Grammer School, Sapele
Politics and Governance
As a member of the NCNC, he was a team player and benevolent. Chief Richard Akinjide, SAN, once stated that Chief Okotie-Eboh was the Treasurer of their party, the NCNC and that much of the time, he made major financial contributions from his personal resources for the benefit of their party. He described him as the go-getter of the cabinet of Prime Minister Balewa.
In 1951, he was elected into the western region House of Assembly and in 1954, he was elected treasurer of the N.C.N.C. In 1955, he was appointed the federal minister of labour and social welfare (1955-1957), and in 1957, he was made the first federal minister of finance. He held this position until his death in 1966.
Chief Okotie-Eboh with Erik Brofoss of Norway at the Annual meeting of the World Bank and International Monetary Fund, September 17, 1962
His pioneering efforts as Federal Minister of Finance gave rise to the Pay As You Earn (PAYE) system of taxation. He presented the Bill which was passed by parliament into law.
Central Bank of Nigeria
He also advocated that an independent Nigeria issued her own currency by means of her own Central Bank and MINT instead of depending on the West African Currency Board for issuance. Thus, the Central Bank of Nigeria was founded in 1958. Apart from the pioneer Governor who was an expatriate, others on the board and co-signatories on the banknotes were all Nigerians appointed by the Finance Minister. Hence, Chief Okotie-Eboh can be rightly described as the founding father of the Central Bank of Nigeria. The first set of Nigerian currency was released in 1959 in readiness for independence in 1960. In recognition of this feat, some local musicians in the Western Region waxed a song, part of which reads,
“Okotie-Eboh gb’owo tutun de” meaning “Okotie-Eboh has introduced new money”.
One Pound, Ten and Five shilling notes
Apart from supervising the establishment of the Central bank of Nigeria and the inauguration of the first National Currency, he also supervised the establishment of the Securities Commission, the Nigerian Stock Exchange and the creation of the first Nigerian Investment and Development Bank.
The Nigerian Stock Exchange
After establishing the Central Bank of Nigeria and putting in place other financial institutions, he restructured the Nigerian Customs by making it a part of the ministry of finance. This ensured that the Nigerian Customs responsibilities did not stop at the mere collection of import and export duties at the ports but was expanded by the creation of the Preventive Services to confront, combat and prevent smuggling so that local industries would be protected. This initiative gave new lease to the Nigerian Customs
He was a statesman and patriot who was cultured, progressive and dynamic. When the British and American governments refused his request for grants to build Eko Bridge, he passionately appealed to the German government and his request was granted through the commissioning of Julius Berger by the German government for the execution of the project. However, construction of the Eko bridge commenced during the subsequent Military government. Also, the Ikorodu Road in Lagos, the East-West Road and the Effurun to Port Harcourt road were planned during his era. However, the road from Koko in Delta State to Lekki in Lagos State which should have been constructed by subsequent governments after the coup of January 15, 1966, is still imaginary.
In 1959, he helped secure an external loan of Ten Million Pounds Sterling (£10,000,000) at a time when the financial resources of Nigeria were insufficient to cope with its development aspirations. Part of this loan was used for the extension of the Eastern railway line from Jos to Maiduguri. The rest of the loan was utilised for the upgrading of the Lagos port at Apapa.
Apart from his successes at the national level, he also recorded great achievements in Warri division by establishing the following projects:
The Escravos Bar Project aimed at sustaining and enhancing navigation of the Escravos Bar by ships
The siting of Gulf Oil Company on Escravos (Ugborodo) despite pressure for it to be sited elsewhere
The location of one of the three Inter-Regional colleges (Now Federal Government College Warri)
The development of the phases I & II of the Koko port facilities
The construction of the Ologbo to Koko motor road
The planning of the Koko to Ogheye motor road project in conjunction with the planning of the Ugheli-Patani Port Harcourt road project
The building of the floating jetty at Ode-Itsekiri
The establishment of Omimi Plastics and Omimi Shoe factories in Sapele
Establishing schools in Sapele
Building a memorial Baptist Church in Sapele which was equipped with organs
Building a cement packing factory in Koko
A factory for cocoa based products was in the early stages of development at the time of his death
