Henry Fajemirokun

Henry Fajemirokun was a prominent Nigerian businessman and one of the country's dynamic indigenous entrepreneurs who promoted West Africa's economic integration. He was a former president of the Lagos Chambers of Commerce and of the Federation of West African Chambers of Commerce (1972–1978). He started business in the 1950s by exporting hides and skin, rubber, coffee and shea nuts. In the 1960s he started a massive importation of cement from Egypt and Poland. He was helped in this venture by a credit facility provided him by a British bank in London. He also ventured into commodity brokerage and in 1969 he bought and held a seat on the London Stock Exchange.

Henry Stephens

During the 1970s, as the chairman and largest shareholder of the Henry Stephens group of companies, he became a major shareholder in some leading companies in Nigeria. A move to diversify the wealth of the country from foreign nationals was taken in 1972 and this led to the promulgation of an 'indigenization' decree. Henry Stephens capitalized on the euphoria of nationalism and acquired or represented major foreign operations in the country. It became the sole distributor for Xerox after the Daily Times, a company Fajemirokun had failed to acquire a stake in, left negotiations. Henry Stephens also acquired stakes in Johnson Wax and Fan Milk. The company was a pioneer in the Nigerian maritime industry and was one of the first Nigerian companies to own an interest in a shipping line.

References

*Tom Forrest, The Advance of African Capital: The Growth of Nigerian Private Enterprise, University of Virginia Press (August 1994). ISBN 0813915627