On January 6, 1971, barely a year after the Biafran War ended, the Nigerian government enacted one of the most economically devastating policies in modern African history, a decree that froze all bank accounts belonging to Igbos and limited their access to their own wealth. Regardless of how much an Igbo individual had saved before or during the war, they were given only £20 per person, effectively erasing decades of financial security and throwing an already war-ravaged population into economic devastation.
This policy, cruel in its design and execution, was not just about financial constraints; it was a deliberate act of economic suppression. Billions of pounds in Igbo assets were seized by the Nigerian government and funneled into the national treasury, further consolidating the economic marginalization of a people who had already endured genocide, displacement, and the destruction of their homeland.
The implications were catastrophic. Thousands of Igbo families, many of whom had once thrived in banking, trade, and commerce, were reduced to beggary overnight. Entire industries, businesses, and investments painstakingly built before the war were wiped out in an instant. The estimated financial loss exceeded £3 billion in today’s value, considering inflation and economic growth over the decades. The Igbo people, who had dominated sectors like transport, manufacturing, and retail across Nigeria before the war, were now forced to rebuild from nothing.
This decree was not just an economic policy, it was a continuation of the war by other means. It was the final blow in a campaign that had already seen between 2 to 3 million Igbos perish due to starvation and direct conflict, and millions more displaced. The £20 decree was designed to ensure that the Igbo people remained impoverished, unable to challenge the new economic order of post-war Nigeria.
Yet, history has shown that the spirit of the Igbo people is indomitable. Fast forward 53 years, and the Igbo are now the wealthiest ethnic group in Africa. From a place of absolute financial ruin, they have risen to become the backbone of Nigeria’s commercial and industrial landscape. In cities like Lagos, Port Harcourt, and Abuja, Igbo entrepreneurs dominate real estate, trade, and finance. Across Africa and beyond, Igbo business moguls have established multi-billion-dollar conglomerates, controlling vast sectors of the economy.
Their homeland, the Southeast, despite decades of federal neglect in infrastructure development, has become the most economically dynamic region in Nigeria. Anambra, Abia, Imo, Enugu, and Ebonyi states boast some of the highest literacy rates, strongest commercial centers, and most industrious populations in the country. Cities like Onitsha, Aba, and Nnewi, once targeted for destruction, have transformed into economic powerhouses, rivaling even federal capitals in business output.
The £20 policy was meant to cripple the Igbo spirit, yet it became a symbol of their resilience. From a people who were told they could only survive on crumbs, they have built empires. Today, the wealthiest individuals in Nigeria, from manufacturing giants to oil tycoons, include many Igbo names. Their influence stretches far beyond Nigeria, with Igbo entrepreneurs thriving in the UK, US, China, and across Africa.
This history is a testament to the unbreakable will of a people who refused to be extinguished. It is a reminder that systemic oppression can never fully suppress a determined and industrious people. And above all, it is proof that, while governments may wield power to take, to punish, and to oppress, true strength lies in the ability to rise again, stronger, wealthier, and more united than ever before.
The echoes of January 6, 1971, still ring, but they do not tell a story of defeat. They tell a story of triumph.
By Hon. Chimazuru Nnadi-Oforgu
OBLONG MEDIA UNLIMITED 
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