Chief Festus Samuel Okotie-Eboh: Nigeria’s First Minister of Finance and Founding Statesman

The life, legacy, and tragic end of one of Nigeria’s foremost economic architects

Early Life and Background

Chief Festus Samuel Okotie-Eboh was born in 1912 in Sapele, Delta State, Nigeria, into an Itsekiri family. He hailed from a modest background and received his early education in Sapele, where his sharp intellect and ambition became evident from a young age. After completing his primary education, he joined the Nigerian colonial civil service, where he gained experience that would later shape his political and economic career.

Okotie-Eboh’s strong sense of self-presentation and flamboyant personality—reflected in his distinctive attire, rich vocabulary, and commanding public presence—made him one of the most recognisable figures in Nigeria’s political landscape of the 1950s and 1960s.

Education and Career Beginnings

Though he did not receive a university degree, Okotie-Eboh was widely read and self-taught in finance and administration. His early career in the colonial service was marked by dedication and efficiency, leading to his appointment as a treasurer and later as a businessman in the private sector. He established himself as a successful entrepreneur before fully venturing into politics. His understanding of both commerce and governance positioned him as a vital link between Nigeria’s emerging elite and the country’s colonial administrators.

Political Career and Achievements

Okotie-Eboh entered the political scene in the 1940s, joining the National Council of Nigeria and the Cameroons (NCNC), led by Dr. Nnamdi Azikiwe. As one of the co-founders of the party, he became instrumental in its financial and organisational strength. His influence within the NCNC quickly grew, and by the time Nigeria achieved independence in 1960, he was appointed Minister of Finance, a position he held until 1966.

As Finance Minister, Chief Okotie-Eboh was responsible for laying the groundwork for Nigeria’s fiscal and monetary policies in the post-independence era. He worked to stabilise Nigeria’s economy during the country’s early years of self-governance and played a significant role in establishing the Central Bank of Nigeria (CBN) in 1958.

His tenure also saw the introduction of the Nigerian currency, which replaced the British pound sterling in circulation, symbolising the nation’s economic sovereignty. Despite facing criticism for alleged financial mismanagement, Okotie-Eboh’s contributions to Nigeria’s economic infrastructure remain undeniable.

Family Life

Chief Okotie-Eboh was married to Chief (Mrs.) Flora Okotie-Eboh, with whom he had several children. His family maintained strong ties to both the Itsekiri and Urhobo communities, reflecting his commitment to unity and cultural pride. His descendants have continued to be involved in politics and public service, upholding the Okotie-Eboh name in national discourse.

Assassination and Death

On January 15, 1966, Nigeria witnessed its first military coup, which resulted in the assassination of several top government officials. Chief Festus Okotie-Eboh was among those killed. He was abducted from his residence in Lagos by coup plotters and brutally murdered. His death marked the end of an era in Nigeria’s First Republic and sent shockwaves throughout the nation.

The coup ushered in years of military rule, but Okotie-Eboh’s legacy as a political and financial pioneer remained etched in Nigeria’s history.

Legacy

Chief Okotie-Eboh’s life embodied ambition, intellect, and the complexities of Nigeria’s early post-colonial politics. His flamboyance earned him both admiration and controversy—he was often described as “Nigeria’s most colourful politician.”

Today, his contributions to Nigeria’s economic structure continue to be recognised, particularly his role in establishing institutions like the Central Bank of Nigeria and promoting indigenous participation in economic development. Streets, schools, and public institutions have been named after him in Delta State and beyond, keeping his memory alive.

Despite the controversies that surrounded his administration, Chief Okotie-Eboh’s vision for a prosperous, self-reliant Nigeria remains an enduring part of the nation’s foundation story.

References

1. Coleman, James S. Nigeria: Background to Nationalism. University of California Press, 1960.

2. Sklar, Richard L. Nigerian Political Parties: Power in an Emergent African Nation. Princeton University Press, 1963.