Innocent Chukwuma Net Worth (Updated 2023)

Innocent Chukwuma networth is worth $1 BILLION. Business tycoon and savvy entrepreneur, Innocent Chukwuma is from Nigeria. He started Africa’s first indigenous automaker, Innoson Vehicle Manufacturing, and served as its chairman for many years.

Introduction

Innocent Chukwuma embarked on his entrepreneurial venture as a dealer in motorcycle components. He’s been a major player in the Nigerian automobile industry since then. Every young African may take something positive and instructive from his life. A demonstration that everything is possible if you set your mind to it.

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Innocent Chukwuma  Biography and Net Worth

Business tycoon and savvy entrepreneur, Innocent Chukwuma is from Nigeria. He started Africa’s first indigenous automaker, Innoson Vehicle Manufacturing, and served as its chairman for many years.

He has a wife. Happily married to Mrs. Ebele Chukwuma, and the couple has been showered with offspring. Mr. Innocent was taken into custody by the Economic and Financial Crimes Commission in December of 2017. Wilson Uwujaren, a spokesman for the EFCC, said in a statement that the suspect had skipped out on administrative bail. On Tuesday, December 19th, 2017, he was pulled up from his home on Savage Crescent, GRA Enugu at around 11 a.m. Mr. Chukwuma said that EFCC officers broke into his home and assaulted his wife, as well as tear-gassed his four-month-old grandchild and employees.

Innocent Chukwuma embarked on his entrepreneurial venture as a dealer in motorcycle components. He’s been a major player in the Nigerian automobile industry since then. Every young African may take something positive and instructive from his life. A demonstration that everything is possible if you set your mind to it.

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Innocent, who was given the autonomy to direct the company as he saw fit, opened a store and began stocking it with goods. At the end of 1980, Innocent and his older brother Gabriel did a detailed accounting of all the profits from the pharmacy and the spare parts company and concluded that Gabros International was generating 10 times as much revenue as the pharmacy.

Innocent Chukwuma  Income from Business

Gabriel helped Innocent launch his own company in 1981 with a financial gift. Innocent pooled his resources and founded Innoson Nigeria Limited to sell Honda motorbike components. Not for long, though, as Innocent’s skill brought him enough money to begin importing complete motorcycles as well as components.

Any new venture or successful growth hinges on the recognition of a need and the development of a workable answer. Since motorcycles were imported fully manufactured, their prices were a bit high, according to Innocent. As a result of their size, no more than forty bikes could be imported in a single container. This meant an increased selling price.

Then Innocent realised that he could sell for less money if he imported the components and assembled them in Nigeria.

This rate of production means that 200 complete bikes may be assembled from the pieces of a single 40′ container, which previously could only hold 36. Innocent’s advantage came from having them constructed; he was able to sell his for N60,000, while his rivals who imported it whole were forced to charge at least N150,000.

Soon, even his rivals were purchasing from him since he was able to provide a wider selection of brand names at lower rates. As a result, fewer individuals were interested in buying used motorcycles, as new ones were suddenly relatively affordable.

Time revealed the approach to rivals, and companies like Leventis and Yamako soon followed suit, importing components to manufacture in their home countries.

Innocent Chukwuma Business Career

When Innocent Chukuma tried selling motorbikes on his own, he discovered that most individuals in Nigeria were importing secondhand bikes at exorbitant costs. Because of this, he devised a plan to import motorcycles from abroad at prices far cheaper than the local secondhand motorbike market.

To that end, he travelled internationally to see the process firsthand. He discovered that four firms were actively importing bikes at that time. We’re talking about Leventis, Yamaco, Boulous, and CFAO here. He saw that they sent the motorcycles in crates, one per box, which took up a lot of room when they were imported. As a result, the price of the bikes would rise once they arrived because only 40 cases would fit in a container of that length.

Insight like this is quite helpful. He would buy the bikes in other countries, then take them apart and transport them stateside. As a result, he was able to transport 200 bikes’ worth of components in a single 40′ container. His motorcycles would be 40% less expensive than the market average and he’d reassemble them upon arrival. His sales and profits skyrocketed as a result of this strategy, which reduced the price of a motorbike from 150,000 Naira to 60,000 Naira.

As he began importing motorcycles, he saw that many of them were made entirely of plastic. As a result, he established one of the largest plastics factories in Africa in his home country of Nigeria.

Innocent Chukwuma Net worth in 2023

Innocent Chukwuma is committed to both business and social justice. He has backed efforts to better schools, give young people more agency, and reduce poverty. It is believed that he is worth $1 BILLION.

 

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