Nri Civilization and the Introduction of Stock Exchange in Igbo Land

The concept of stock exchange was first introduced in Nri, historically associated with the prestigious Ọzọ title. This early form of stock trading was linked to the Ogwe Mmuo alliance group. A candidate for the title would purchase nine shares, known as “Ọfọ Itenanị,” symbolizing the “staff of immortality.” These shares, called Ọfọ, represented both spiritual and economic entitlements.

An Ọzọ titled man would receive dividends according to the number of Ọfọ Ọzọ he held. For example, a man with nine Ọfọ Ọzọ was entitled to nine shares each time a new member took the title and made payments. These shares could be sold within the Ọzọ group at a profit or loss, depending on need, except for three shares which were non-transferable.

In addition, an Ọzọ man could use his Ọfọ as collateral for a loan, with the lender taking the shares until the loan and interest were repaid. Upon an Ọzọ man’s death, his male children would inherit his Ọfọ Ọzọ and the corresponding shares. However, the shares would lapse two years after his death, a process known as Ovunisi. The family of the deceased would continue to receive the benefits from the remaining Ọfọ Ọzọ. A son could also use one of the inherited Ọfọ Ọzọ to take his own Ọzọ title, continuing to accumulate shares from both his title and those inherited from his father.

The Ọfọ, the staff of immortality and symbol of ritual and political authority, was effectively transformed into a form of security certificate in the Nri culture. This innovative system enabled economic growth and stability within Igbo society, long before the arrival of British colonial administration. Nri thus introduced a highly advanced form of stock exchange to Igbo land, reflecting a sophisticated economic and cultural system.

Nri’s Role in Igbo Civilization

The Eze Nri also played a significant role in introducing key cultural and agricultural practices to the Igbo people. One such contribution was the introduction of the four Igbo market days: Eke, Oye (Orie), Afọ, and Nkwọ. In every community where the Eze Nri established a market, he would leave an agent to manage the Alụsị (deity) and collect tributes on his behalf. These tributes were typically paid during the Ịgụ Arọ ceremony, further solidifying the Eze Nri’s influence across Igboland.

Additionally, it is historically recorded that the Eze Nri introduced agriculture to Igboland, including essential crops such as yam and cocoyam. During the Ịgụ Arọ ceremony, the Eze Nri would distribute seed yams to the people, symbolizing the introduction of yam cultivation to the Igbo race.

Historical Timeline of Nri Kings (Eze Nri)

1. Nri Ifikuanịm (1043 – 1158)
2. Nri Namoke (from Diodo, 1090 – 1158)
3. Nri Buife (from Obeagụ, Unified Ọfọ N’alọ Agukwu and Diodo, 1159 – 1259)
4. Nri Ọmalọ (Uruọji, 1260 – 1299)
5. Nri Jiọfọ I (Agbadana, 1300 – 1390)
6. Nri Ọmalonyeso (Obeagu, 1391 – 1464)
7. Nri Anyamata (Uruọji, 1465 – 1511)
8. Nri Fenenu (Agbadana, 1512 – 1582)
9. Nri Agụ (Obeagu, 1583 – 1676)
10. Nri Apia and Nri Alike (Uruọji, died the same day, 1677 – 1700)
11. Nri Ezimilo (Agbadana, 1701 – 1723)
12. Nri Enwenetem (Agbadana, 1724 – 1794)
13. Nri Enwelana I (Obeagu, 1795 – 1886)
14. Nri Ọbalike (Uruọji, 1889 – 1936)
15. Nri Jiọfọ II Taabansi Udene (Agbadana, 1937 – 1987)
16. Nri Enwelana II Obidiegwu Onyeso (MFR) (Obeagu, 1988 – Present)

Nri Age Grades

1. Oliokuku (1846 – 1854)
2. Irunatọ (1855 – 1863)
3. Umezọba (1864 – 1866)
4. Ijele (1867 – 1872)
5. Atụ (1873 – 1875)
6. Ugo (1876 – 1878)
7. Ọchokwu (1879 – 1881)
8. Olimgba (1882 – 1887)
9. Ekwueme (1888 – 1890)
10. Mmanenyi (1891 – 1896)
11. Irugo (1897 – 1902)
12. Iruagụ (1903 – 1905)
13. Iruatọ (1906 – 1908)
14. Nri buenyi (1909 – 1911)
15. Iruenyi (1912 – 1914)
16. Ọkpatụ (1915 – 1917)
17. Ifediọra (1918 – 1920)
18. Amakaekwu (1921 – 1923)
19. Abakarị (1924 – 1929)
20. Atigwe (1927 – 1929)
21. Akpalị (1930 – 1932)
22. Akụm (1933 – 1935)
23. Amuoku (1936 – 1938)
24. Ọkuanị (Omenyi) (1939 – 1941)
25. Udokafulukwu (1942 – 1944)
26. Ndụkakụ (1945 – 1947)
27. Chikwado (1948 – 1950)
28. Ofuobi (1951 – 1953)
29. Nri Jiọfọ (1954 – 1956)
30. Nri Bụ Isi Igbo (1957 – 1959)
31. Ọdinanị (1960 – 1963)
32. Nri bu Ofu (1964 – 1966)
33. Nri Ezuo (1967 – 1969)