The continuation of the company’s commercial and territorial disputes with France, together with continuing complaints from the people of Brass, led to the transference of the company’s charter to the imperial British government on Dec. 31, 1899.
Which company ruled Nigeria territory between 1886 and 1900?
The Royal Niger Company was a British chartered company, active from 1886 through 1899 in the territory bordering the Niger and Benue Rivers in contemporary Nigeria, that parlayed its administrative powers into a successful commercial monopoly.
Who sold Nigeria to the British for 865k in 1899?
Following the revoking of its charter, the Royal Niger Company sold its holdings to the British government for £865,000 (£108 million today). That amount, £46,407,250 (NGN 50,386,455,032,400, at today’s exchange rate) was effectively the price Britain paid, to buy the territory which was to become known as Nigeria.
Which company sold Nigeria to the British?
Following the revoking of its charter, the the Royal Niger Company sold its holdings to the British government for £865,000 (£46,407,250 today). That amount, £46,407,250 (NGN12,550,427,783.81 at today’s exchange rate) was effectively the price Britain paid, to buy the territory which was to become known as Nigeria.
Who owned the Royal Niger Company?
In 1929 the company became part of the United Africa Company, which came under the control of Unilever in the 1930s and continued to exist as a subsidiary of Unilever until 1987, when it was absorbed into the parent company.
What was Nigeria called before independence?
The entire territory of the Royal Niger Company came into the hands of the British government. On 1 January 1900, the British Empire created the Southern Nigeria Protectorate and the Northern Nigeria Protectorate. In 1914, the area was formally united as the Colony and Protectorate of Nigeria.
Why did British colonize Nigeria?
The British took an interest in Nigeria because of its resources. … Britain gained power by the use of its military. “Britain maintained it’s economic hegemony [rule] over the colonies through military power, Strategic alliances and the collaboration of indigenous rulers” (The Colonial Economic Legacy).
How did British colonialism affect Nigeria?
The British Empire brought a new judicial system together with some pieces of democracy and a lot of tribes in Nigeria started to get along. The British Government also helped to write peace treaties amongst tribes. Therefore, Europeans helped to protect Africans from their most devastating enemy – themselves.
How did Nigeria get its name?
The name Nigeria was suggested by British journalist Flora Shaw in the 1890s. She referred to the area as Nigeria, after the Niger River, which dominates much of the country’s landscape. The word niger is Latin for black.
What year was Nigeria sold and how much?
How Nigeria was sold to the British for 1.1 million dollars in 1899. It all began with what many would describe as the first oil war, which was fought in the 19th century in the area that would later become Nigeria.
How did Nigeria gain their independence?
Independence and Civil War: By an act of the British Parliament, Nigeria became an independent country within the Commonwealth on October 1, 1960. In 1963 Nigeria became a republic within the Commonwealth. The change in status called for no practical alteration of the constitutional system.