Kano Citizens Trading Company

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The Kano Citizens Trading Company was a Nigerian business venture and one of the earliest large scale African capital investment firms in Nigeria.

History

As part of a Northern Nigeria department of Trade and Industry and the colonial department of Commerce and Industry scheme in developing the textile sector, a textile mills project was initiated in 1946. In 1949, the Northern Regional Development Board gave a loan of about 35,100 pounds to a group of businessmen in Northern Nigeria in furtherance of the textile mill. By 1949, about 300 businessmen had subscribed to equity capital in a newly formed company (17,000 pounds), the Kano Citizens Trading Company which was then partly created to take equity capital in the mill, the rest of the equity in the newly established Kano Citizens Trading Company was taken up by the Northern Nigeria Development Company. The security of four houses valued at about 10,000 pounds from Dantata also helped pushed to operation the new company. Initially, the company utilized imported yarns in weaving to produce about 400,000 yards of textiles per year.

The company later opened a dyeing factory at Gwammaja, Kano.

The company was promoted by leading Northern merchants who wanted to take stock in the industrial development in the North. The textile mill later became a profitable and important venture in the region for bringing together different individuals who were able to contribute to a cooperate venture instead of the dominant individualistic enterprises.

Affiliated traders