Between 1897 and 1908, three financial groups successively controlled the Niassa Company. The first was the "Ibo Syndicate" which raised enough funds to establish an administrative center in the village of Ibo in 1897. In 1899 the "Ibo Syndicate" became the "Ibo Investment Trust", which raised a small army provided by the Portuguese colonial administration, consisting of 300 Portuguese soldiers and 2800 "sepoys" (Indians recruited in other regions of Mozambique). From 1900 to 1902, the company was successfully able to occupy the inland regions of the concession, including Metangula on the banks of Lake Niassa.
