Theophilus Danjuma is a Nigerian politician and investor who has been able to accumulate a lot of wealth for himself via various means and mediums.
He used to be the country’s defence minister and has also founded South Atlantic Petroleum – an oil exploration firm.
- Full Name: Theophilus Yakubu Danjuma
- Occupation: Politician, Investor
- Source Of Wealth: Oil, Self Made
- Marital Status: Married (to Daisy Danjuma)
- Net Worth: $1.1 billion (as at 2015)
Theophilus Yakubu Danjuma Biography
Lt.-Gen Theophilus Danjuma is one of the most powerful men in Nigeria in various regards. Apart from the fact that he is pretty rich and wealthy, he has also been able to serve the country in a very powerful position – as a Minister of Defense.
Danjuma didn’t just found himself in the exalted position, but he started from the scratch too in the Army. He rose through the ranks to become a General before being made the country’s Chief of Army Staff in the 70s.
While former President Olusegun Obasanjo (1999 – 2003) was in power, he, having seen Danjuma’s impressive records, chose to make him the country’s Minister of Defense.
This man has always been one of the most influential people in the country. In fact, it was made known that he was pretty close to the late Nigerian dictator, Sani Abacha.
It was also made known that it was Abacha that gifted him an oil block which increased his worth.
TY Danjuma Foundation
You might have heard about this foundation before now, but have you wondered how it came about? Actually, the block given to Danjuma ( situated in Port Harcourt in the Niger Delta region) was sitting idly there, and nothing was done on it for a long period of time.
Due to one reason or the other, Danjuma didn’t exploit it, until he decided to sell it to China’s offshore oil company CNOOC for $1 billion in year 2006.
Obviously, that is a whole lot of money, that even after paying the necessary taxes and other dues that should be settled, he still reportedly have above $500 million.
However, it appears there are times when one will have too much money that one would be in a sort of dillema as to how to appropriately spend them.
That is where Danjuma found himself, as he did not know what to do with his huge money. Therefore, he decided to establish the TY Danjuma foundation with a $100 million endowment.
This is what he (Danjuma) said:
“This was extra money I did not know what to do with. I did not just want to leave the money in the bank.
At some point, I thought about saving the money for my children, but I decided against it. I realized that they could fight over the money after I’m dead. So, I decided, why not give back to my people.”
However, we should add that although Theophilus might have actually put over $100 million of his money into his Charity, he remains one of the richest in the country.
It is also impressive to note that his Foundation is one of Africa’s largest charities, and he personally is one of Nigeria’s biggest philanthropist.
Theophilus Danjuma Net Worth
As at 2015, he, according to Forbes, is said to be worth around $1.1 billion, making Theophilus Danjuma one of the richest persons in Nigeria
He owns South Atlantic Petroleum – an oil firm that which upstream assets not only in Nigeria, but even in other African countries including Republic of Benin, the Central African Republic and Madagascar.
Danjuma is the firm’s chairman which his wife serves as vice-chairman.
Danjuma diversified his investments, in that he also owns real estate and a shareholder in Notore Chemical Industries. He, additionally invested in NALComet – a shipping firm.
Additionally, the sale of one of his prominent assets in 2006 (his oil block) increased his wealth). The value of the block that was sold to CNOOC was pretty huge. Even after $500 million was used to settle the necessary levies, he still has enough in his coffers.