A new report by US based financial data media house,
Bloomberg, says former Minister of Defence, Lt.Gen Theophilus Danjuma (retd.),
is worth an estimated $1.2bn (N432bn).
This is the first time Danjuma’s net worth would be made
public. Danjuma was mentioned in the Panama Papers in 2017 among prominent
Nigerians that operated foreign accounts and had foreign companies while
holding public office.
The retired general was also among global personalities
found to maintain secret accounts, operated with codes, with the Swiss branch
of banking giant, HSBC.
According to Bloomberg’s latest report, Danjuma owns not
less than 30 properties worldwide some of which include hotels, luxury
apartments and others. Bloomberg said in a report that Danjuma had also
acquired the ‘Kings Arms Hotel’, a
300-year-old inn next to London’s Hampton Court Palace, once the home of King
Henry VIII. It’s set to open soon after
refurbishment, with rooms costing about 250 pounds ($318) a night.
The report read in part, “In this most English of settings,
it’s fitting the owner is a retired military man still referred to as
“General.” But for Theophilus Danjuma, this is just one investment in a network
of assets that span at least three continents.
“The 80-year-old Nigerian is worth $1.2bn, according to the
Bloomberg Billionaires Index, with his family office managing a portion of that
wealth, often through low-key holdings such as the 14-room hotel.”
Hannatu Gentles, the second daughter of the retired general,
confirmed to Bloomberg in an interview that the property was indeed bought by
the family and would bear the ‘Danjuma’ name. She said they paid 2.4m pounds
(N1.09bn) for the hotel. Gentles said
redevelopment work was expected to end in March, filings show, but the inn’s
age and protected status resulted in higher costs and delays.
“This is the first, and will possibly be the last, listed
building we’ve worked on. It’s taken longer than we wanted, but our name is
attached to the building and we want to be proud of our work. It’s been a hard
slog” Gentles said.
Danjuma’s new venture is far removed from civil war and
deepwater oil fields, the spheres where he amassed his power and fortune. In
2006, his South Atlantic Petroleum Ltd. sold almost half its contractor rights
for a section off Nigeria’s coast to a state-backed Chinese firm for
$1.8bn.
The ex-minister was awarded the block in 1998 by the regime
of former dictator and fellow army officer Sani Abacha, making him one of a
handful of Nigerians made extraordinarily wealthy from the country’s energy
reserves.
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