TY Danjuma, a retired military General was Nigeria’s Chief of Army Staff in the 70s and served as the Minister of Defense during former President Olusegun Obasanjo’s tenure between 1999 and 2003. Danjuma has ever been one of Nigeria’s most influential people. He was a close ally, loyalist and confidante of the late Nigerian dictator, Sani Abacha, who rewarded General Danjuma with an oil block. The block,which was located in Port Harcourt in the Niger Delta area,was left unexploited for quite some time. In 2006, Danjuma reportedly sold it to China’s offshore oil company CNOOC for $1 billion. After taxes, and paying off various dues, Danjuma was left with over $500 million.
Theophilus Danjuma Net Worth $400 Million
But he did not understand what to do with the money, so he set up the TY Danjuma foundation having a $100 million endowment. Throughout a public forum in February 2010, he recounted his reasons for setting up the charity: “This was additional money I didn’t understand what to do with. I didn’t only want to leave the money in the lender. At some point, I thought about saving the money for my kids, but I decided against it. I realized that they might fight over the money after I’m dead. So, I decided, why not give back to my folks.”