A former Minister of Defence, Lt.-Gen Theophilus Danjuma, shocked his audience at a consultative meeting his Foundation and some Non-Governmental Organisations had in Abuja on Wednesday when he narrated how he made $500m from an oil business, and was in a fix on how to spend it.

The chief executives of the NGOs at the meeting could not believe their ears after hearing Danjuma’s narration.

The former Chief of Army Staff said the $500m, came as his profit from the total of $1bn he had realised from selling an oil block, which was allocated to him 12 years ago.

About $500m had been used to settle some pressing personal issues, pay his staff, and tax to the government.

He recalled that the story started 12 years ago when he was allocated an oil block by the regime of late Gen. Sani Abacha.

He said that the oil block which was in Port Harcourt, River State, however, took him about 10 years before his company first struck oil. Luckily for him, by this time, the price of oil had soared in the international market.

He said this made him to sell the block because he knew that “whatever goes up must come down,” stressing that the deal fetched him $1bn.

He also said that he was left with ‘just’ $500m after he had taken care of the essentials of life.

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He said that he was not sure whether the money would be secured in the bank. Still, he said that he contemplated saving the money for his children. Yet, a second thought, told him this was not the wisest thing to do as his children might fight over it after his death. So, what would he do with the money?

“It was at this junction I decided to establish a foundation which I have committed $100m to. Before I ventured into the business, I told the participants how I retired early from the army.

“I retired at an early age of 41 from the army; it was also because I got to the top early and after that, I started shipping business and became reasonably rich.”

Danjuma wondered what he would be doing with an extra $500m at the age of 72, saying, “I decided to set up a foundation and endow it with my fund. This is because the Nigerian government no matter how noble its intentions cannot address these challenges on its own.

“In fact, in all developed countries, the implementation of social projects is never the sole responsibility of government; there are often strong collaborations as well as the private sector.”

http://www.pointblanknews.com/os2911.html

Oboy

The money gave him headache


I get obsessed with figures. Whenever i see a huge amount of money, I just go straight to get my calculator and convert to Naira. I don't know if anyone is like me here

people reaping where they did not show, ironically, it will be hard to see southerner owning an oil block in his territory.

Freestainworld:
people reaping where they did not show, ironically, it will be hard to see southerner owning an oil block in his territory.

The military generals and politicians shared all the oil blocks in the Niger Delta worth billions of dollars. And the communities in the Niger Delta that face all the environmental degradation didn't receive a penny.

They got winning lottery tickets and sold it to the Chinese and foreign multinational companies to become overnight millionaires and billionaires in dollars.

Floating a 'Foundation' is also another subtle means of securing the future for your children. So i see no need painting the idea as if it is entirely for public gain.

The fact is that most of T. Y Danjuma's businesses are directly or indirectly tied to the foundation.

Aufbauh:
Floating a 'Foundation' is also another subtle means of securing the future for your children. So i see no need painting the idea as if it is entirely for public gain.

The fact is that most of T. Y Danjuma's businesses are directly or indirectly tied to the foundation.

TY Danjuma proves Nigeria is a corporation with stakeholders being the politicians and military generals who make less than 0.01% of the population.

Will this still be the case with oil blocks owned by Igbos or Igbos don't own oil block in Nigeria ? Oh! I forget if only Igbo's don't own all the oil block in Nigeria then it is one ineptitude.

Freestainworld:
people reaping where they did not show, ironically, it will be hard to see southerner owning an oil block in his territory.

RuudVanNisteroy:

TY Danjuma proves Nigeria is a corporation with stakeholders being the politicians and military generals who make less than 0.01% of the population.

The loot self shock him.

On what basis was an oil block allocated to him?
What did he do to get one?
What didn't my grandfathers do to get one?
Who did the sharing?
Who and who got?
Who and who did not get?

Truth be told, these folks may have shared the destiny of this country called Nigeria.

We without rich grandparents are just hustling for the crumbs.

bioemmy:
The loot self shock him.

Magicians:
Will this still be the case with oil blocks owned by Igbos or Igbos don't own oil block in Nigeria ? Oh! I forget if only Igbo's don't own all the oil block in Nigeria then it is one ineptitude.

Oil blocks worth billions of dollars should not have been shared to individuals, but the oil producing communities in the Niger Delta. What qualifications did Indimi,Alakija,Deribe,Danjuma,Adenuga,Arthur Eze etc have to be awarded oil blocks worth billions of dollars?

Allocation of oil blocks and oil lifting licences is the reason OBJ and Buhari chose to be the substantive Minister's of Petroleum. With just a stroke of a pen you can turn anyone to an overnight millionaire or billionaire in dollars.

bioemmy:
The loot self shock him.

On what basis was an oil block allocated to him?
What did he do to get one?
What didn't my grandfathers do to get one?
Who did the sharing?
Who and who got?
Who and who did not get?

Truth be told, these folks may have shared the destiny of this country called Nigeria.

We without rich grandparents are just hustling for the crumbs.

On what basis was an oil block allocated to him? Here are a few individuals that got some of the juicest oil blocks worth billions of dolllars.

Alakija - Maryam Babangida tailor

Danjuma - Abacha day one boy

Etete - Minister of Petroleum under Abacha

Indimi - IBB boy

Adenuga - IBB boy

Deribe - Abacha boy

Arthur Eze - IBB boy

Most of the individuals awarded oil blocks are fronts.

No ogoni people will read this nonsense and happy about it.

Lipscomb:
No ogoni people will read this nonsense and happy about it.

The same Ogoni people that are wasteful and corrupt... They ones they have gotten, how did they use it judiciously? We know the oil is in the south, but they can't keep blaming government for their backwardness when they themselves have refused to move.. Give an average Niger delta money, he flexes all and comes back the next day for more.. They are very wasteful like the Northern elites..
In terms of sharing on oil block, major ethnic groups are represented... Diezani Maduekwe really tried for the SS, but them no gree develop. ..I remember when I stayed in PH, I knew men that had oil blocks, it was during the Sure P era.. They spent dollars, no naira.. Those same men later lost license to those oil block cos they couldn't harness it....
Its high time we stop blaming people for our problem when we have refused to make attempt to solve them.

everything is long broken in Nigeria. we are yet to know.

HarunaWest:

The same Ogoni people that are wasteful and corrupt... They ones they have gotten, how did they use it judiciously? We know the oil is in the south, but they can't keep blaming government for their backwardness when they themselves have refused to move.. Give an average Niger delta money, he flexes all and comes back the next day for more.. They are very wasteful like the Northern elites..
In terms of sharing on oil block, major ethnic groups are represented... Diezani Maduekwe really tried for the SS, but them no gree develop. ..I remember when I stayed in PH, I knew men that had oil blocks, it was during the Sure P era.. They spent dollars, no naira.. Those same men later lost license to those oil block cos they couldn't harness it....
Its high time we stop blaming people for our problem when we have refused to make attempt to solve them.

The oil blocks belong to the Niger Delta people and the way the "juicest" oil blocks were awarded brought no benefit to Nigeria and left a lot to be desired.

Speechless

nBag:
everything is long broken in Nigeria. we are yet to know.

This is one of the emperors waging war against Buhari because he doesn't do their biddings.

ThatFairGuy1:
This is one of the emperors waging war against Buhari because he doesn't do their biddings.

They are all after their own bidding including Buhari. Why has he refused to appoint a Minister of Petroluem like OBJ, if not to be personally involved in who gets oil lifting contracts and oil blocks that turn individuals to overnight millionaires and billionaires.

So, why haven't their state governors gotten together, set up a South South development company and bid for oil bloc since?

Inasmuch as I feel annoyed that the big rich men are getting oil blocks at the expense of the poor Niger deltans, what are their state governors doing.?

Oil blocs can only be sold to those who have the money.

Or does OP want the government to pass a law that takes away the oil blocs from the big guys and dashes the poor people? Not only does that lead to legal issues, it also drives off investors who worry about arbitrary government seizures.....

Kerosenehawker:
So, why haven't their state governors gotten together, set up a South South development company and bid for oil bloc since?

Inasmuch as I feel annoyed that the big rich men are getting oil blocks at the expense of the poor Niger deltans, what are their state governors doing.?

Oil blocs can only be sold to those who have the money.

Or does OP want the government to pass a law that takes away the oil blocs from the big guys and dashes the poor people? Not only does that lead to legal issues, it also drives off investors who worry about arbitrary government seizures.....

Which money did Maryam Babangida tailor Alakija have?

RuudVanNisteroy:


They are all after their own bidding including Buhari. Why has he refused to appoint a Minister of Petroluem like OBJ, if not to be personally involved in who gets oil lifting contracts and oil blocks that turn individuals to overnight millionaires and billionaires.

Thank God you're just hypothesizing.

Meanwhile, the fear of another Allison Madueke made him not to.

ThatFairGuy1:
[/b]
Thank God you're just hypothesizing.

Meanwhile, the fear of another Allison Madueke made him not to.

What has changed?The oil refineries are not working despite the billions of dollars spent on them, oil subsidy is still a scam, oil lifting contracts were given to shady companies.

The scam "integrity" has long expired.

RuudVanNisteroy:


Which money did Maryam Babangida hairdresser Alakija have?

You still haven't answered my question

What are the people's elected representatives doing about the issue?

Yes, we know Alakija used 'connections'...everyone probably knows that. But that was during the Army rule. Now we have had twenty years of democracy, and oil blocks are still being sold...so why haven't the state governors set up a holding company since 1999 to buy some blocs?

The problem with Nigerians is that we sit down all day grumbling about bad things, and don't do anything about them. Especially on Niaraland. It feels good to complain about the 'situation in the country'....but when it is tiime to do something, we then say 'The hausas won't let us do it"

HarunaWest:

The same Ogoni people that are wasteful and corrupt... They ones they have gotten, how did they use it judiciously? We know the oil is in the south, but they can't keep blaming government for their backwardness when they themselves have refused to move..

Give an average Niger delta money, he flexes all and comes back the next day for more.. They are very wasteful like the Northern elites..

In terms of sharing on oil block, major ethnic groups are represented... Diezani Maduekwe really tried for the SS, but them no gree develop. ..I remember when I stayed in PH, I knew men that had oil blocks, it was during the Sure P era.. They spent dollars, no naira.. Those same men later lost license to those oil block cos they couldn't harness it....
Its high time we stop blaming people for our problem when we have refused to make attempt to solve them.

Large sums of money make a man to lose his senses, so it's not peculiar to Niger Delta people.

That's why it's always good to achieve success through some dints of hard work.

When you work hard to make money, you will think twice before spending any kobo.

For every money made through the backdoor, there is always a high possibility that it will be wasted. It's just the human nature.

If you ask what Niger Delta people have done with the little they have, you should also answer what Nigeria has done with her lion's share.

I always praise white men for being able to manage their resources judiciously. US state of Maryland alone is far richer than Nigeria. Yet, you don't hear that people looted money.

Let's be clear, a leader in such states may decide to loot and go to jail so that they will enjoy the loots when they regain their freedom....just like we have in Nigeria. However, you rarely hear news of institutionalized corruption like it happens in developing countries.

When I say that Nigeria did not deserve independence, e get why.

Lipscomb:
No ogoni people will read this nonsense and happy about it.

NNDC allocated 5 trillion naira since 2000 where is money ? A least all appointees where from the region....this should make the ogonis and ijaws ask their leaders ....if we add 13 percent derivation is will be over 10 trillion...

RuudVanNisteroy:


Oil blocks worth billions of dollars should not have been shared to individuals, but the oil producing communities in the Niger Delta. What qualifications did Indimi,Alakija,Deribe,Danjuma,Adenuga,Arthur Eze etc have to be awarded oil blocks worth billions of dollars?

is it only Arthur Eze that own oil block from Igbo land n who own oil block in the USA Saudi Barahin Iran Iraq Kuwait ? Are the owner of oil wells in those country angels more human than those in Nigeria. Bro if you want to address corruption address it. No country elite will oil block away from themselves bidding or no bidding.

RuudVanNisteroy:


On what basis was an oil block allocated to him? Here are a few individuals that got some of the juicest oil blocks worth billions of dolllars.

Alakija - Maryam Babangida hairdresser

Danjuma - Abacha day one boy

Etete - Minister of Petroleum under Abacha

Indimi - IBB boy

Adenuga - IBB boy

Deribe - Abacha boy

Arthur Eze - IBB boy

Most of the individuals awarded oil blocks are fronts.

Abacha is Danjuma's boy
Even IBB is danjuma's boy.
DANJUMA is the military cabal himself.
Even Obj dey fear and respect Danjuma.

Old story.

These northerners with all their wealth they can't develop their backyard. They're comfortable sitting on poo eating billions.