“I Made $500million From Oil Block, But Didn’t Know How To Spend It” —T.Y. Danjuma

“I Made $500million From Oil Block, But Didn’t Know How To Spend It” —T.Y. Danjuma

In February 2010, the former Minister of Defense, Lt.-Gen Theophilus Danjuma, shocked his audience when he narrated how he made $500,000,000.00 from an oil business and did not know how to spend it. A similar pronouncement was attributed to Gen. Gowon who in the early 1970s reportedly said that Nigeria had so much money that the problem was how to spend it.  Danjuma said the $500 million was his profit from the total of $1,000,000,000.00 he realized from the oil block (Akpo Condensate) allocated to him 12 years earlier. The Akpo condensate exports about 300,000 barrels of crude daily.

Danjuma said he had used $500m to settle some pressing personal issues like paying his staff salaries, and tax to the government (yea right!). He mentioned that he was allocated the oil block by the late Gen. Sani Abacha. Many newspapers reported that Danjuma only paid about fifty naira (N50.00) for the form that yielded him one billion dollars ($1,000,000,000.00) oil block. He added that it took him about 10 years to strike oil in the oil block which is located in Port Harcourt area. This oil block was so lucrative that his Sapetro divested of its investment in Akpo condensate for one billion dollars ($1,000,000,000.00)

Others in this exclusive but lucrative oil business are Colonel Sanni Bello, an in-law to Gen. Abdulsalami Abubakar, former Head of State of Nigeria who succeeded Gen. Abacha. Bello owns AMNI International Petroleum Development Company which was given OML 112 and OML 117 in 1999 by his father in-law, Gen. Abubakar.  AMNI and Vitol jointly lift 300,000 barrels of Nigerian oil daily. Rilwanu Lukman, former OPEC Chairman has stakes in all these named three companies.

OML 115, OLDWOK Field and EBOK field in OML 67 in Akwa Ibom were awarded to Alhaji Mohammed Indimi from Niger State. Indimi is an in-law to former Military President Ibrahim Babangida. OML 215 is operated by Nor East Petroleum Limited owned by Alhaji Saleh Mohammed Gambo. OML 108 is operated by Express Petroleum Company Limited and is owned by Alhaji Aminu Dantata.

OML 113 was allocated to Yinka Folawiyo Pet Ltd; it is owned by Alhaji W. I. Folawiyo

ASUOKPU/UMUTU. It is marginal oil fields operated by Seplat Petroleum. Seplat is owned by Prince Nasiru Ado Bayero, cousin to the former Central Bank Governor Lamido Sanusi.

T.Y. Danjuma




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