I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma - Politics - Nairaland
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| I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by aloyemeka2: 3:24am On Feb 18, 2010 |
[size=14pt]I made $500m from oil block, but didn’t know how to spend it — Danjuma[/size] Posted To The Web: Wednesday, February 17, 2010 - Olusola Fabiyi 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. 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://news.onlinenigeria.com/templates/?a=15523&z=12 |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by aloyemeka2: 3:55am On Feb 18, 2010 |
[size=16pt]I This is how they make their billions. There is no current Nigerian billionaire who did not have access to uncontrolled access to our oil money. Funny enough, none of these billionaires is from the Niger Delta. 1 Like |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by Theface200: 4:22am On Feb 18, 2010 |
If Danjuma give 100 million of it. I would give in 300 million back in 2 years. |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by naijaking1: 4:34am On Feb 18, 2010 |
How does a retired army officer qualify for an oil field in Nigeria? What makes him special that he should be given one of our fields in Port Harcourt, especially when the original owners of the same oil field are hereby and wallowing in abject poverty? Oh, I get it, his reward for winning the civil war and assasinating Ironsi his boss. 1 Like |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by nbem2008: 5:01am On Feb 18, 2010 |
Theface200: @Theface200ink First, learn how to write correct sentences. Then worry about getting 100 million and giving back 200 million. 1 Like |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by rasputinn(m): 5:04am On Feb 18, 2010 |
Danjuma is a useless liar,he got an OPL licence for a block that was already prospected,instead of an OML licence,he did not pay tax nor did he pay royalties,he actually sold the block to some Chinese investors for almost $2 billion ,so the old foo.l should not think we've all forgotten;therefore he should have said; I |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by aloyemeka2: 5:31am On Feb 18, 2010 |
Theface200: I will give back 300 million in 6 months if he gave up to 10 million to charity. |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by canuck(m): 5:40am On Feb 18, 2010 |
aloy-emeka: The truth is coming out, slowly but surely. In a country with ramshackle hospitals, almost-non-existent manufacturing, significant unemployment, etc, and he says he didn't know what to do?! Ojigbi-jigbi!!! E for cook am take am chop kunu! No wonder there's always a difference between those who make wealth by creating value and those who make wealth by creating chaos! (PS: I had to read the story a couple of times to be sure I wasn't misinterpreting General "Squeaky Clean" Danjuma! Whao! Nigeria we hail thee  ) |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by aloyemeka2: 5:56am On Feb 18, 2010 |
“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[b] reasonably rich.”[/b] What is[b] reasonably[/b] rich abeg?; or did he mean to say he stole from us reasonably unlike Obasanjo and IBB who stole unreasonably or Abacha who stole greedily. |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by rasputinn(m): 8:10am On Feb 18, 2010 |
@OP Please modify the thread topic to more aptly read Danjuma stole $2 billion from Nigeria(through oil block) and hundreds of millions of dollars through official looting,but didn't know what to do with it |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by Nobody: 8:14am On Feb 18, 2010 |
These guys are all animals. Half a billion dollars in pure profit from selling stuff that never even belonged to him in the first instance. Why don't MEND go and kill people like this instead of blowing up pipelines? |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by Abagworo(m): 8:28am On Feb 18, 2010 |
anyone familiar with oil related biz around oron in akwaibom knows that danjuma owns more than just a block.he owns everything around offshore oron.war booty. |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by naijaking1: 8:35am On Feb 18, 2010 |
ziddy:  |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by dustydee: 9:13am On Feb 18, 2010 |
naijaking1: Please name anyone from the Niger Delta that bidded for an oil block and was denied. |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by deor03(m): 9:20am On Feb 18, 2010 |
To be honest I just wish to cry  . This is an irresponsible statement. How many more billions exists in this country? And yet there is adverse abject poverty all over the land. |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by MrCrackles(m): 9:23am On Feb 18, 2010 |
Dayyuum. . . .  |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by naijaking1: 9:25am On Feb 18, 2010 |
dustydee: Are you for real? |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by dustydee: 10:17am On Feb 18, 2010 |
naijaking1:Yes,name names |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by Nobody: 10:27am On Feb 18, 2010 |
Since he feeds me and thus feeds my family, I will not be able to comment on this without sentiment. |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by ADint(m): 10:49am On Feb 18, 2010 |
Unfortunately this is how big business is conducted the world over. Political patronage is a key ingredient in securing lucrative contracts or licenses and its no different in Nigeria. I can bet you though he is not the only one making such a kill in the oil industry in Nigeria, there would most definitely be some southerners and other northerners as well who have not and will not come out in open like Danjuma did. |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by edoyad(m): 10:58am On Feb 18, 2010 |
Guy this is not how big business is conducted round the world, why can't the fcking govt revoke these licenses ? Do we have to start killing people like the Khmer in Cambodia before they do what's right FFS ? |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by PapaBrowne(m): 11:43am On Feb 18, 2010 |
edoyad: Edoyad, sadly it is. It is the same pattern the world over, especially where oil deals are involved. Wonder why Halliburton won most of the contracts in Iraq? Cheney was Chairman of Halliburton. |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by aloyemeka2: 1:46pm On Feb 18, 2010 |
deor03: Very; he must be drunk the day he made that statement. Obasanjo will never make that type of mistake. |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by aloyemeka2: 1:47pm On Feb 18, 2010 |
dustydee: |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by mbulela: 1:51pm On Feb 18, 2010 |
ziddy:That explains to you that MEND and its fellow 'militants' are nothing but lily livered criminals. Who are only interested in exploiting the crooked system for the benefit of their pockets. |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by mbulela: 1:54pm On Feb 18, 2010 |
edoyad: yes we have to. Their greed and lunacy will never allow them do the right thing. anyone hoping that these crooks in the corridor of power will just wake up and decide to stop raping our collective destiny and resources is deluded and living in dream land. change must be forced and they must be left with no option. as long as there are options, the stealing (and doing nothing) will continue unabated. |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by bilymuse: 3:41pm On Feb 18, 2010 |
TO God be the glory |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by lawrence83: 4:09pm On Feb 18, 2010 |
500m dollars?! Shakes head. and he has the guts to come out and say he made it reasonably . . . . . .only in my country. |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by nex(m): 4:39pm On Feb 18, 2010 |
Well, I was wondering how a President can "allocate" an oil bloc to a citizen and it will rightfully go to such a person, till I remembered that it was the same way the President allocated plots of land to footballers and nobody talked. Very soon, dem go soon allocate the full country to Turai sef. |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by Gekko(m): 4:42pm On Feb 18, 2010 |
What a waste of capital. I am not even upset that he amassed wealth via political patronage rather I'm furious he has the slightest clue how to utilize it. Can you imagine the other imbeciles facing the same dilemma. Mr Danjuma I have to words for you VENTURE CAPITAL |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by asha80(m): 4:43pm On Feb 18, 2010 |
lawrence83: Wetin naija people go do?No be to make noise. |
| Re: I Made $500m From Oil Block, But Didn’t Know How To Spend It — Danjuma by naijaswag1: 5:07pm On Feb 18, 2010 |
There is no change on the horizon until we are ready to take our destinies in our hands.If you were Danjuma and all those cartels who benefit from Nigerian government to the tune of $500 million, will you give up the fight easily? That is why a sick man wants to hold on to power even if he rules from coma.It is either Nigerians change this government for better by force or the status quo will continue.If we are waiting for divine providence,it may take a lot longer.More than 500 politicians needs to give way(Ghana style). |
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