Business
Bloomberg Says Danjuma Made Staggering Wealth from Oil, Worth $1.2bn
Lt-Gen Theophilus Danjuma (rtd) is currently worth $1.2 billion, according to the Bloomberg Billionaires Index. This amounts to over N400 billion based on the current exchange rate.
Danjuma retired from the Nigerian Army in 1979. He reportedly made his wealth from oil block awarded to him.
In a new report which details his staggering wealth, Bloomberg says the 80-year-old former military officer owns a 300-year-old inn in the city of London.
Popularly known as “The Kings Arms Hotel”, the 300-year-old inn, next to London’s Hampton Court Palace, was once the home of Henry VIII.
“It’s poised to open soon after refurbishment, with rooms costing about 250 pounds ($318) a night. Guests can dine on traditional fare in the Six restaurants, a reference to the monarch’s many wives, or grab a pint on the terrace.
“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 $1.2 billion, 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,” Bloomberg reports.
In addition to the Kings Arms Hotel, the Danjumas have also developed residential properties this year in Esher and Wimbledon.
The report further reads, “They (Danjumas) also own a boutique hotel in Lagos, serving beef carpaccio and lobster bisque in one of three dining areas and displaying works from the family’s art firm.
“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 $1.8 billion.
“Danjuma 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.”
Danjuma was born in 1938, the year Royal Dutch Shell received its first oil exploration license for the country and more than two decades before it gained independence from Britain.
He dropped out of college in 1960 to join the army, according to “Nigerian Politics in the Age of Yar’Adua” by Bayode Ogunmupe. He gained prominence after participating in the 1966 counter-coup against Nigeria’s first military dictator.
A decade later, he was stepping out of a Rolls-Royce in central London to meet British military officials in his role as chief of staff of the Nigerian Army.
He left the military in 1979 and founded his oil firm and a shipping company, NAL-Comet, which now has more than 2,000 employees in Nigeria. Danjuma paid $25 million in 1998 for the oil field exploration license that made him a billionaire. A year later, he became Nigeria’s defence minister as the country returned to democracy.
He originally teamed up with Total SA and Brazil’s Petroleo Brasileiro SA on the block. The minority stake that Danjuma’s company now owns is worth $450 million, according to Bloomberg’s wealth index.
While Mayfair is the hub of London’s family offices, the Danjumas chose the city’s southwest suburbs to set up their investment firm a decade ago. They’ve since invested in property in that area, including the 2.5 million-pound purchase in 2010 of the building where their office is now based, according to filings.
Beyond the U.K., they own real estate in California and have bought and sold property in Singapore. Their family office also oversees private equity investments, trust funds and a venture capital arm that backs family-run art and film companies. The Danjumas own more than 30 properties worldwide, filings show.
“We invest in real estate in other jurisdictions, but in the U.K. we always thought let’s stick to areas that we know,” says daughter Hannatu Gentles, the second of Danjuma’s five children and chief operating officer of his London-based family office.
Her father bought a residence in Singapore years ago, “and it made sense then to buy some more,” she said, adding they’ve since sold the properties because of tax law changes.
It might seem contradictory given the extent of his wealth, but he is quite well respected and almost looked upon as an elder in political circles,” said Roy, co-research director of the SOAS-led Anti-Corruption Evidence initiative. “The military held him in such high regard that he was able to help manage Nigeria’s transition from military rule to democracy.”
Owning a hotel in Nigeria led the family to look for a similar deal in the U.K. Two years ago, they paid 2.4 million pounds for the Kings Arms. 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,” Gentles said. “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.”
SarahaReporters
Guaranty Trust Holding Company Plc has reported a profit before tax of N600.9 billion for the half year ended June 30, 2025.
The figure is contained in the company’s audited consolidated and separate financial statements, which were released to the Nigerian Exchange Group and the London Stock Exchange.
The group stated that the performance was driven by growth in core earnings lines, including interest income and fee income, which rose year-on-year by 31.5% and 33.0%, respectively.
It explained that the growth helped to cushion the absence of N493.01 billion in fair value gains recorded in 2024, resulting in a 40 per cent decline.
GTCO stated that its total assets stood at N16.7 trillion, while shareholders’ funds totaled N3.0 trillion during the review period.
It added that its balance sheet remained strong, diversified, and de-risked across operating jurisdictions, as well as its payments, pension, and funds management businesses.
The group disclosed that its Capital Adequacy Ratio closed at 36.2 per cent, while asset quality improved with IFRS 9 Stage 3 loans declining to 3.2 per cent.
At the group level, Stage 3 loans stood at 4.5 per cent, compared with 5.2 per cent in December 2024.
Similarly, the cost of risk improved to 1.7 per cent from 4.9 per cent recorded in December 2024.
The company stated that its net loan book increased by 20.5 per cent, from N2.79 trillion in December 2024 to N3.36 trillion in June 2025.
Deposit liabilities also increased by 16.6 per cent from N10.40 trillion to N12.13 trillion during the same period.
The board of GTCO approved an interim dividend of N1.00 per share for the half year ended June 30, 2025.
Commenting on the results, Segun Agbaje, Group Chief Executive Officer, said the half-year performance reflected business strength and progress towards building a diversified financial services ecosystem.
He said beyond last year’s extraordinary one-off gains, the group was now driving sustainable growth with recurring earnings that demonstrated the resilience and scalability of its model.
Mr Agbaje noted that continued investment in technology, particularly in core banking upgrades, was delivering stronger uptime, efficiency, and greater capacity to scale with a growing customer base.
He added that across banking, funds management, pension, and payments, GTCO was leveraging a de-risked balance sheet to reinforce its market position while maintaining strategic flexibility. According to him, this foundation positions the group to seize emerging opportunities and deliver lasting value for all stakeholders.
Mr Agbaje stressed that GTCO had continued to post some of the best metrics in Nigeria’s financial services industry in terms of key financial ratios. He said the group recorded Pre-Tax Return on Equity of 60.4 per cent, Pre-Tax Return on Assets of 10.6 per cent, Capital Adequacy Ratio of 36.2 per cent, and Cost-to-Income ratio of 30.1 per cent.
NAN
In line with its commitments of promoting sports and developmental initiatives at all levels, First Bank of Nigeria Limited is partnering the organizers of the first of its kind E1 Lagos GP an all-electric powerboat racing championship, set to hold between the 3rd and 5th of October 2025.
Disclosing this at the E1 Lagos GP Stakeholder Immersion session in Lagos recently, Olayinka Ijabiyi, the Acting Group Head, Marketing and Corporate Communication of FirstBank, reaffirmed the Bank’s commitment to supporting initiatives that engender human development across the country while cementing legacies.
“Our involvement in the E1 Lagos GP is about driving legacy and enabling the passions and aspirations that unite Nigerians. We are a bank that has been in business for over 131 years and we recognize that sports drives us as a country, which is why through our First@Sports initiative, we continue to invest in platforms that inspire and elevate our people. We have been supporting legacy sport tournaments like the Georgian Polo Cup which we have hosted for 105 years, and the Lagos Amateur Open Golf Championship for 64 years now,” Ijabiyi said.
With the event slated for the start of the fourth quarter, FirstBank is aligning its partnership with the annual DecemberIssaVybe initiative, a campaign that celebrates the vibrant spirit of Nigerians during the festive season by curating unforgettable experiences that blend culture, entertainment and lifestyle. “FirstBank is deeply woven into the fabric of society and the lives of our customers. As presenting partner, we are creating meaningful touchpoints with customers and prospects, offering them a world-class experience of relaxation and celebration that captures the true essence of Lagos during the festive season,” he added.
Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, who was also at the event, described the initiative as an event that will grow not just the sports but also showcase Lagos’s vibrant culture, dynamic people, and global relevance, while commending FirstBank for their support.
The teams owned by notable stars like Tom Brady, LeBron James, Didier Drogba, Will Smith, Marc Anthony, Steve Aoki, Rafael Nadal will compete in the Lagos leg before the 2025 season of the competition terminates in Miami in the United States.
Zenith Bank Plc has released its Group financial results for the half year ending June 2025, posting an impressive profit before tax of N625.629 billion. Following this robust performance, the Board has approved an interim dividend of N1.25 per share, a 25% increase over the N1.00 paid in the first half of 2024, maintaining the Bank’s position as a leading dividend-paying Bank and reinforcing its longstanding commitment to rewarding its esteemed shareholders.
The substantial dividend payout reflects exceptional underlying performance. Despite higher provisioning requirements from the industry-wide exit of the CBN forbearance regime, the Bank recorded a robust 20% year-on-year increase in gross earnings, rising from N2.1 trillion to N2.5 trillion in H1 2025. Interest income drove this performance with an impressive 60% growth, climbing from N1.1 trillion to N1.8 trillion. The Bank achieved this impressive increase in interest income through strategic repricing of risk assets and effective treasury management.
Commenting on the H1 2025 results, Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, noted that Zenith Bank’s performance reaffirms the creativity and innovation of our unicorn workforce in a dynamic operating environment. “Despite the huge provisioning requirements as the industry exits the CBN forbearance regime, we’ve seen substantial improvement in our asset quality. Our balance sheet remains robust with adequate capital buffers, positioning us well to seize opportunities across our key markets,” she said.
Building on this strong foundation, the GMD/CEO indicated that the Bank expects to accelerate its growth trajectory in the second half of the year following the successful exit from CBN forbearance. She assured shareholders that the robust performance, combined with the improved asset quality, positions the Bank to deliver exceptional returns, with expectations of a quantum year-end dividend for 2025. “Our shareholders can look forward to continued value creation as we leverage emerging opportunities and maintain our strategic growth with strong corporate governance culture,” she noted, highlighting the Bank’s track record of improving dividend payments even during challenging periods.
Looking beyond H1 2025, she reinforced her optimistic outlook: “We’re on a solid growth path that we expect to maintain through the rest of 2025 and into 2026. Our focus remains on innovation, digital transformation, and developing solutions that address our clients’ changing needs. With improving market conditions, we’re well placed to sustain this momentum whilst maintaining responsible leadership and delivering exceptional value to all our stakeholders.”
The Bank’s financial performance indicates strong fundamentals in a transitioning macroeconomic environment, with profit after tax reaching N532 billion and earnings per share standing at N12.95 for the period under review. Net interest income demonstrated exceptional growth, surging 90% year-on-year from N715 billion to an impressive N1.4 trillion, whilst non-interest income contributed N613 billion in H1 2025.
The Bank’s total assets expanded to N31 trillion in June 2025, representing steady growth from N30 trillion in December 2024, underpinned by a robust and well-structured balance sheet. Customer confidence remained strong, with deposits growing by 7% from N22 trillion to N23 trillion in June 2025. The loan book stood at N10.2 trillion in June 2025 against N11 trillion in December 2024., reflecting the Bank’s prudent risk management approach.
The Bank delivered strong returns with ROAE at 24.8% and ROAA at 3.5% as at June 2025. The cost-to-income ratio stood at 48.2%, reflecting necessary provisioning for regulatory compliance and the impact of inflationary pressures. Asset quality improved significantly, with the NPL ratio dropping to 3.1% in June 2025 from 4.7% in December 2024. The Bank maintains a fortress balance sheet with capital adequacy at 26% and liquidity ratio at 69%, both comfortably exceeding regulatory requirements.
In a statement to the investing community, the Bank emphasised that its H1 2025 performance aligns with global sustainability objectives, demonstrating its commitment to integrating ESG principles into both products and operations. The Bank has leveraged its financial strength to create lasting impact, particularly through initiatives supporting SMEs and women entrepreneurs with capital access, training, mentoring and market opportunities. The loan portfolio incorporates multi-tiered processes to ensure ESG compliance, whilst the adoption of cleaner energy sources across business operations reflects the Bank’s responsible banking philosophy and environmental commitments.
