Theophilus Danjuma Acquires Stake In New Telecoms Company

Nigerian oil magnate and former defense minister, Theophilus Danjuma, has acquired a substantial stake in NatCom Development & Investment Limited, owners of ntel, a telecoms company spun out of the privatized Nigerian Telecommunications Limited (NITEL).

This was revealed in a press released issued by the company on Wednesday in which it also announced that Danjuma, 78, has been appointed the company’s chairman.

The financial details of Danjuma’s investment in the company were not disclosed.

In May 2015, privately owned NatCom Development & Investment acquired the core telecom assets formerly owned by the national fixed and mobile operators- NiTel/MTel in a liquidation process supervised and approved by Nigeria’s Bureau of Public Enterprises. Some of the core assets transferred to Natcom include licenses and spectrum, towers and transmission equipment, its international gateway and fixed wire networks.

Danjuma, one of Nigeria’s wealthiest men, is the founder of oil exploration company South Atlantic Petroleum, which owns upstream assets in Nigeria, Republic of Benin, the Central African Republic and Madagascar. He also has investments in fertilizer production, shipping, real estate and television production.

Source: Forbes


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