Theophilus Yakubu Danjuma, a Nigerian billionaire and former minister of defense, has generously donated a 500-capacity female hostel to the University of Benin in honor of his wife, Daisy Danjuma.
The ceremony, held on Sat., April 29, 2023, marked the official inauguration of the building at the Ugbowo campus of the institution.
Danjuma, who is the majority shareholder of publicly listed Industrial and Medical Gases Nigeria Plc (IMG) and the founder of an oil and gas exploration and production company, South Atlantic Petroleum, has long been recognized for his philanthropy and commitment to uplifting the downtrodden.
During the ceremony, Obaseki, the governor of Edo State, praised Danjuma’s philanthropy and mentioned his previous contributions of large sums during the COVID-19 pandemic outbreak three years ago.Â
Obaseki acknowledged the state government’s efforts to support the university by constructing roads in the surrounding community.
Danjuma’s latest donation will undoubtedly benefit the university’s female students and contribute to their academic success.
He called on other private organizations and individuals to emulate Danjuma’s philanthropic gesture by providing the necessary infrastructure to improve the quality of education in tertiary institutions.
Daisy Danjuma on the other hand, expressed her delight with the project and urged the female students who would occupy the hostel to maintain the facility.
She acknowledged that maintenance was a significant challenge in infrastructure development in the country and implored the students to take good care of the hostel.
Additionally, she encouraged the students to participate in activities that would make the school a model for other institutions.
Danjuma is well known for founding the oil exploration company South Atlantic Petroleum, as well as his numerous philanthropic endeavors.
While the majority of his fortune is tied to his ownership of the oil company, his wealth is spread across a variety of assets.
In the 2022 fiscal year, IMG, one of Danjuma’s companies, witnessed a remarkable increase in revenue by 44.3 percent, reaching N5.34 billion ($11.62 million) compared to N3.69 billion ($8.03 million) in 2021.
The impressive revenue boost was mainly driven by the double-digit growth in gas sales throughout the year, resulting in significant profit gains for IMG.
