Thomas Etuh, TY Danjuma acquire Notore Chemical in $150-million deal

Omokolade Ajayi -
Key Points
  • Nigerian multimillionaire Thomas Etuh and ex-defense minister TY Danjuma acquire Notore Chemical Industries for $150 million via Tak Agro and TY Holdings.
  • The deal grants 60% ownership and management control of Notore, aiming to enhance operations and increase shareholder profits.
  • Etuh, now Notore’s board chairman, and Danjuma expand their portfolios, with Danjuma also continuing his community development efforts.

Nigerian multimillionaire Thomas Etuh and former defense minister Theophilus Yakubu (TY) Danjuma have joined forces to acquire Notore Chemical Industries Plc in Onne, Rivers State, for $150 million. The acquisition was executed through their respective companies, Tak Agro and TY Holdings.

Investment to enhance Notore’s plant

The deal, structured as a special placement by Kwararafa Africa Limited, will grant the investors 60 percent ownership and management control of Notore. This strategic move is anticipated to revitalize Notore’s complex process plant, with significant capital infusion aimed at enhancing the company’s operations and returning profits to shareholders.

Commenting on the transaction, Thomas Etuh expressed enthusiasm about the acquisition, stating, “We put $150 million into an escrow account. Being a publicly quoted company, we were made to go through a bid process and won the bid. I am excited about Notore, which is a major source of raw material.

“Secondly, Notore’s product is exportable and, thirdly, we have our power plant and also a jetty from where we can export from day one. In addition, the place is a free trade zone. The potential we see in Notore is huge,” Etuh added.

Danjuma expands portfolio, continues influence

Earlier this year, Etuh was appointed Notore’s new board chairman. He is well-regarded in the private sector, leading the Tak Group of Companies and holding several significant positions, including past chairman of Unity Bank Plc and Veritas Kapital Assurance Plc. Currently, he also chairs EMTS/9Mobile Limited and Trinitas Capital Limited.

TY Danjuma, known for his extensive business ventures and philanthropic efforts, expands his portfolio with this acquisition. At 85, Danjuma continues to influence various sectors in Nigeria through his business and charitable activities.

Danjuma, the majority shareholder of Industrial and Medical Gases Nigeria Plc (IMG) and founder of South Atlantic Petroleum, has also been active in community development, inaugurating the Daisy Danjuma Eye Hospital and a skill acquisition center earlier this year.