Theophilus Danjuma, a Nigerian billionaire and one of the most affluent investors on the Nigerian exchange, has set a new record for philanthropic acts in the country.
The 84-year-old businessman, politician, and retired army general made a $1.36 million donation to the College of Medicine, University of Ibadan (CoMUI).
Tribune reported that the billionaire was represented by his wife, Daisy Danjuma, at the ceremony for the hostel’s construction.
According to the report, the $1.36 million donation through the T.Y. Danjuma Foundation is the largest donation by an individual to construct a student hostel in Nigeria.
The Provost of CoMUI, Professor Olayinka Omigbodun, at the sod-turning ceremony for the hostel’s construction, highlighted the importance of the new hostel in the reaccreditation process mandated by the Medical and Dental Council of Nigeria.
The Provost announced that the planned 280-room hostel, including blocks A, B, C, D, E and F, and a utility building, could accommodate 664 students.
President of ICOMAA Worldwide, Professor Emmanuel Otolorin, a platinum donor, and Dr. Modupe Sokunbi commended Danjuma on his efforts and contributions in recent years.
After retirement as Chief of Army Staff in 1979, he embarked on a business career. One of his companies, NAL-COMET Group, is one of Nigeria’s most successful indigenous shipping agencies and terminal operators.
He also founded South Atlantic Petroleum, a reputable oil exploration company.
In addition to his wide range of commercial activities, he is well known for his dedication to community development.
Danjuma has a history of charitable giving. He gave the University of Benin a 500-person female hostel in April.
He is also the controlling shareholder of Industrial and Medical Gases Nigeria Plc, a publicly traded company.
Earlier in the year, TY Danjuma Foundation said it would deploy over N2 billion in grants and programmes related to cost to support interventions by non-profits working in its focus areas across Nigeria in the next five years from 2023 to 2027.