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Tension, Hope lost in Nigeria As TY Danjuma acquires 300-year-old London hotel for N1bn

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Theophilus Danjuma, a former minister of defence, has acquired a 300-year-old hotel in London for N1 billion.
TY Danjuma, as he is popularly referred to, is now worth $1.2 billion according to Bloomberg Billionaires Index.

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The latest acquisition of the 80-year-old retired army general is a 14-room inn in London.
The Kings Arms Hotel is a 300-year-old inn next to Hampton Court Palace, which once housed Henry VIII, the king of England in 1509.
At present, the hotel is undergoing renovation. Upon launch, a room is estimated to cost £250 per night.

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Front view of the hotel
Hannatu Gentles, the second daughter of Nigerian billionaire, Theophilus Danjuma, says the family does not invest in trophy assets.

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“We never tend to look at trophy assets. We’re not going to head to Mayfair to buy a 15 million-pound apartment primarily because we are a yield business,” Gentles, who is the chief operating officer of her father’s London-based family business, told Bloomberg.

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“We invest in real estate in other jurisdictions, but in the UK, we always thought let’s stick to areas that we know.”
Asides the £2.4 million (1,096,662,240) hotel, the family has invested in more than 30 properties across three continents.

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In 1998, Danjuma was awarded an oil block by Sani Abacha, now deceased head of state.
He left the military in 1979 to start his oil and shipping firm, NAL-Comet. He partnered with Total SA and Petrelo Brasileiro SA on the block. His minority stake in the oil block is now worth $450 million.

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The family office also manages private equity investments, trust funds and a venture capital arm that funds film companies.
His charity work is done through his foundation after he pledged to give away $100 million.
*£1 = N456

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