Nigerian multimillionaire Thomas Etuh and former defense minister Theophilus Yakubu (TY) Danjuma have teamed up to buy Notore Chemical Industries Plc in Onne, Rivers State, for $150 million. The acquisition was carried out by Tak Agro and TY Holdings.
The transaction, arranged as a special placement by Kwararafa Africa Limited, will provide the investors 60 percent ownership and managerial control of Notore. This strategic initiative is expected to reinvigorate Notore’s complicated process plant, with large cash infusions aimed at improving operations and returning returns to shareholders.
Thomas Etuh showed enthusiasm for the deal, saying, “We put $150 million in an escrow account. As a publicly traded firm, we were required to go through a bid process and won. I’m pleased about Notore, which is a key raw material supplier.
“Secondly, Notore’s product is exportable, and thirdly, we have a power plant and a jetty from which to export from day one. In addition, the location is a free trade zone. The potential we see in Notore is enormous,” Etuh said.
Etuh was named the new board chairman of Notore earlier this year. He is well-regarded in the business sector, having led the Tak Group of Companies and served as chairman of Unity Bank Plc and Veritas Kapital Assurance Plc. He currently serves as chairman of both EMTS/9Mobile Limited and Trinitas Capital Limited.
TY Danjuma, recognized for his numerous business enterprises and charity efforts, adds to his portfolio with this acquisition. Danjuma, 85, continues to influence numerous areas of Nigeria through his commercial and charity endeavors.
Danjuma, the largest stakeholder of Industrial and Medical Gases Nigeria Plc (IMG) and creator of South Atlantic Petroleum, has been involved in community development, opening the Daisy Danjuma Eye Hospital and a skill acquisition center earlier this year.
