Thomas Etuh and TY Danjuma Secure Notore Chemical in $150 Million Acquisition Deal

Thomas Etuh Nigerian multimillionaire, 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, facilitated by Tak Agro and TY Holdings, grants the investors a 60 percent ownership stake and managerial control of Notore.

The deal, organized as a special placement by Kwararafa Africa Limited, is designed to revitalize Notore’s complex process plant. Significant financial investments are planned to enhance operations and generate returns for shareholders.

Expressing his enthusiasm for the acquisition, Thomas Etuh stated, “We deposited $150 million in an escrow account. As a publicly traded company, we had to go through a bidding process and emerged victorious. I’m excited about Notore, a critical supplier of raw materials. Additionally, Notore’s products are exportable, and we have both a power plant and a jetty ready for export from day one. The facility’s location in a free trade zone adds to its immense potential.”

Earlier this year, Etuh was appointed as the new board chairman of Notore. He is a highly respected figure in the business community, having led the Tak Group of Companies and served as chairman of Unity Bank Plc and Veritas Kapital Assurance Plc. He currently chairs EMTS/9Mobile Limited and Trinitas Capital Limited.

TY Danjuma, known for his extensive business ventures and philanthropic activities, expands his portfolio with this acquisition. At 85, Danjuma continues to play a significant role in Nigeria’s commercial and philanthropic spheres.

Danjuma, the largest shareholder of Industrial and Medical Gases Nigeria Plc (IMG) and founder of South Atlantic Petroleum, has been deeply involved in community development. Earlier this year, he inaugurated the Daisy Danjuma Eye Hospital and a skill acquisition center, furthering his commitment to societal improvement.