Theophilus Danjuma, a retired Nigerian general and former defense minister, chairs South Atlantic Petroleum, a Nigeria-based upstream oil and gas exploration and production company. South Atlantic was awarded an oil block (OML 130) by the Sani Abacha regime in the 1990s and in 2006 Danjuma sold a 45% stake to Chinese oil company CNOOC for $1.75 billion, retaining a 5% stake. In 2011, Danjuma said he had $500 million left from selling to CNOOC. Danjuma also owns real estate in Lagos, including SAPETRO Towers.