Gov. Makinde declares assets that make him over N50bn rich at 52

Oyo Governor Seyi Makinde has published his asset declaration document, and the 52-year-old is worth over N50bn.

He is proud to make a show of this declaration—because the Code of Conduct doesn’t prescribe publication of the asset.

Makinde even released details of what he filled in his asset form at the Code of Conduct Bureau in Ibadan, the Oyo State capital. And he’s making his appointees toe the same line.

According to a statement by his spokesperson Taiwo Adisa, the governor’s CCB OYSE/2019/001 form filed on May 28, 2019, showed the governor had N48 billion in combined cash and asset.

The assets are lined as cash at hand, in the bank, landed properties (developed and undeveloped), household items, share and bonds owned by the governor, his wife, Omini Makinde, as well as his companies.

His bank balance stood at N234, 742,296.01. His dollar cash valued at $30,056.99.

Makinde’s properties, including the developed and undeveloped as well as household items indicated on the asset forms, are worth N2, 624,800,500.

In dollar terms, Mr Makinde also declared properties, developed and undeveloped as well as household items valued at $4,400,000.

His South African properties, including buildings and household items worth R4, 457,554

He has nine buildings in Nigeria, two in the U.S (one of them jointly owned) and one in South Africa.

Makinde’s companies, mostly in the oil and gas and construction industries, are valued at N48, 150,736,889, including 33,730,000 units of shares as of May 28, 2019.

The companies listed by the Governor include Makon Engineering and Technical Services Limited; Energy Traders and Technical Services Limited; Makon Oil and Gas Limited; Makon Group Limited, Makon Construction Limited and Makon Power System Limited.

The governor also has existing Bonds (Eurobond) worth $3, 793, 500 as well as shares, debentures and other securities valued at N120,500,000(One hundred and twenty million, five hundred thousand naira).

The asset declaration form indicated that Governor Makinde’s four companies have additional assets denominated as loan notes including Makon Engineering and Technical Services Limited(N1.7 billion); Makon Power System Limited(N148.4 million); Makon Oil and Gas Limited(N341 million); Energy Traders and Technical Services Limited(N1.159bn) totalling N3.389 billion.

Among first-time governors recently elected, and whose means and worth are known to the public, Makinde apparently top the richlist.