Governor Seyi Makinde of Oyo State has published his asset declaration document, which shows he has in excess of N48 billion in both cash and properties.

The governor complied with Nigeria’s code of conduct law that mandates senior public office holders to file their asset details while assuming office and occasionally update them.

It is however not compulsory to make the details of asset public.

Mr Makinde went further on Monday to release details of what he filled in his asset form at the Code of Conduct Bureau in Ibadan, the Oyo State capital.

He also said he would encourage all his potential cabinet appointees to do so when they are nominated.

He became the first high ranking public official to do so amongst those that emerged in the last general election.

According to a statement by Taiwo Adisa, a spokesperson for Mr Makinde, 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 asset was categorised in 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.

As of May 28, 2019, Mr Makinde’s bank balance stood at N234, 742,296.01.

In dollar terms, he has cash valued at $30,056.99 as at the same date.
Properties, including the developed and undeveloped as well as household items indicated on the asset forms, showed that the governor is 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.

In South African Rands, the governor declared buildings and household items worth four million, four hundred and fifty-seven thousand, five hundred and fifty-four and four South African Rands.

The houses declared by the Governor include nine buildings in Nigeria, two in the United States of America and one in South Africa.


One of the properties in the United States is described as “jointly owned.”

The details showed the current value of Makinde’s companies stands at N48, 150,736,889, including 33,730,000 units of shares as of May 28, 2019.

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 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 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.

Disclosure of asset by public officials is rare in Nigeria. The lack of transparency is believed to play a key role in the country’s alarming corruption problem.

President Muhammadu Buhari, who came to power in 2015 with the pledge to fight corruption, promised to make his asset public. He only did so after public pressure, even so, did not release some details of his asset, including those belonging to his wife and children.


The president and Vice President Yemi Osinbajo have yet to make their asset public after winning a second term.

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