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13 Things to know about Gov Seyi Makinde's
N48billion worth
07/16/2019 | PULSE NIGERIA | JUDE EGBAS
Tell your friends
Governor Seyi Makinde of Oyo State says he's worth
N48billion--that's more than the worth of most
states combined (TheCable)
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Let’s unpack Governor Seyi Makinde’s N48billion
asset declaration in 13 different ways.
Governor Seyi Makinde of Oyo State is worth
N48billion. We know this because he just told us
so.
By this latest public asset declaration, Seyi Makinde
will now probably rank as one of the richest
politicians in the land—one who amassed so much
wealth before actually assuming public office.
Not even President Buhari and Vice President
Osinbajo came any close to Makinde’s numbers
when they declared their assets publicly in 2015.
For context, President Muhammadu Buhari said he
only had N30million in the bank, 270 cows, 25
sheep, five horses, birds and economic trees, five
houses in Kaduna, Daura, Kano and Abuja, a plot of
land each in Port Harcourt and Kano; farms, an
orchard and some cars.
President Buhari and his Vice, Prof. Yemi Osinbajo,
laugh it off in the power corridors. They really are
worth less than Seyi Makinde combined
(Presidency)
Buhari had added that his Daura houses were made
of “mud.”
*tears*.
Vice President Yemi Osinbajo fared better on the
asset declaration stakes.
Osinbajo, a lawyer before his foray into politics,
declared that he had a bank balance of about N94m
and 900,000 United States Dollars, a four-bedroom
residence in Victoria Garden City, Lagos, and a
three-bedroom flat on 2, Mosley Road, Ikoyi; two-
bedroom flat on Redemption Camp along Lagos-
Ibadan Expressway and a 2-bedroom mortgaged
property in Bedford, England as at May 29, 2015.
Seyi Makinde is clearly the richest known politician
in Nigeria [SaharaReporters]
On Monday, July 15, 2019, Makinde picked up his
asset declaration form from the Code of Conduct
Bureau (CCB).
In this explainer, we unpack the governor’s assets
declaration form:
1. Gov Makinde is actually worth N48billion in
assets, companies and cash in the bank.
2. The current value of Makinde’s companies
stand at N48, 150,736,889 (forty-eight billion,
one hundred and fifty million, seven hundred
and thirty-six thousand, eight hundred and
eighty-nine Naira), with 33, 730,000 units of
shares as at May 28, 2019.
3. Gov Makinde owns the following companies:
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.
4. All of which tells us that Seyi Makinde has
invested in oil and gas, power, construction
and engineering—all of this while fighting to
be governor of Oyo State.
5. 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.
6. Now, wait for this: Makinde has cash at hand
and in the bank worth N234,742,296.01,
while in dollar terms, SeyiMakinde has cash
valued at $30,056.99 as at May 28, 2019.
7. Take properties in isolation. We have just
been told that the governor is worth N2,
624,800,500 (two billion, six hundred and
twenty-four million, eight hundred thousand,
five hundred naira in properties, including
developed and undeveloped ones.
8. Let’s strip it bare to what Makinde’s worth
comes to in international currency, shall we.
In Dollar terms, the governor also declared
property, developed and undeveloped as well
as household items valued at $4,400,000
(four million, four hundred thousand dollars
only).
9. 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.
10. The houses declared by Seyi Makinde include
nine buildings in Nigeria, two in the U.S. and
one in South Africa. One of the properties in
the U.S. is described as ‘jointly owned’.
11. The governor 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).
12. To put it mildly, Seyi Makinde is currently
richer than most states in Nigeria. Only
Lagos, Nigeria’s commercial capital, makes
close to N48billion in a month, for context.
Lagos' internally generated revenue stands at
about N34billion monthly. Oyo state
generates about N4billion in a month.
Makinde can actually pay his state and keep
the change, if it came to that.
13. Governor Seyi Makinde, 51, says he declared
his assets publicly to encourage all the
members of his cabinet to do the same thing
” in as much they stay within the ambit of the
law.