Oyo State governor declares assets worth over N48 billion

16 Jul 2019
Financial Nigeria


Governor Makinde said his decision to make his asset declaration public was in fulfilment of his electoral promise.

Oyo State Governor, Seyi Makinde

Governor of Oyo State, Seyi Makinde, has made public his asset declaration document filed with the Code of Conduct of Bureau (CCB) in Ibadan, the capital of Oyo State. Labelled OYSE/2019/001, the document shows Governor Makinde has a net worth of over N48 billion as of May 28, 2019, according to a statement released on Monday by the Chief Press Secretary to Governor, Taiwo Adisa.

According to the fifth schedule of the 1999 Nigerian constitution, all public officers are expected to submit a written declaration of their properties, assets and liabilities and those of their unmarried children below 18 years of age to the CCB upon taking the oath of office and at the end of their term of office. Such public officers include elected officials, appointed government officials such as ambassadors and commissioners, and civil servants.

According to the statement by the governor’s spokesperson, the assets are categorized into cash-at-hand, cash-in-the-bank, landed properties (developed and undeveloped) household items, shares and bonds owned by the governor and his wife, as well as his companies.

As of May 28, 2019, Governor Makinde’s naira account balance stood at N234,742,296.01, while the value of his liquid assets denominated in dollars was $30,056.99.

The Governor declared ownership of nine properties in Nigeria, two in the United States and one in South Africa. One of the properties in the U.S. is described as “jointly owned”. The properties in Nigeria, including developed and undeveloped as well as household items, were valued at N2,624,800,500. The U.S. properties were valued at $4,400,000 and the South African properties were valued at R4,457,554.04.

The statement further said the governor owns bonds worth $3,793,500, as well as shares, debentures and other securities valued at N120,500,000.

Governor Makinde's companies, according to the statement, 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 companies were valued at N48,150,736,889 with 33,730 units of shares as of May 28, 2019. The companies reportedly have additional assets denominated as loan notes and valued at N3.389 billion.

Governor Makinde, who is a member of the People's Democratic Party (PDP), said his decision to make his asset declaration public was in fulfilment of his electoral promise.

During a press briefing in commemoration of his first 30 days in office, Makinde reiterated his campaign promise to donate his entire salary for the duration of his tenure in office to to the Teacher’s Pension Fund.

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