13 Things to know about Gov Seyi Makinde's N48billion worth

13 Things to know about Gov Seyi Makinde's N48billion worth | Alabosi.com
Governor Seyi Makinde of Oyo State says he's worth N48billion--that's more than the worth of most states combined (TheCable)

Governor Seyi Makinde of Oyo State is worth N48billion.
By this latest public asset declaration, 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.”

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 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, Makinde 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 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, 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 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.”

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