I’ve become poorer, says Makinde after declaring asset

Oyo state governor, Seyi Makinde has declared that he has become poorer than he was in 2019 after the completion of his first term tenure of four years. 

Makinde, who was received by Mr. Bisi Atolagbe, Director of the CCB in Oyo state, made this announcement on May 26 to journalists at the Bureau’s Ibadan office shortly after filing his asset declaration form.

It should be recalled that Governor Makinde issued his asset disclosure document in 2019 revealing he had more than N48 billion in both cash and properties. This was done in accordance with the Code of Conduct Law, which requires public office holders to report their assets while assuming and quitting office.

However, it was learned that disclosing asset information publicly is not compulsory. 

Makinde, who has not yet revealed his current net worth, responded, “Well, statutorily you have to declare your assets on assumption of office at the end of the tenure,” when asked for more information about the contents of his assets declaration form. Due to the fact that my current tenure ends on Sunday at midnight, and because I am required by law to declare my assets before taking office for a new tenure, I came in to do so.

“I believe you’re all aware of my declaration for the first tenure but I can tell you in four years, I’m poorer because I’ve not really had the chance to look after my business. We’ve been looking after Oyo state business so, I’m not surprised there were losses a bit here and there but I’m still okay.”

Further recall that Makinde’s former Chief Press Secretary, Taiwo Adisa in statement in 2019, the governor’s CCB OYSE/2019/001 form filed on May 28, 2019, showed he had N48 billion in cash and asset.

The asset was categorised in cash at hand, in the bank, landed properties (developed and undeveloped), and household items.

They also include shares and bonds owned by the governor, his wife, Omini Makinde, as well as his companies.

According to Adisa, as of May 28, 2019, Makinde’s bank balance stood at N234, 742,296.01 while 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, 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 Governor Makinde include nine buildings in Nigeria, two in the United States of America and one in South Africa.

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.

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 governor also listed companies that include Makon Engineering and Technical Services Limited; Energy Traders and Technical Services Limited; and Makon Oil and Gas Limited.

Makon Group Limited, Makon Construction Limited and Makon Power System Limited were also listed

The asset declaration form indicated that Governor Makinde’s four companies have additional assets denominated as loan notes which are as follows; 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.