It’s not a secret anymore that Governor Seyi Makinde of Oyo State is worth N48billion. He made the revelation to the public through the media earlier.
The most interesting part of Seyi Makinde’s story is that the governor amassed so much wealth before actually assuming public office.
Gov Makinde is actually worth N48billion in assets, companies and cash in the bank.
The current value of Makinde’s companies stands 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.
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.
All of this 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.
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.
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.
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.
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).
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 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’.
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).
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.
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.”