Wednesday, 17 July 2019


Engineer Seyi Makinde, Governor, Oyo State
Yes, Oyo State governor, Engineer Seyi Makinde, is worth excess of 50 billion naira. This development came to light when he declared his assets, including property in Nigeria, South Africa and the United States (U.S.) and cash in naira, dollars and rand and companies.

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His assets declaration contains details of cash at hand, cash in the bank, landed property (developed and undeveloped), household items, share and bonds owed by the governor, his wife, Omini Makinde, as well as his companies.

According to details of the assets’ form made public, the governor had cash at hand and in the bank worth N234,742,296.01 as of May 28, 2019. In dollar terms, the governor has cash valued at $30,056.99 as at the same date.

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The property, 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 (two billion, six hundred and twenty-four million, eight hundred thousand, five hundred naira as at the date of asset declaration.

In dollar terms, the governor also has property, developed and undeveloped, as well as household items valued at $4,400,000 (four million, four hundred thousand dollars only).

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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 the governor include nine buildings in Nigeria, two in the United States and one in South Africa. One of the property in the U.S. is described as “jointly owned.”

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The current value of Makinde’s companies standing 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 of May 28, 2019.

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).

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The companies listed by the Governor include Makon Engineering & Technical Services Limited; Energy Traders & Technical Services Limited; Makon Oil & Gas Limited; Makon Group Limited, Makon Construction Limited and Makon Power System Limited.

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The governor’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 (N1.159billion) totalling N3.389 billion.

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