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Makinde makes details of N50b assets declaration public


Seyi Makinde of Oyo State

Governor Seyi Makinde of Oyo State yesterday declared his assets, including property in Nigeria, South Africa and the United States (U.S.) and cash in naira, dollars and rand and companies worth over N50 billion.

The governor, who visited the Oyo State office of the Code of Conduct Bureau (CCB) in Ibadan to collect a copy of the assets’ declaration form, said his decision to make the assets public was in fulfilment of a personal promise he made during the elections.

The assets declaration form, marked OYSE/2019/001, contained 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 by the Chief Press Secretary to Makinde, Mr Taiwo Adisa, the Governor of Oyo State 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.

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 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 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.”


The details showed 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).

The companies listed by the Governor 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 asset declaration form indicated that 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 (N1.159billion) totalling N3.389 billion.

Speaking with newsmen at the CCB office in Ibadan, Makinde said: “I came here to collect the photocopy of the form that I signed in fulfilment of the campaign promise to the people that I will declare my asset publicly and release the document to the public.

“I will encourage all the members of my cabinet to do the same thing but in as much they stay within the ambit of the law, I will encourage them to do the same.”

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