N48bn assets: Presidency curious about Gov. Makinde’s source of wealth

By Shola Abayomi.

The Code of Conduct Bureau (CCB), has disclosed plans to verify the N48 billion worth of assets recently declared by Governor Seyi Makinde of Oyo State.

The Oyo State Director of the CCB, Moses Atolagbe, who made the disclosure yesterday in Ibadan, noted that verification will soon commence in probing the source of wealth of the governor as soon as a directive is issued by the CCB headquarters in Abuja.

The state Director also hinted that the assets of former state officials who served in the previous administration would be verified.

Atolagbe warned that the bureau would prosecute officials of the past government who fail to declare their assets within the stipulated period of grace.

“We have a few people that have not complied with the position of the law.

“They are very few in number; some of them are out of the country and others based it on health ground.

“They have got in touch with the bureau and one of them showed up on Monday.

“We will just give them a little ample opportunity, when they don’t comply they would be prosecuted.

“We have done that before, a former Commissioner Oyo State in time past had been prosecuted for failure to comply”, he said.

Recall that Governor Makinde had earlier fulfilled his campaign promise to publicly declare his assets.

See details of the governor’s assets released by his Chief Press Secretary, Taiwo Adisa as contained in the CCB 1 with the name Oluseyi Abiodun Makinde, which was declared at the High Court of Oyo State, on May 28, 2019:

“The assets declaration form, marked OYSE/2019/001 contained details of cash at hand, in the bank, landed properties (developed and undeveloped), household items, share and bonds owned by the Governor, his wife, Omini Makinde as well as his companies.

“The Governor of Oyo State had cash at hand and in the bank worth N234, 742,296.01, as at May 28, 2019.

“In Dollar terms, the Governor 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 (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 properties, 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 of America and one in South Africa. One of the properties in the United States is described as ‘jointly owned.’

“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.

“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).

“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 Governor 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); the Energy Traders and Technical Services Limited (N1.159bn) totalling N3.389 billion.”

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