How Nigeria’s ‘Richest’ Governor, Seyi Makinde Made His Billions
Oyo State Governor, Oluseyi Makinde, on Monday, publicly declared he’s worth over N48 billion in asset. This makes him the “richest” governor in Nigeria since no other state chief executive has declared such huge asset.
A copy of the asset declaration form which he submitted to the Oyo State office of the Code of Conduct Bureau (CCB) in Ibadan showed that the new governor was worth nothing less than N48 billion before he took over office.
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Makinde, who is 52, 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 of May 28, 2019.
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 as of 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.
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The houses declared by the Makinde include nine buildings in Nigeria, two in the US and one in South Africa. One of the properties in the U.S. is described as ‘jointly owned’.
The details showed the current value of Makinde’s companies stands at N48, 150,736,889, 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.
The declaration got Nigerians talking as some have wondered how the governor was able to acquire such huge assets.
THE WHISTLER in this report, looks at the profile of the governor and the businesses that has fetched him such wealth.
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About Makinde
Born on December 25th, 1967, Makinde who is a Nigerian Businessman, Politician and Philanthropist became governor of Oyo State in 2019.
Up until August 2018, Makinde who is an Engineer and a subject matter expert on fluid and Gas Metering, was the Group Managing Director of Makon Group Limited; an indigenous oil and gas company in Nigeria.
He established his first oil and gas private business called Makon Engineering and Technical Services, (METS) at the age of 29 in the year 1997, after earning years of work experience with international oil and gas companies.
During a town-hall meeting he held during his gubernatorial campaigns, Makinde said over the last eight years, he has paid taxes worth N1.5 billion yearly to the Nigerian government.
His business interests seem to be in oil and gas, construction, properties and power.
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Below is a list of businesses owned by the governor:
Makon Group Limited
Makon Group is an international organisation with its business interests spanning Engineering, Procurement, Construction, Operation and Maintenance (EPICOM) for Oil and Gas Facilities, Upstream/Downstream Operations, Refined Petroleum and Specialty Products Supply, Power Generation and Distribution Services etc.
Makon Engineering and Technical Services Limited/ Energy Traders and Technical Services Limited
Makon Engineering and Technical Services (METS) Limited is the pioneer subsidiary of Makon Group. METS is an EPICOM company actively operating in Nigeria and West African Sub-Region.
Makon Oil and Gas Limited
Makon Oil And Gas Limited is a subsidiary of Makon Group with services in the production and distribution of liquid fuel, such as AGO, DPK, LPFO, LPG and PMS.
Makon Construction Limited
The Charlotte, NC-based firm focused on the Acquisition, Development, and Construction of both Residential and Commercial Real Estate.
Makon Power System Limited
Makon Power Systems Limited involved in Turnkey Power Generation and Operations and Maintenance (O & M) of Gas Turbine Power Plants.
