BigIyanga:

This discourse is above your intellectual grade. Those billionaires do SEC filling and IRS tax returns every year unlike in jungle land-Nigeria.
Naija politrckians stash cash while genuine wealthy people dont, cos it’s fluid and does not earn much interest.

post=80329068:

#50,000,000,000.
FIFTY BILLION NAIRA!!!
And he never told the people he governs how he made or came across such money!?

Matters arising.......
Oyo State indigenes, over to you.
Wishing you all the best for the next 4 years!


It is always good and refreshing to see that we still have some reasonable and sensible youths around here on this forum.
With young men like you, there is still hope for our nation.
You are giving us hope for a better future.

You have passed your points acrossed.
Remain blessed.

Newboss:


Much interest, right? Lol. You have no clue of the risk associated with much interest.

BTW, saving money in bank is different from stashing cash, which is as risky as illiquid assets. It's the safest investment when you have serious money.

johnlvis:
Let your president and vice declare theirs also .Stupid and senseless set of people.

jodeci:
Idiots do not know the magnitude of projects MAKON engineering handles for shell and other IOCs

BigIyanga:

Bro stick to beer parlor debate. Billionaires and ultra wealthy dont save money in the bank. They take out loans from bank to double their net worth. They cash keep to the barest minimum. Saving with Naija banks can attract less than 10% fixed while borrowing is about 22%. Even TB interests hover around 10%. Even Dangote is still borrowing from IFC and intl lenders to finance his business

post=80329068:

#50,000,000,000.
FIFTY BILLION NAIRA!!!
And he never told the people he governs how he made or came across such money!?

Matters arising.......
Oyo State indigenes, over to you.
Wishing you all the best for the next 4 years!


It is always good and refreshing to see that we still have some reasonable and sensible youths around here on this forum.
With young men like you, there is still hope for our nation.
You are giving us hope for a better future.

You have passed your points acrossed.
Remain blessed.

waldigit:

If this guy is that proficient them I don't think we need shell or any other expatriate. You can defend that type of wealth when you are not holder of multiple brand or patient I'm a sane clime, never from s service industry who does that. Only in a corrupt clime like Nigeria.

yesloaded:

This is why I laughed when one boy with empty head attacked my post yesterday.

Someone who started handling great projects for shell when he's still under 30yrs of age

Even owners of these betting companies littered across the country had billions in their account, not fallacy but facts

laudate:


Oga, calm down and do the research. Most jobs in the upstream oil industry, are denominated in dollars.

Secondly, the materials, equipment, and resources are also done in USD, which runs into multiple figures. Convert that into naira, and see the figures jump up.

Thirdly, his company holds the Nigerian and West African franchise for a number of significant equipment used in the oil industry.

Let me give you a little example. Gas turbines cost a lot of money to import and install. A 65kw gas turbine can easily set you back by about 150,000 USD or more.

If you hold the franchise for a good brand of these turbines, and you are able to sell and install about 10 units across West Africa per annum, do you know what kind of figures such a company would be recording in naira?

Now, let us assume the firm makes a 20% commission on each turbine, isn't that a good healthy revenue at the end of the day?

And this is just one of the multiple projects handled by the firm, o!

doctokwus:
That is a very relevant and apt question,in a society of course that is sane and same rules,laws and regulations apply to all.
But of course,this is no sane place.
Much as we would pretend to be civilized country and people,we live in a jungle.
So Makinde and others of his ilk,from both parties,can come out and declare superfluous wealth without stating the sources and details of the wealth.
It could all be anticipatory wealth from what he will garner as governor,for all we know.

waldigit:

We still in the same alignment, exactly my point why despite huge oil reserve the country is still the poverty headquarter of the world. The whole is aware of how few cabals and the young boys fronting for them have held the sector by the jugular for decades, my submissions is that island of prosperity is never possible amidst ocean of poverty. If he indeed amassed this huge wealth in the course of servicing this industry then we should see the value chain effect on the receiving economy. I am Bill Gates delivered to computing industry, Ford did the same to automobile. Mark did his own to social media etc these are revolutionary brand which commands huge wealth. Google is yet to tell me makindes to oil industry, except all these fictitious licences that has destroyed local environment and turNed us to collective beggar in the committee of nations.

Seyeblessed:
A lot of people don't realise that oil and gas projects are invoiced in USD and some of these projects run into hundreds of millions of USD. I once worked for a small company that executed a $20 million project for an IOC. profit was more than $3 million, abeg convert that to naira make your head burst small

laudate:

Oga, you are still missing the point. Makinde did not get any fictitious license, o. He does not own an oil well, neither does he drill for crude. So how has he destroyed the environment?

He is just one of the major oil service providers to IOCs in the upstream oil industry.

He is not the cause of poverty in your country, neither is he the antidote to it.

If you are looking for the cause of poverty, kindly gave those elected politicians who have plundered the nation's wealth over the past few decades, and have also made myopic policies to impoverish the citizens.

The Shell companies, Total, Chevron, Unilever, Julius Berger etc, have made billions from this country. So why is this country still the poverty capital of the world, despite all their activities? Why didn't you ask them, these questions? After all, they are worth far more than Makinde's companies are worth?

If you truly used Google, you would see the list of projects, that Makinde's companies have carried out in the country.

waldigit:

I don't have anything against his person intact to shock you he is a class mate of my sister in Bishop Phillips Academy Iwo rd Ibadan, yet I still cast my doubt to amassing such wealth following due process in an economy such as ours. We should attempt such wealth by solving fundamental economic problems.I expect man of his pedigree with such a resources to have come with a nongovernmental solution to power problem in this country if he is that proficient. We need to emulate guys like Mark and Gates of this world instead of running after political office. Hello.

laudate:


Oga, your feedback shows that you dont understand how the upstream oil sector is structured, and how projects are coated in the industry.

Secondly, if you go through Makinde's assets declaration, he listed all his companies (about 5 or 6 of them) and the assets of these companies, in addition to his personal assets.

If you strip his own personal assets away from the company's own, I believe his personal assets would be worth far less.

I feel he declared both his personal assets and company's assets, to be on the safe side.

Those companies have been in existence for at least 10 to 15 years. Some of their assets were acquired after making lease payments over several years, before finally completing the total cost. It would take a good financial analyst to break it down for you, and unfortunately I do not have the energy or time to do so.

Finally you said that " I expect man of his pedigree with such a resources to have come with a nongovernmental solution to power problem in this country if he is that proficient...."

Really? Who told you he did not try to, but his efforts were rejected by the govt in power? Why do you think he decided to seek political power in the end?

He once spoke about decentralisation of power supply, using Turkey's example of setting up mini-IPP Grids to reduce electricity supply problems. What happened? That idea was ignored by govt at that time, over 6 years back.

And he was called all sorts of uncomplimentary names..

waldigit:
Neither am I interested in that sector of oil because it's a dying one. But when it comes to valuation of assets, plants and machinery, the professional in me smells rat in his declaration

laudate:

Okay o, you can still keep smelling as many rats as you like. It is your call. The problem with critics like you, is that you are very good at finding faults, but quite poor at providing solutions.

When Makinde and his companies paid a joint tax of 1.5 billion naira to the tax authorities last year, nobody queried him. But today that he is declaring his assets, people like you are raising eyebrows. Hehehe...no problem. God dey!

waldigit:


Neither am I interested in that sector of oil because it's a dying one. But when it comes to valuation of assets, plants and machinery, the professional in me smells rat in his declaration