₦airaland Forum

shukudi:
40k-80k/acre in 2011?
Na free, he no even pay at all.
You just come online to say nonsense.

globalview:
Let's be frank with ourselves, someone of Ajimobi's status could even have wealth and properties more than what he declared when he newly became governor. Some poor fellow that has never had #200,000 savings with poor and poverty mentality will always thought it was impossible..

So because you worked for Shell or whatever oil company for 26 years, you should be a multi-millionaire in dollars and a billionaire in naira? Were you a mere emploee or a part-owner/entrepreneur? How much were his salaries and benefits all through his 26 years as an EMPLOYEE? How much did he spend campaigning for the senate, the previous failed attempts to be governor, and the eventually successful campaign? If he is still a billionaire after all these money gulping campaigns, that means he must have been worth tens of billionns before entering politics? All earned through 'dint of hardwork'. . .as an employee?

A lot doesn't add up here. I always marvel at how Nigerians (especially ignorant females) tend to justify questionable wealth with silly rationalizations: 'oh he is a top bank manager' (does that explain how come he owns a N300m house in VGC?); 'oh he works in NNPC' (is that enough for him to have 4 kids in foreign universities, and a house in Maitama?). It is only in Nigeria that someone retires as an employee with whatever company or government agency and is suddenly worth billions. How? Did the company allocate substantial shares to him (like is the case with CEOs of Fortune 500 corporations)? This country is just a huge joke. . .corruption is the very life blood of the nation, and almost everybody is involved - directly or indirectly.

OasisT:
What of the investment on the said land ?

989900:
He said "farmland" not farm investment/company, etc.
We are here having this vague for and against discussion, because we have a "corrupted society/government", proper checks and confirmation should have been done by the appropriate "constituted authorities"( pun intended/unintended) to set the records straight.
Period.

ThatFairGuy1:
Someone declared his assets, you're all shouting. What about those that didn't?
You all should remember he was an American citizen as well

baby124:
You are not an honest person. There is no need arguing with you. Was he MD for 26yrs or 2yrs. You climb up the ladder and the value of pay 26yrs ago is a big joke. They were paying people 5,000 naira a month. With inflation that money from 26yrs ago is worthless. His last job was in 2002. Do you now compare pay in 2002 to today when his monthly salary was probably 500k. Lmao. Those of us whose parents retired long ago know how rich they are despite their big positions then.

Oh boy see money! How can we be sure he is worth this much? Abi did he 'amplify' his net worth with the aim of 'filling in the blanks' during his tenure as governor?

baby124:
130 acres of farmland as at 2011 can not be more than 15m. So this value is x10. We should also place that value on all his other properties and assume they have been over valued by at least x10. Divide 1.3bn by 10 to come to his true net worth and that’s being conservative. We are looking at 130m. Which seems reasonable.

ThierryJay:
Baby124, see I understand and respect your stance and it's commendable seeing the strong anti-corruption drive you are displaying here.

But then, you need to ask yourself, are your current submissions based on factual information or have you just decided to pack all political personalities under the corruption bucket irrespective of whatever facts come to light.

Personally, I hate corruption with passion. However, I also assess circumstances objectively, because if my perspectives are based on falsehood/misrepresentations, then I am no better than the uneducated illiterate. Accordingly, it will do you well to calm down a bit and consider the facts objectively:

1. Many of the assets that Ajimobi declared especially the houses and land were based on current revaluation by professionals close to the time of his declaration. This means that he did not purchase those assets at the same monetary value of their current valuation in 2011 (e.g the house valued at 300million in VGC could have been actually purchased at N100million a decade earlier but revalued in line with current economic realities)

2. The fact that he worked and rose to MD within the Shell Group for 26years. The salaries bonuses and allowances he earned in a top multi-national can indeed support those assets declared. Let's look at the mathematics, An MD of a shell subsidiary will earn hundreds of millions of Naira per annum. Heck, by virtue of my job, I know MDs of manufacturing companies that earn between N150 - N250million per annum. If Ajimobi was MD for just three years he will have earned at least N1billion naira as MD. If he earned a weighted average salary of N50million (entry level to manager to director i.e average from 15m - 150m) per annum for 22years, he will have earned at least another N1 billion. You should know that the earnings of a top level director in oil sector in just 6 years at top management level, can be equivalent to the earnings of the same person for 20 years at lower to mid-management level i.e in just 6 years he could have earned 1.5billion while in his previous 20 years could also have brought something similar.

3. Accordingly, it is not far-fetched to conclude that Ajimobi might have realized over N2.5billion (16 million dollars at 2011 exchange rates) from his stint within the oil sector for 26 years (average of 600,000 dollars per annum). This was the point Jarus was trying to make you see about the increasing earning trajectory (i.e Jarus is saying that by the time he is 60, he would likely have more than the assets Ajimobi declared in 2011 based on his current earnings and career trend). Coupled with income from other sources (senatorship and personal companies) we will be likely looking at over 3billion Naira for Ajimobi, which is more than the PURCHASE value of the total assets he declared back in 2011

4. To put the above in context by benchmarking, I know top Partners of big-four accounting firms (less lucrative when compared to oil sector) who earned over 3billion Naira in ten years of being partner. This is excluding their earnings from entry staff level to director which typically takes about 11 to 14 years. So in the accounting industry for a 24 year career, you are looking at total earnings of over N3.5billion, all perfectly legitimate.

So please learn to look at things critically before taking a strong stance on them so that you are not misguided. I mean If I earned 4billion Naira throughout a brilliant career of mine. It will be totally unfair and unreasonable if someone were to attribute my wealth to corruption.

Oh boy see money! How can we be sure he is worth this much? Abi did he 'amplify' his net worth with the aim of 'filling in the blanks' during his tenure as governor?

femmy2010:
Its a good start.
In btwn,a poor man cant win a governorhip election in Nigeria.

tot:
Oh, so billions rain down on American citizens?! Lmaoooo Funniest thing I've read all day, chai, Nigerians!!

ThatFairGuy1:
You misunderstood me
What I meant is that he's wealthy ( I'm not also saying ordinary civil servant can't afford citizenship please)

baby124:
Go and ask your parents how much they were earning 26yrs ago even up to the 2000’s. Some of them were earning 500 naira monthly 20yrs ago with big positions. Why do you think most of them die poor because their pensions are not adjusted for inflation and they lost all they had through bad government. Then Babangida and Abacha did their thing and all their money was worthless. See I don’t have time right now to go through your post. If I do, you will not like it. But keep supporting rubbish that you can see clearly is bad. May you not grow old and these types enter your account to steal all your pension. They are already running away with pension they can grab. Soon they will come for your account and even the house on your head in old age.

He did not work with Shell. He worked with National Oil.

Jarus:
I swear to God almighty that I got all through legit means.

tot:
"If I earned 4billion Naira throughout a brilliant career"

Lmaooooo. Don't let me laugh
Must be a truly BRILLIANT career indeed

Kobojunkie:
^^^ Cut the bull. . . It is right to question this declaration since there is no way to VERIFY it. Every Tom, dic=k, and harry we have up there seems to be worth millions, even after months of campaigning, and you think it ain't right to question even the ones you have an attachment to?

I remember Jonathan Goodluck also claimed to be worth about the same when he took office, and we know of no records of his ever doing big business of any kind before 2007.

ThierryJay:
Baby124, see I understand and respect your stance and it's commendable seeing the strong anti-corruption drive you are displaying here.

But then, you need to ask yourself, are your current submissions based on factual information or have you just decided to pack all political personalities under the corruption bucket irrespective of whatever facts come to light.

Personally, I hate corruption with passion. However, I also assess circumstances objectively, because if my perspectives are based on falsehood/misrepresentations, then I am no better than the uneducated illiterate. Accordingly, it will do you well to calm down a bit and consider the facts objectively:

1. Many of the assets that Ajimobi declared especially the houses and land were based on current revaluation by professionals close to the time of his declaration. This means that he did not purchase those assets at the same monetary value of their current valuation in 2011 (e.g the house valued at 300million in VGC could have been actually purchased at N100million a decade earlier but revalued in line with current economic realities)

2. The fact that he worked and rose to MD within the Shell Group for 26years. The salaries bonuses and allowances he earned in a top multi-national can indeed support those assets declared. Let's look at the mathematics, An MD of a shell subsidiary will earn hundreds of millions of Naira per annum. Heck, by virtue of my job, I know MDs of manufacturing companies that earn between N150 - N250million per annum. If Ajimobi was MD for just three years he will have earned at least N1billion naira as MD. If he earned a weighted average salary of N50million (entry level to manager to director i.e average from 15m - 150m) per annum for 22years, he will have earned at least another N1 billion. You should know that the earnings of a top level director in oil sector in just 6 years at top management level, can be equivalent to the earnings of the same person for 20 years at lower to mid-management level i.e in just 6 years he could have earned 1.5billion while in his previous 20 years could also have brought something similar.

3. Accordingly, it is not far-fetched to conclude that Ajimobi might have realized over N2.5billion (16 million dollars at 2011 exchange rates) from his stint within the oil sector for 26 years (average of 600,000 dollars per annum). This was the point Jarus was trying to make you see about the increasing earning trajectory (i.e Jarus is saying that by the time he is 60, he would likely have more than the assets Ajimobi declared in 2011 based on his current earnings and career trend). Coupled with income from other sources (senatorship and personal companies) we will be likely looking at over 3billion Naira for Ajimobi, which is more than the PURCHASE value of the total assets he declared back in 2011

4. To put the above in context by benchmarking, I know top Partners of big-four accounting firms (less lucrative when compared to oil sector) who earned over 3billion Naira in ten years of being partner. This is excluding their earnings from entry staff level to director which typically takes about 11 to 14 years. So in the accounting industry for a 24 year career, you are looking at total earnings of over N3.5billion, all perfectly legitimate.

So please learn to look at things critically before taking a strong stance on them so that you are not misguided. I mean If I earned 4billion Naira throughout a brilliant career of mine. It will be totally unfair and unreasonable if someone were to attribute my wealth to corruption.

baby124:
Can you imagine. May God give me this level of brilliance in Nigeria as a SALARIED employee! It’s all these unrealistic expectations that push Nigerians to steal in private and public employment. Everyone is thinking with their big position they must be earning a big salary.

mannyiyke:
I can't vouch for him. However, Jonathan worked in NNDC as an ecologist, became a lecturer in a college of education. He was also a deputy governor and governor before becoming a vice president. He might have invested the little he had in business all those years. You may be right shaa.

Jarus:
You were probably too lazy to read the news to the part that he declared that the UK/US houses were mortgage financed.

ThierryJay:
Firstly, my mum a nurse with the state government was earning N30,000 per month in 1999 and she was not even a matron. So where did you get your 500 Naira per month from? In 2000, just after finishing secondary school, very young teenage me earned N2,000 within one and a half week of vouching marked WAEC papers.

Secondly, our parents did not work in the oil sector. So you cannot compare them to Ajimobi who worked within a multinational oil group. The value of Ajimobi's assets in 2011 would have been also much lower when he purchased them much earlier. So it goes both ways.

I hope you understand my analysis, it's based on facts and not just here and there submissions

Kobojunkie:

ROFLMAO
Stop....please stop it!

globalview:
Let's be frank with ourselves, someone of Ajimobi's status could even have wealth and properties more than what he declared when he newly became governor. Some poor fellow that has never had #200,000 savings with poor and poverty mentality will always thought it was impossible..

COdeGenesis:
Guy do you know what it means to work in oil company for 26 years. Dont be ignorant. If you channel the money wisely, you would have so much

ThatFairGuy1:
Someone declared his assets, you're all shouting. What about those that didn't?
You all should remember he was an American citizen as well

calculator123:
So?

Since when did becoming an American citizen imply you would have this net worth?

You go just dey yarn okoto with confidence.

Kobojunkie:

ROFLMAO
Stop....please stop it!