SATURDAY ESSAY: That One Billion Naira Public Declaration of Assets by Umar Musa Yar`Adua

1 Comment » June 30th, 2007 posted by // Categories: Essays



 

 First read: 

https://www.nigerianmuse.com/essays/?u=Yar_Adua_s_Billion_Naira_Assets_Another_Update.htm

SUNDAY ESSAY:   Yar’Adua’s Billion Naira Assets – an Update

then read

 

By

 

Mobolaji E. Aluko, Phd

alukome@gmail.com

 

June 30, 2007

 

 

 

 Although one continues to be troubled about the fact that a 56-year-old man in Nigeria – not an oil baron, not a major farmer,  not a known industrialist or banker, etc. , but  rather a quiet chemistry teacher for a few years in a Nigerian polytechnic, and then a state governor in poor Katsina State for the past eight years, his family connections notwithstanding  – is worth a BILLION NAIRA or more, it is still a remarkable event that Umar Musa Yar’Adua has now publicly declared his assets and liabilities.   See Table 1 below .    The theatrical flourish with which his new imagemaker Olusegun Adeniyi  (formerly Edtior of  This Day) did it on TV was also pure “Nollywood.”  

 

 

His move is simply brilliant and exemplary.   This man might still win much of our respect – he is still being watched closely, and he should be encouraged along those lines, for the sake of our dear country.

 

However, the declaration.opens up several Pandora’s boxes, both for himself – see the question marks in the table below, which should readily be filled should he also fully disclose what he filed with the Code of Conduct Bureau on May 29, 1999 and May 29, 2003 –  and for those other functionaries, elected and un-elected, who will work with him during his putative administration.  For those who he will appoint, while it is not REQUIRED by law for them to publicly declare assets, but since it is NOT against the law to do so,  Yar’Adua might simply DEMAND such a public declaration of them, or ASK for an explanation in writing WHY they do not wish to make it public.  The other device he might adopt – and which might be written into future public disclosure laws – is  what is done in the United States: file the ACCURATE figures with the Code of Conduct Bureau as demanded by law, but make public only the RANGE of figures within a pre-defined UPPER and LOWER ratio, but encompassing the correct figure.

 

So if, for example, Yar’Adua did not wish to publicly reveal his N132 million cash in hand, he might simply state it as “between N150 and N90 million” (1.67 upper/lower ratio) and leave the information like that.

 

The other Pandora’s box that the declaration opens up is a speculation going on inside many Nigerian heads  as to what ALL THOSE OTHER more well-known Nigerian “richmen” and politicians must have in their ASSETS portfolio when a quiet, reserved, relatively “poor” Umar Musa Yar’Adua has a billion naira in his.  I shall not name names – but the names that come to your mind are mine too! J

 

 

Final Pandora’s box:  can we not somehow ultimately trace all of this money to oil money?  Could this not be why Asari-Dokubo and MEND are hopping mad?  Or is that too “militant” a question to ask?

 

Whatever be the case, this is exemplary transparency is a good start for President Umar Musa Yar’Adua – assuming the Presidential Election Tribunals uphold him.  Nigerian citizens and especially members of the organized Civil society should seize the moment to take a bold step towards curbing corruption in our country by DEMANDING the same from various elected officials and other functionaries all around the country – and ensure that they comply, otherwise we should not let them “rest.”

 

I rest my case for now though.

 

 

 

https://www.nigerianmuse.com/important_documents/?u=STAR_DECLARATION_Umar_Musa_Yar_Adua_PUBLICLY_Declares_His_Assets.htm   

 

 

 

TABLE 1 

As of June 28, 2007

 

Compiled from various media reports

 

 

ITEM

May 29,

2007

May 29, 2003

May 29, 1999

Comment

 

 

AMOUNT (Naira)

SUBTOTAL

(Naira)

 

 

 

A

Cash in Nigerian Banks:

 

132,396,162.21

?

?

 

 

Bank PHB, Nagogo Road, Katsina branch

26,602,681.01

 

 

 

 

 

Bank PHB, Apapa Lagos Branch

12,000,264.21

 

 

 

 

 

Bank PHB, Head Office,Kaduna

4,999,947.22

 

 

 

 

 

UB Plc (formerly Intercity), Imani Branch, Abuja

26,817,362.19

 

 

 

Loan & debit

 

UB Plc, Imani Branch, Abuja

61,975,907.58

 

 

 

Loan & debit

 

Subtotal

132,396,162.21

 

 

 

 

 

 

 

 

 

 

 

B

Cash in Hand

 

 

7,500,000

?

?

derived from savings,

campaign and post campaign contributions

 

 

 

 

 

 

 

C

Details of property in Nigeria

 

527,000,000

527,000,000

527,000,000

 

 

105,000,000

 

105,000,000

105,000,000

 

 

Multi-storey building in Abuja (land granted to him in 1998)

212,000,000

 

212,000,000

212,000,000

 

 

Duplex, in Malali, Kaduna (gift from late brother Shehu)

120,000,000

 

120,000,000

120,000,000

 

 

7-Bedroom duplex in Kaduna (built in 1987)

90,000,000

 

90,000,000

90,000,000

 

 

Subtotal

527,000,000

 

527,000,000

527,000,000

 

 

 

 

 

 

 

 

D

Undeveloped Plots

 Asokoro New Layout (granted in 1998)

 

50,000,000

50,000,000

50,000,000

 

 

 

 

 

 

 

 

E

Farms

 

25,000,000

 

 

 

 

Farm in Ruwan Godiya, Katsina (acquired in 1982)

10,000,000

 

10,000,000

10,000,000

 

 

Farm in Ajiwa, Katsina (acquired in 1993)

15,000,000

 

15,000,000

15,000,000

 

 

 Subtotal

25,000,000

 

25,000,000

25,000,000

 

 

 

 

 

 

 

 

 

181,550,000

?

?

 

 

Honda Accord AC 151 ABC

350,000

 

 

 

 

 

Mercedes Benz

6,500,000

 

 

 

 

 

29 new (campaign) vehicles

174,700,000

 

 

 

 

 

Subtotal

181,550,000

 

 

 

 

 

 

 

 

 

 

 

G

Household Furniture

 

3,000,000

?

?

 

 

 

 

 

 

 

 

H

 

19,000,000

19,000,000

1,500,000

 

 

3 local houses (acquired 1998)

1,500,000

 

1,500,000

1,500,000

 

 

1 twin bungalow (acquired in 2002)

15,000,000

 

15,000,000

0

 

 

3 vacant plots (acquired in 2003)

2,500,000

 

2,500,000

0

 

 

Subtotal

19,000,000

 

19,000,000

1,500,000

 

 

 

 

 

 

 

 

I

Investments in and outside Nigeria

 

 

?

?

 

 

Habib Nigeria Bank PLC shares (acquired in 1998)

 

2,000,000 units

60,000,000

2,000,000 units

2,000,000 units

Habib now part of

Platinum Bank post-consolidation.

Roughly N30 per share

quoted (varies daily)

 

Intercity Bank Plc shares

 

100,000 units

650,000

?

0

Intercity now part of

Unity Bank post-consolidation.

Roughly N6.50 per share quoted

(varies daily)

 

Muradi Hotels Ltd. Shares

100,000 units

?

?

0

Share value (?)

 

 

 

  

 

 

 

J1

GRAND TOTAL ASSETS (minus worth of shares)

 

945,446,162.21

?

2,000,000

 

J2

APPROX. GRAND TOTAL ASSETS (plus worth of shares excluding Muradi’s)

 

 

?

?

 

 

 

 

 

 

 

 

K

LIABILITIES

[Unity Bank Plc, Imani Estate Branch, Maitama, Abuja ]

 

88,793,269.77

?

?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

L

TOTAL NET WORTH (J1-K)

 

856,652,892.44

?

?

 

 

Compiled from various reports by NigerianMuse.com  (see some below)

 

 

 

 

THE NATION

Yar’Adua worth N856m

29/6/2007

President Umaru Yar’Adua is worth over N856 million – minus shares – it was revealed yesterday in Abuja where his assets were unveiled.

His wife is worth some N19 million.

Yar’Adua, who declared the assets in the Code of Conduct Bureau (CCB) “Form CCB1″, became the first public officer holder to make public his assets.

The president had said during his campaign that he would declare his assets publicly, but officials of the CCB had advised him against fulfilling the campaign promise.

The Special Adviser to the President on Communications, Mr Olusegun Adeniyi, said the president decided to make his assets public since he was not breaching any law.

The CCB law provides for confidential declaration, but any office holder could make it public, if he so desired.

The form filled by the president showed that he is worth over N946 million, made up of money in banks, cash at hand, value of properties and two farms.

The president has N132,396,162.21 in five bank. Of this, N88,793,269.77 came from two of the banks as loans.

The president’s properties, located in Katsina, Kaduna and Abuja, are valued at N577 million. His two farms are worth N25 million.

Yar’Adua also owns two million shares in Habib Nigeria Bank, which is in the process of conversion to Bank PHB; 100,000 shares in Intercity Bank and 100,000 shares in Muradi Hotels Ltd.

There are two cars worth N6.85 million and 29 new vehicles donated to his campaign.

There is household furniture worth N3 million, which Yar’Adua said he acquired as a director of Habib Nigeria Bank.

The sources of the monies, he said were his savings and contributions to his campaign.

His wife, Turai, is worth N19 million in immovable properties located in Katsina.

Adeniyi said the Bureau argued that should the number one citizen declare his assets publicly, it “would put pressure on other categories of public officials to do so even when the Constitution makes the exercise a confidential matter”.

Adeniyi’s statement reads: “Shortly before he was sworn in on May 29, this year, President Umaru Musa Yar’ Adua submitted to the Code of Conduct Bureau his completed Assets Declaration Form as demanded by law.

The President also notified the Bureau of his intention to make the form available to the public in fulfillment of his campaign pledge, which was borne out of his conviction that the war against corruption cannot have meaning, until those at the helm begin to live by example.

“The Bureau, while appreciating the noble intention of the President, however, counseled against the move on the grounds that such an action from the number one citizen would put pressure on other categories of public officials to do same even when the constitution makes the exercise a confidential matter.

“The dilemma of the President in the last four weeks has therefore been where to strike a balance between the well-meaning concerns of the Code, bearing in mind the enormous responsibility of his office; and following his conviction that his campaign pledge to Nigerians is a solemn commitment.

“Having weighed the two sides, the President has come to the conclusion that since he will not be breaking any law, he cannot go back on his promise to the nation.

“Therefore, he has mandated me to disclose the assets he declared to the Code of Conduct Bureau.

“While the Constitution does not currently compel any public official to declare his assets publicly, President Yar’ Adua intends to work with the leadership of the National Assembly to see what can be done to make assets declaration an effective weapon in the fight against corruption and abuse of office.

“The President is equally interested in discussing with the Assembly leadership the Freedom of Information Bill which lapsed with the last administration with a view to ensuring a quick passage in pursuit of his determination to instil transparency and accountability in the conduct of government business.”

 

 

THE SUN

 

Yar’Adua declares assets publicly, worth N856m

By LUCKY NWANKWERE, AbujaFriday, June 29, 2007

President Umaru Yar’Adua yesterday in Abuja blazed a trail by making public his assets and thus submitting himself to public scrutiny during and after his Presidency.

He did this by releasing to the public photocopies of his duly and honestly completed assets declaration form.

According to details of the assets released on his behalf by his Special Adviser on Communications, Mr. Segun Adeniyi, President Yar’Adua has total assets’ value of N856, 452,892. The assets include a total of N19 million owned by his wife and First Lady, Hajia Turai Umaru Yar’Adua.

His total liabilities being outstanding loans secured from the Unity Bank Plc, Imani Estate branch, Maitama Abuja is put at N88,793,269.77.

The assets as they stood yesterday include remunerations, savings, campaign and post- campaign contributions, buildings and vacant plots of land, farms and orchard, cash at hand and vehicles.

The bulk of the assets released against advice of the Code of Conduct Bureau, according to Adeniyi, were listed under the remunerations, savings, campaign and post-campaign contributions and 29 campaign vehicles located in Katsina and Abuja, and does not include any foreign account or assets.

The details also reveal a total annual income from his assets put at N18.7 million while the First Lady has a total annual income from her assets valued at N132,000.

Adeniyi said the release of the documents was consistent with the president’s pledge to do so during the campaigns, adding he (president) would work with the leadership of the National Assembly “to see what can be done to make assets declarations an effective weapon in the fight against corruption and abuse of office.”

“The president notified the Code of Conduct Bureau of his intention to make the form available to the public in fulfillment of his campaign pledge, which was borne out of his conviction that the war against corruption cannot have meaning until those at the helm begin to live by example.

“The bureau, while appreciating the noble intention of the president, counseled against the move on the grounds that such an action from the number one citizen would put pressure on other categories of public officers to do same, even when the constitution makes the exercise a confidential matter.

“The dilemma of the president in the last four weeks has therefore been where to strike a balance between the well-meaning concerns of the bureau, and following his conviction that his campaign pledge to Nigerians is a solemn commitment. Having weighed the two sides, the president has come to the conclusion that since he will not be breaking any law, he cannot go back on his promise to the nation”, Adeniyi further stated.

A breakdown of the assets declaration showed the president has a total of N43,702,892.43 as cash at bank, being remuneration, savings, campaign and post- campaign contributions lodged with the Bank PHB; N26,602,681.00 at the Bank PHB, Nagogo Road , Katsina State branch; N12,000,264.21 at the bank’s Apapa, Lagos branch and N4,999,947.22 at the head office of the bank in Kaduna .
He declared a total of N7.5 million as cash in hand said to be derived from savings, campaign and post campaign contributions.

The president also declared a total of N88,793,269.77 as his liabilities, being banks loans and debit at the Imani Estate, Maitama, Abuja branch of Unity Bank Plc (formerly Intercity Bank). These are in two accounts of N26,817,362.19 and another N61,975,907.58 respectively.

Also declared is a total assets value of N577,000,000 under buildings, vacant and undeveloped plots which includes the Yar’Adua family compound at Yar’Adua Quarters in Katsina State valued at N105,000,000 and said to have been acquired through inheritance in November 1997.
There is also a multi-storey building at A8 Wuse 2, Abuja with total value of N212,000,000. The land was granted by the Federal Government to him in 1988.

There is also a duplex at Malali, Kaduna State with a value of N120,000,000 which the president said was originally a three-bedroom bungalow and a gift from his late senior brother, Major-General Shehu Musa Yar’Adua. Included in the form is another 7-bedroom duplex at 2, Lema Jubril Close valued at N90,000,000 that was built from savings in 1987.
President Yar’Adua also declared a vacant plot at Asokoro New Layout in Abuja valued at N50,000,000 granted him by the Federal Government in 1998. He also declared two farms worth N25,000,000 in Katsina State.

Under shares, debentures and other securities in and outside Nigeria, he declared 2,000,000 units of shares of Habib Bank acquired in 1998 which is in the process of being converted to Bank PHB; 100,000 units of shares of Intercity Bank Plc also in the process of conversion to Unity Bank Plc and another 100,000 units of shares of Muradi Hotels Limited.

His vehicles, according to him, are altogether 29, the bulk of which are described as campaign vehicles valued at a total of N174,700,000. His personal cars are a Honda Accord car worth N350,000 and a Mercedes Benz worth another N6,500,000.

The President who went a step further to declare the assets of his wife and First Lady, Hajiya Turai, stated that she has a total asset of N19,000,000 made up of three local houses worth N1,5000,000 acquired in 1998; one twin bungalow valued at N15,000,000 located in Kofar Kaura layout in Katsina State acquired in 2002 and three vacant plots in Katsina acquired in 2003 worth N2,500,000 as well as household furniture in Katsina acquired when he was a director of Habib Bank worth N3,000,000.

 

 

 

 

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One Response to “SATURDAY ESSAY: That One Billion Naira Public Declaration of Assets by Umar Musa Yar`Adua”

  1. Dominic says:

    The move is commendable, but did we gain $10.00 to loose $50.00?

    1. Where is the EFCC, and how come all these ex-governors are suddenly innocent? Obasanjo uses the efcc to witch-hunt the enemy, and Y’Adua uses it to protect his buddies. When are we reforming the EFCC to make it truly independent?

    2. Why is Y’Adua co-opting the opposition, twisting their arms to drop the all-important election petitions? A unity government should not be used to bribe the opposition into oblivion. People who were rigged into power have no reason to be transparent or accountable to the people. If you want transparency, start with the elections.

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