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Yar’Adua declares assets publicly, worth N856m

Posted by By LUCKY NWANKWERE, Abuja on 2007/07/02 | Views: 2306 |

Yar’Adua declares assets publicly, worth N856m


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.

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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Comments (3)

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Abieyuwa(Edo, Nigeria)says...

Otasowie means evening life is better than morning life. There is an error in your “evening life is better than evening life”?

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Naija g(Houston, Minnesota, US)says...

Sokari doesn’t mean joy. Joy is Biobela. Go to the village and ask the meaning of the name.

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Fay(Katy, Texas, US)says...

Actually translates to bravehearted.