That One Billion Naira Public Declaration of Assets by Umar Musa Yar'Adua
By Mobolaji E. Aluko, Phd

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."  

The declaration  was in fulfillment of Yar'Adua's  pledge while campaigning for the Nigerian Presidency, a pledge redeemed  in spite of the fact that we are still  waiting for the Election Petition Tribunals to confirm his Presidency following the most tainted (April 2007) elections in Nigeria's history, in which Yar'Adua himself has admitted serious flaws and pledged electoral reforms.

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 law – 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

Or are they all just plain noisemakers  – just "shakara oloje"?   Might some of them be shamed – or merely hiss at Yar'Adua being worth ONLY about $8 million?

Final Pandora's box:  can we not somehow ultimately trace all of this money to oil money?   Could this not be why 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.

TABLE 1 

ASSET DECLARATION OF UMAR MUSA YAR'AADUA

As of June 28, 2007

Compiled from various media reports

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

Robot  Villager

# 1 That One Billion Naira Public Declaration of Assets by Umar Musa Yar'Adua ...Read the full article. Posted by Robot| 30.06.2007 13:42

Mikky jaga  Villager

# 2 Yar'Adua is trying to play the clean guy. That is not new!! Shagari was famed for his honesty too. The problem then as it is now is what of the horde of corrupt individuals surrounding this guy. Until he shows he can deal with these guys and cleanse the country once and for all, his gra gra and half hearted declaration of assets & liabilities will remain a show in futility. Ali Baba and the forty thieves equals forty one thieves regardless of the assumed piety of Ali Baba. Posted by Mikky jaga| 30.06.2007 15:05

Adeola Aderounmu  Villager

# 3 To me personally, This declaration is meaningless. First, this government lacks legitimacy. Accepting the mandate of a crazy selection is the HEIGHT of dishonesty. Second, David Mark, a well known thief is his Senate President. What are we talking about? Before we can wipe corruption, we need a legitimate government that would have power at its disposal to bring all the thieves in Nigeria to book. From Babangida, to Buhari, Shonekan, Obasanjo...and many others (from 1960 to 2007). Being mindless of the past in the present will not help us to shape the future. We must rights all wrongs. A legitimate govt is needed to probe all the past governors, Ministers and the people that we know stole our money and put 75% of Nigerians below the poverty line. Let them bring back all our monies. We want to use them for posterity. If we don't bring justice to Nigeria, all these declarations are senseless. There must be a point in the history of our country called Turning Point. If we don't get there...the masses will continue to suffer. This man Yar Adua will never have the courage to bring the change we seek. Someone will always remind him how he got to power. This is already playing out in the so called Government of National Unity. He is asking the other parties to drop their petitions so that they can join his govt and loot as they usually do. May the Glory of Nigeria come, soon! http://aderinola.wordpress.com/ Posted by Adeola Aderounmu| 30.06.2007 16:04

Son of the Delta  Villager

# 4 Good points, the unfortunate thing is that all this is being done especially at the expense of the Niger Delta. Posted by Son of the Delta| 30.06.2007 16:11

akuluouno  Villager

# 5 Prof Aluko, Thanks for ur critical analysis of the matter which Code of Conduct ought to look into more critically. Ditto journalists. Since UMY'A has decided to come clean by going public with his assets, the nation should now critically check his bona fides to ensure that it tallies with reality. After a very short-tenured gov declared that he was worth over a trilliion Naira. :lol::lol: Posted by akuluouno| 30.06.2007 16:24

overdryv  Villager

# 6 What manner of people are Nigerians? Are they so gullible that thgey fail to see the gimmickry Yaradua is employing to stave off criticisms from Nigerians as a result of the most rigged election in Nigerian history. What is the use of assets declaration if he stands in the way of prosecuting former corrupt governors. It is based on the agreement reached with EFCC that no former governor should be arrested that made former Enugu governor Chimaroji Nnamani to return from exile in the US and Joshua Dariye to come out of hiding. The present stance of Yaradua on the former governors is a return of favor for their support in his nomination. My grouse with Yaradua is twofold: Firstly he accepted billions of naira from James Ibori knowing fully well this was Delta state's money. Is this not corruption? Secondly people tend to place the whole rigging wholly at the feet of Obj and Iwu. But in all honesty, Yaradua knew and was an accomplice in the whole rigging. It could not have been possible for him not to be briefed on the rigging apparatus. Afterall meetings were held between INEC and top notchers of PDP before each election in which votes were allocated and Yaradua would never deny he missed any of these meetings. This was exactly happened when the going was good between Obj and Atiku. This made it difficult for people to sympathise with Atiku when he talks of rigging in the 2007 elections. On the day Yaradua received his certificate of return, he was reported to have gone into close door meeting with the INEC chairman. No wonder Iwu can dare the senate and get away with it. The implication of Yaradua's asset declaration is that he is far down on the financial scale compare to people like Uba, Ibori who he wants to appoint ministers. The one billion Yaradua declared as assets is rather a joke compared to the amount each former governor embezzled. If Ibori could afford to give out billions to Yaradua for campaign purposes, how much did he keep for himself? The people of Delta state have sued him for embezzling 120 billion naira. Nigeria as presently constituted would continue to be an embarrasing joke in the eyes of the world. You put governors in power, give them monthly allocations and he decides how much he keeps for himself and how much goes to the state. Or put in other words, the people in Abuja nominate state governors and share their monthly allocations with them.This case was clearly exemplified by the rapport between Obj and the likes of Ibori and Odili. The problem Alamieseya had might be his romance with Atiku and his refusal to play ball with Obj. Was this not the problem Tinubu had with Obj which resulted in withholding Lagos state's fund? Posted by overdryv| 30.06.2007 16:37

igwe  Villager

# 7 This Asset Declaration (AD) would ordinarily be a laudable exercise but in the circumstances, it's simply a PR gimmick. The onus is now on Nigerian journalists to find out how much the man declared in the two previous occasions already mentioned and then compare that with his salary which I believe should also be public. We haven't learnt vital the lesson that POLITICS IS NOT ABOUT MAKING MONEY BUT RATHER ABOUT RENDERING SERVICE. One can always make money after leaving office. But unfortunately Nigerian politicians compare how much money they made in office instead how much service they rendered to the people. That is why we have crooks like the Ubas, Adedibus, Georges, Odilis OBJs, Marks, ad nauseam, calling the shots. These are common criminals that should ordinarily be explaining a lot to the police. But even police officers boast about how much they make in office. Even as we commend UMYA for the bold move, still we cannot help but point out to him that if he is not just playing to the gallery, he should, as a matter of urgency, tell Nigerians how he made the money. Then, 1. Sign the FOI bill without further delay. 2. Make it possible for authorities to probe past leaders, including himself. 3. Renounce the stolen mandate he's holding; if he's as honest as he wants us to believe. If he does these things and still wants to stand for election, he'd stand a very good chance. What he's doing now is trying to make an empty bag stand upright=an impossibility. Ka Chineke mezie okwu! Posted by igwe| 30.06.2007 17:27

katampe  Villager

# 8 TEACHING MOMENT FOR PROFESSOR BOLAJI ALUKO Professor Aluko, I am not sure what your intention was with this article, but your first paragraph ( in quotes below ) has some twisted assumptions. 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." Your insinuation here is very apparent, it shows the careful and deliberate manner you set out to play to the gallery and insinuate the unthinkable. I think this very cheap and you could have done better based on your famed intelligence and ability to manipulate language. Without saying much you have smeared the character of the president. It would have been nicer if you did a due diligence with the leader of your party Atiku. I am aware he never declared his assets all thoughout his stay in Aso Rock with Obasanjo. Now to the issues you missed out. The historical context and the significance of his declaration is monumental. It puts pressure on other office holders. Now based on the declared assets, we can hold the president accountable for any other assets he acquires in office that is not legitimate since we now have a benchmark to gauge any acquisition henceforth Interestingly, the issues that should have been of concern you failed to notice with your eagle eye, and this is the issue of campaign money being declared as personal money . I should think that is more important that the whole import of your essay. If you take that campaign money out, how much do you think the guy would be worth? The other issue you failed to raise was the size of real estate that was included in the asset declaration. How much really is it worth? I think we have accountants here and economists here that can give us a perspective on Umaru's asset valuation. In my opinion, if I was looking at his asset I would be careful to assume he is worth what he has on paper. Firstly, how strong is the economy in Kaduna and katsina state for the properties to command such a high value? He couldn't have constructed the houses at such an amount, and construction cost and value are two different things.If at all cost was assumed by the appraiser, it would need to be done based on depreciated replacement cost, and if the forces of demand and supply equates value , then the level of economic activities in those Sharia states is not enough to sustain that level of effective demand for the property to command such a high price. Therefore, price is phatom ( iro nla ni!) As such whoever did the property valuation or assessment for the president did a shoddy job. If it was Lagos, Abuja, or Port Harcourt , it is understandable. But in Katsina state it is just laughable . The Sharia riots especially in Kaduna has depressed the market so badly that it is just impossible to command the amount stated in an open market in his declaration. Taking those properties out he might not really be worth what was declared. Finally the campaign cars, It makes sense to know how he came about the cars. Where they donated by sponsors of his campaign. I think if you factor all these together the president might not be worth anything after all. It is irrelevant that he is 56 years old and a teacher. His family inheritance, the fact that he is a brother to late Shehu Yar Adua and the fact that the father was once a minister of lagos does not make this such a big deal. From what I am seeing afterall, this man might actually be a honest man. It is important we are careful not to rush to judgment until we are availed of the facts. Posted by katampe| 30.06.2007 19:26

oluye  Villager

# 9 Thank you Katampe, Indeed if you remove the politically connected assets, YarAdua doesn't seem to fare better than many other Nigerian "Professors." The rural properties are definitely over valued. Even in Lagos, how many duplexes are worth N120m? Tell me, which Nigerian higher institution lecturer will not have an inherited family compound in his home town and then build one or two other houses in the vicinity for his nuclear family vacation needs. Not to mention putting up one or two other units in the city? Do these sound familiar to any of us? We must also v factor in inflation. When many of those shares and property were purchased they were probably worth much less. Does that sound familiar again? If Dr. Mobolaji Aluko should declare his assets and be treated the way YarAdua's has been treated we will be dumbfounded! Irrespective of the fact that he earns hard currencies. I know Nigerian professors who simply by virtue of their diligent investment over the years, inheritance and support by their children in diaspora can boast of what YarAdua has, minus the politically connected assets. Posted by oluye| 30.06.2007 20:09

gwobezentashi  Villager

# 10 Yar’Adua’s assets grew by N700m in 8 years 1/7/2007 Between 1999 and 2007, President Umaru Musa Yar’Adua’s assets grew by over N700 million. In 1999, when he released his declared assets publicly soon after he was sworn in as governor of Kastina State, he was worth less than N100 million. But now, his assets, according to his public declaration last Thursday are worth over N856 million, an over 800 per cent increase. His assets as declared on June 16, 1999 include: Cash · N420,000 · N4,044,111 · $81,000 · £1,000 Buildings · Three buildings, two of which were gifts from his elder brother General Shehu Yar’Adua, and located in Kaduna, valued at N15,000,000. · One in Katsina, inherited from his late father, valued at N2,000,000. · A personal house, built by him between 1985 and 1988 valued at N8,000,000. Land Vacant land, which fetched N5 million between 1994 and 1999, valued at N13 million. Other four vacant land, one of which valued at N10,000,000. Farms Two farms valued at N2.5 million Vehicles Five in all. One from his late elder brother valued at N7 million. Another given to him when he resigned from the board of Habib Bank as a director. He bought a Toyota brand for N800,000. In a paper made available to correspondents in Katsina, on Wednesday 16th June, 1999, the then governor had said such decision would not have been necessary, "if we have a society where people and leaders have reformed themselves to become honest, sincere and have the fear of God in their hearts." "The mere fact that there is such a constitutional provision is a shame and disgrace to the leadership of this country, because it has shown the exact character of leadership we have been having over the past decades", he had said. Like the 1999 declaration, the one made last week did not include the shares in banks and other institutions. The addition of shares, cash in the banks would have increased his worth to N946 million. Contrary to the 1999 situation, when only five vehicles were listed, the president now has 31 vehicles, mostly from donation for presidential campaigns. What is not clear is whether such donations were not made to him during his governorship campaign or he chose to drop them from the 1999 list. The latest declaration showed that the president’s properties located in Katsina, Kaduna and Abuja is now valued at N577 million. The value of his two farms has also appreciated to N25 million from the N2.5 million some eight years ago, while his wife’s assets now separated and put at N19 million. The declaration has since been attracting varied interpretations and reactions faulted by some and commended by others. Former governor of the old Kaduna state, Alhaji Balarabe Musa felt there was nothing patriotic about the assets declaration. Balarabe, who was a former presidential candidate of the Peoples Redemption Party (PRP) expressed surprise that the president’s assets could have risen "to almost a billion Naira from about N70 million" eight years ago. "There is nothing exciting about what he has done because he has only fulfilled what is expected of him, although the law does not say he should do it publicly; it only says that he should declare his assets. "I am surprised that the president who was worth less than N70 million few years ago is now so rich. "There are some questions that needed to be answered, and I hope the answers are in favour of the president. How did he become so rich within eight years? What made him so courageous to declare so much money publicly? These questions must be sincerely answered without being speculative. "The amount so declared confirms that Nigeria is clearly a social class. So what do you expect from an imposed president who is that rich? Do you think he would be sensitive to the needs of the people? I doubt," Balarabe said. The former Attorney-General of the Federation, Chief Richard Akinjide, described the declaration as "a good move," and urged every public office holder to follow suit. Akinjide noted that only such courage to declare assets on assumption of office and when leaving could give meaning to the people’s clamour for probity and accountability. "When leaving office they should also declare their assets so we can compare. "The president has shown good leadership and therefore deserves total support from all of us," the former Justice Minister declared. To the Ondo State Chairman of the PDP, Dr. Omotayo Dairo, the move was necessary to set the right agenda for probity and good governance. Dairo explained that a President that could muster such courage to publicly declare his assets would not condone corruption in whatever guise. "We expect other PDP functionaries to go ahead and do same," he added. Dairo told The Nation in a telephone interview that such bold stance against corruption was a policy his party had resolved to entrench, "being the largest party in Nigeria." "So long as we continue to pamper corruption in this country it will be difficult for us to move forward," he argued. http://www.thenationonlineng.com/dynamicpage.asp?id=23829 Posted by gwobezentashi| 30.06.2007 23:22

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