New reports have resurfaced about Governor Seyi Makinde of Oyo State, detailing his impressive business background and substantial wealth prior to assuming public office.
According to his 2019 declaration to the Economic and Financial Crimes Commission (EFCC), Makinde’s net worth stood at approximately ₦50 billion (USD $140 million) — a figure that positioned him among Nigeria’s wealthiest political leaders even before he was sworn in as governor.
Makinde, an engineer, entrepreneur, and philanthropist, is the founder and chief executive of Makon Group Limited, an indigenous oil and gas firm established in 1997 — two years before Nigeria’s Fourth Republic began. The company currently employs over 1,000 staff across multiple sectors of the energy industry.
Beyond oil and gas, the governor also oversees Makon Power System Limited, a subsidiary engaged in turnkey power generation projects and the operations and maintenance of gas turbine power plants. His business interests extend further into construction and real estate, focusing on commercial and residential development projects nationwide.
An industry insider who had previously worked with Makinde’s group shared:
“I’ve followed the man’s business model since 2021 when my company was outsourced for a project. His structure, integrity, and commitment to indigenous capacity development really stood out.”
With this track record, many analysts and political observers now consider Governor Makinde one of the richest currently serving governors in Nigeria, second only to Enugu State Governor Peter Mbah, another businessman-turned-politician with vast investments.
Makinde’s rise from private enterprise to public service continues to inspire conversations about entrepreneurial leadership and transparency in governance, with supporters praising his decision to openly declare his assets as a gesture of accountability.
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