Nigeria's President Buhari declares assets - CNBC Africa

Nigeria's President Buhari declares assets

Western Africa

by Reuters 0

President Muhammadu Buhari addresses members of the National Working. Photo: REUTERS/Afolabi Sotunde

ABUJA (Reuters) - Nigerian President Muhammadu Buhari owns five homes, two mud huts and has $150,000 in his bank account, the presidency said late on Thursday, as the head of state and his deputy honoured a promise to declare their assets to demonstrate transparency.

Buhari, a 72-year-old former military ruler, owed his March election victory in large part to his campaign promise to fight corruption which he estimates has seen $150 billion being stolen from state coffers in the past decade.

Taking public office in Nigeria has traditionally been seen as an opportunity for officials to enrich themselves.

Buhari's spokesman, Garba Shehu, said documents submitted by the president to the Code of Conduct Bureau (CCB) showed that Buhari owned shares in Berger Paints, Union Bank and Skye Bank.    

The papers also revealed that Buhari also has an orchard, a ranch and farmland on which he keeps 270 head of cattle, 25 sheep, five horses and various birds.  

"The documents submitted to the CCB ... show that prior to being sworn in on May 29, President Buhari had less than 30 million naira ($150,000) to his name," said Shehu, noting that the president had only one bank account.

He said that documents submitted to the CCB would be made public once the body had checked the declarations made by Buhari and Vice-President Yemi Osinbajo.

Osinbajo, who was a lawyer before taking office, declared a total of about $1.4 million in three bank accounts and shareholdings in six private companies based in Lagos: Octogenerium Ltd., Windsor Grant Ltd, Tarapolsa, Vistorion Ltd, Aviva Ltd and MTN Nigeria.

His assets also include three properties in Nigeria and a two-bedroom mortgaged property in Britain's Bedford, a town about 50 miles from London.