Asset Declaration
My assets are made up of cash in banks worth N40.01m. I have two foreign accounts; Barclays Knightsbridge, N15.24m and FBN (UK) Limited, Finsbury with a balance of N16.51m.

The local accounts are made up of First Bank, Niger House, with a balance of N4.77m and First Bank Management Account with a balance of N3.49m.

My investments in shares are worth N185m while my Passat car with registration number DV 570 EKY is worth N3m. I have six properties worth N258m.

The properties are made up of two bungalows in Ikoyi, Lagos , worth N100m; two bungalows in Gbagada, Lagos worth N40m and a bungalow in Jericho , Ibadan worth N8m.

Others are vacant farmland in Alomonja, Ibadan worth N1m; two flats at 1004 Estates, Victoria Island worth N57m and a flat in NorthWest London , United Kingdom , worth N52m.

However, I have some liabilities of N96.68m which if added to my net worth brings it down to N389.73m. The liabilities include mortgage from Sterling Bank worth N37m; mortgage from Barclays/Woolwich worth N36.68 million; car loan from First Bank worth N1.75m and advance payment from First Bank worth N21.25m.

My assets declaration noted that my net worth represents accumulated salaries, bonuses, earnings, savings and investments. For a consolidated view of my assets see below: 

Asset Declaration (Form CCB1) Declaration date:25 June,2007

Assets NGN NGN
Cash in Banks:
First Bank (Niger House) 4 ,773,425.84
First Bank (H/O mgt a/c) 3 ,488,376.72
*Barclays Knightsbridge (GBP58,177.84 @ NGN 262) 15,242,594.10
*FBN (UK) Ltd.Finsbury (GBP63,000 @ NGN 262) 16,506,000.00
sub-total 40,010,396.66
Shares (CSCS) 185,000,000.00
Car (Passat DV 570EKY) 3,000,000.00
2 - Wing Bungalow,Ikoyi 100,000,000.00
2 - Wing bungalow,Gbagada 40,000,000.00
Bungalow @ Jericho ,Ibadan 8,000,000.00
Farmland (vacant) @ Alomonja,Ibadan 1 ,000,000.00
2 Flats at 1004 Estates,V/I,Lagos (yet to be delivered) 57,000,000.00
A Flat NW London (GBP200,000 @ NGN262) 52,400,000.00
sub-total 258,400,000.00
Less :
Sterling Bank Mortgage 37,000,000.00
Barclays/Woolwich Mortgage =(GBP140,000 @ NGN 262) 36,680,000.00
Car Loan (FBN,Nig) 1 ,750,000.00
Advance Payment (First Bank,Nigeria ) 21,250,000.00
Total Liabilities 96,680,000.00



***This NETWORTH represents accumulated salaries,Bonuses, earnings,Savings and Investments This publication is in accordance with Section 5 paragraph 11 of the Code of conduct Handbook.

Name:Remi Babalola (Minister of State for Finance).                                                                                                         

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