Article Summary
- Festus Keyamo said that relevant agencies in Nigeria were informed and carried along when he was acquiring the US property in question when he was already a minister.
- He said that he informed the relevant agencies of the movement of the funds which were proceeds of his closed foreign accounts, out of the country to acquire the US property as a better investment decision.
- He also disclosed that of his entire real estate portfolio (both home and abroad), this is about the cheapest of my several properties.
The Minister of State for Labour and Employment, Festus Keyamo, has said that he acquired his US property that has recently been in the news legally, noting that the relevant agencies were carried along in the purchase.
Keyamo said that he has nothing to hide, and as such his detractors will have nothing to hold on to even as they continue to pry into his private and public affairs.
This was made known by Festus Keyamo in a tweet post on his official Twitter account, where he was reacting to claims in some media reports that he acquired a US home for over $300,000 shortly after he was appointed minister in 2019.
Keyamo had revealed that long before he was appointed a minister and immediately after he was appointed to the Board of Nigeria Deposit Insurance Corporation (NDIC), he wrote to the relevant agencies and informed them of the closure of his foreign accounts and repatriation of his funds to Nigeria.
How he bought the US property
Keyamo in his tweet said,
- ‘’By letters dated March 6, 2019 (long before I was appointed a Minister and immediately I was appointed a Board member of the NDIC), and in line with our Constitution, I wrote to the relevant government agencies, informing them of the closure of my foreign account(s) and the repatriation of my funds to the country, being some savings I had made as a private legal practitioner and a property investor over decades.
- ‘’The numbers of those accounts, both abroad and in Nigeria were clearly stated in those letters. Those foreign funds were lying in my accounts until my appointment as a Minister later in 2019 and formed part of my assets declaration. In 2021, I again wrote to the relevant agencies (by letters dated January 22, 2021), informing them of the movement of those funds out of the country to purchase a property as a better investment decision, instead of the funds lying idly in the account whilst I am in public office.
- ”The letters were duly acknowledged. I followed up again with Whatsapp chats the same day to the heads of those agencies, informing them of the delivery of those letters and the contents of the letters and they acknowledged receipt. I have the acknowledged copies of those letters and those chats and replies are still on my phone, showing the dates of those chats.’’
Keyamo says the US property is about his cheapest acquisition
- The minister added, ‘’So, I had a good laugh when I saw the trending issues regarding just one of my properties in the US. It is even very laughable to think that after being active, the high-profile practice of law culminating in my privilege as a member of the Inner Bar (together with being an International Arbitrator) and thoughtful investments in real estate spanning over 30 years, I cannot afford such a relatively modest property.
- ”Understandably, some people seem to underrate us because we live a simple, modest life and we are not given to the ostentatious display of wealth and the vanities of life as some people do. Lol. Well, for these haters, I have another bad news for them: let me now disclose that of my entire real estate portfolio (both home and abroad), this is about the CHEAPEST of my several properties. Those who are VERY CLOSE to me over the years know exactly what I am talking about.
- ‘’My flourishing and manned law Chambers (whilst I am away on national assignment) and my real estate investments are still far more financially profitable than serving my country. Ours is a labor of love to my country. My Assets Declaration is there for all to see.’’
For the record
- Recall that on Saturday, April 22, 2023, a document shown in some media reports, claimed that Keyamo bought a property in Texas, the United States worth over $359,000 while still serving as a minister.
- The document showed that Keyamo got the property at 5509 Silver Canyon LN TX 77583 in Savannah Trace.
