Former Kogi West senator Dino Melaye has opened up about the source of his wealth, rejecting suggestions that his lifestyle was funded by public office proceeds.
Mr Melaye said he would not describe himself as extremely wealthy but “comfortable”, attributing his financial position to investments he claimed to have made over several decades.
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The former senator also denied stealing public funds or making his money through government contracts, arguing that anti-corruption agencies would have investigated him if there were grounds to do so.
The member of the African Democratic Congress (ADC) spoke during his interview on the KaaTruths podcast, which was posted on YouTube on Thursday
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He said: “If my wealth were ill-gotten, if I had stolen government money, I would not be criticising the government, because they would have long come after me. I’ve never been invited by the EFCC, the ICPC, or any of the anti-corruption agencies in this country, because I’ve never handled government contracts, whether at the federal or state level.
“When I was 12, I bought a goat, and this goat would give birth, and I would sell its offspring to pay my school fees in secondary school. From the offspring of that goat, I paid for my WAEC, JAMB, and my first and second years at Ahmadu Bello University. My school fees were paid through that investment. At 18, I was already investing internationally, though not on a large scale. You don’t need to have all the money on earth to start investing.”
Investment
He further disclosed that he invested the proceeds from the goat sale in Eurobonds 27 years ago, when one euro was exchanged for 60 naira.
Mr Melaye encouraged Nigerians to begin investing with the little money they have, rather than waiting until they accumulate significant funds.
“So you can calculate what that investment would be worth today, because I never touched it. Even with all the dividends, I rolled it over year after year, and it’s still there. Do you know what the value of the Euro is today? When I bought my Apple shares, how much were they worth? Today, what is it worth? I also bought Microsoft shares. In fact, when I bought my shares in Uber, my friends laughed at me. “Uber? What’s wrong with you?” Today, I know what it’s worth. When I got some Zoom shares, people laughed at me, too.
“Then Covid came, and Zoom’s value multiplied 400 times over. So, ask God for direction. When I started investing in franchise businesses in America, over 20 years ago, I started with one. One gave birth to two, two gave birth to three, three gave birth to four. But people who don’t know what you do can call you names; they can say your money is from politics, or that your money is from anywhere. But I’ve been out of the office since 2019”, he added.
Out of office
Furthermore, Mr Melaye said he believes in God’s supremacy over the universe.
He described himself as hardworking and tenacious, adding that he makes the right decisions and has a second address.
The politician said he had focused on his businesses since leaving office, noting that nothing beats investment.
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He said, “I’ve been out of public office since 2019, seven years ago. My standards have not dropped. Of course, you know there’s a second address. Yes, of course, you know there are other sources of income. But make sure that you invest. Today, by the grace of God, my portfolio spans Qatar, Oman, Dubai, America, and Sweden. When I started in Dubai, I bought studios and rented them out on Airbnb.
“From the studio, I bought a one-bedroom. From a one-bedroom, I moved to a two-bedroom. From a two-bedroom, I bought my own house in downtown Dubai on one of the city’s most expensive streets — the first duplex in a tower. From there, I started buying more properties. Today, I don’t just have a portfolio of apartments in Dubai; I am a developer. I am building. So you must be tenacious in life.”
Mr Melaye said anyone who fails to plan ultimately plans to fail.
He added that every Nigerian must choose to embrace creative altruism or risk perishing in the darkness of destructive selfishness.
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