- The Ministry of water resources have been called out for selling government assets at a very low price
- The House of Representatives has therefore called for the heads of the ministry to provide explanations of how it sold N2bn worth of assets for N13m
- Some of the assets include bulldozers, graders and an escalator Toyota, Lexus Camry among others
The House of Representatives Public Accounts Committee, PAC, has begun an investigation on how a government Plant, Property Equipment, PPE, valued at over N2 billion by the office of the Auditor-General for the Federation was sold for N13.618 million only.
The transaction was effected by Ogun-Osun River Basin Development Authority.
The Vanguard reports that the lawmakers are demanding a full explanation of why the property and equipment were sold at such an amount.
Managing Director of the agency, Olufemi Odumosu, who appeared before the committee, said the Federal Ministry of Water Resources, which approved the public auction of the equipment, also appointed the auctioneers.
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Breakdown of the property sold
Details of the auctions included an 800 KVA Perkins Diesel generating set bought for an undisclosed amount by the agency in 2006 but was sold for N550,000 in 2018 after it was declared unserviceable; a CAT Payloader bought for N70,000 Naira in 1982 sold for N40,000, while other earth moving equipment such as bulldozers, graders and escalators were sold for between N350,000 and N550,000 as unserviceable items.
Others include a Toyota Camry 2.5L bought in 2013 for N8.150 million and sold for N22,500; trimmers bought in 2004 and lawnmowers bought in 2004 sold for N2,000 and N6,500 respectively. There were also three Peugeot 504 station wagon vehicles bought at N2.9 million each but sold for N26,400 each.
Similarly, a Mistubushi canter lorry which cost the agency N8.55 million was also sold as scrap for N80,000, while a DAF (1000) Lorry bought for N5 million was sold for N90,000, Punch report also showed.
Also, a Toyota Hilux bought for N3.75 million was also sold for N187,500.
FG warns against selling of national heritages
Meanwhile, Legit.ng had previously reported that the management of the national theatre, Lagos, reportedly leased out a portion of land within the premises to a private business owner.
It was reported that Lai Mohammed had warned against giving out any portion of the national heritage to individuals.
Speaking at the official handing over ceremony of the edifice to the CBN bankers’ committee, Lai Mohammed stated that the national theatre remains a national heritage and that it should not be ceded to any person or group.