Money

EFCC Rejects Bidder Who Offered N13 Billion For Forfeited Property in Lagos

Thursday, January 12, 2023 at 6:27 AM by Pascal Oparada

The Economic and Financial Crimes Commission (EFCC) has rejected a bidder who offered to buy a property in Lagos
The EFCC said it rejected the offer because the bidder did not include the stipulated 10 per cent in the bid amount
Per the EFCC statement, the undisclosed bidder wanted to buy the 24 units of luxury flats in Banana Island in Lagos

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Nigeria’s anti-corruption agency, the Economic and Financial Crimes Commission (EFCC) on Monday, January 9, 2023, rejected an offer of N13.1 billion from a bidder for a forfeited property in Lagos.

The 24 units of luxury flats and apartments in Banana Island, a plush suburb of the state, were put for auction as a single unit in the ongoing exercise of forfeited properties across Nigeria.

EFCC offers explanation

A Premium Times report said that the owners of the property from whom the assets were received were not named, but the Commission stated that it obtained a court order for the forfeiture of a posh skyscraper linked to a former Minister of Petroleum Resources in Banana Island.

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In a statement by its spokesman, Wilson Uwujaren, EFCC said there was no successful bid for the property in Lot 1 during the bidding process conducted in Abuja on Monday.

The anti-graft agency said the undisclosed bidder who offered the highest amount of N13.1 billion for the property was disqualified for not including the required 10 per cent of the bid amount.

The statement said:

“Other bidders did not make the reserve price,” the statement said.

"As a result of the development, the secretary to the commission, George Ekpungu, announced that fresh bids would be opened for the property in Lot 1.

EFCC to continue bid

The agency said fresh bids were invited until Wednesday, January 11, 2023, and they will be opened on Thursday, January 12, 2023.

Ekpungu, while declaring the bid exercise open, explained that the commission employed the format of competitive bidding to ensure accountability and the government gets the right value for the assets.

Ekpungu said the occupants of the property had the Right of First Refusal and promised that the EFCC would ensure the former owners of the forfeited properties did not try to repurchase the property by a representative.

EFCC moves to auction mansions, cars, lands, releases steps to apply

Legit.ng reported that Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC) said it has finalised plans to start the sale of properties which are subject to forfeiture orders.