EFCC disqualifies bidder who offered N13 billion for forfeited property

At Economic and Financial Crimes Commission (EFCC) on Friday rejected an offer of N13.1 billion from a bidder for a missing property in Lagos State.

A property consisting of 24 luxury apartment units located in Banana Island, an affluent part of Lagos State, was sold as a single unit in an auction exercise conducted by the EFCC on missing assets across the country.

The original owner from where the asset was recovered was not disclosed.

But the commission had earlier obtained a court order to demolish a skyscraper linked to the former Minister of Petroleum Resources in the same area of ​​Lagos.

EFCC said in a statement by its spokesman, Wilson Uwujaren, that there was no successful bid for the property in Lot 1 during the bidding exercise that took place in Abuja on Friday.

The statement said that the unnamed bidder who generated the highest bid of N13.1 billion for the property was disqualified for failing to cover 10 percent of the stipulated bid amount.

“The other bidders did not make a reserve price,” the statement said.

As a result of the development, the secretary of the commission, George Ekpungu, announced that a new bid will be opened for the property in Lot 1.

“Bidding will close at 12 noon on Friday, January 13, 2023, while the opening of bids will take place on the same day,” the statement said.

Also, there were no successful bids on Lots 2 and 3, according to the EFCC statement. “New offers are invited until Wednesday, January 11, 2023 and will be opened on Thursday, January 12, 2023.”

Competitive bidding

Speaking earlier when announcing the opening of the exercise, Mr. Ekpungu explained that the commission uses a competitive bidding format to ensure accountability and government get the right value for the asset.

He said that the occupants of the properties being sold have the Right of First Refusal although he promised that the commission would ensure that the former owners of the properties that were evicted do not try to buy back the assets by proxy.

“If you have information about any offer by the owner of the asset, please let the Commission know, and we will take appropriate action, including possible prosecution,” he said.

He praised the chairman of the EFCC, Abdulrasheed Bawa, for taking the bull by the horns to ensure that those who have stolen wealth from the country are denied the proceeds of crime and the assets are disposed of for the benefit of all Nigerians.

The Director of Public Affairs of the commission, Osita Nwajah, read out the guidelines for the sale which, among other things, prohibit staff members of the commission and people who have been or are being prosecuted in terms of assets from participating in the process.

Requirements for bidding

He said before any bid can be successful, it must be equal or above the reserve price, while each bidder is expected to include the bank draft for 10 percent of the bid amount.

He said successful bidders have 15 working days from the opening of bids to make full payment. Otherwise, the second highest bidder will be offered the asset.

The assets are grouped into nine lots with Monday’s sale limited to Lots 1, 2 and 3. The sale of properties in other lots will continue until the last lot is disposed of on Friday, December 13, 2023.

Proceeds from the offer

The proceeds from the sale of the assets, according to the EFCC, will be paid into the Confiscated and Confiscated Property Account at the Central Bank of Nigeria in accordance with Section 69 (a) of the Proceeds of Crime (Recovery and Management) Act, 2023 .

The commission on December 24, 2022, in a paid advertorial published in five major newspapers in the country, announced the start of bids for more than 100 lost properties in Nigeria.

The bid is expected to close at 12 noon on Monday, January 9, while the opening of bids starts at 2 pm the same day at the National Open University, Jabi, Abuja.

PREMIUM TIMES reports how the EFCC started auctioning off the missing cars last week.

In December, auction commission over 400 cars in Lagos.

PREMIUM TIMES reported how one of the auctions damaged by poor organization in Abuja.

Last December, the commission announced the plan Landed asset auction including 61 luxury apartment units, and plots of land across the country.

Assets seized as a result of a crime are said to have been permanently forfeited by court order.

The EFCC said Monday’s exercise was witnessed by representatives of Civil Society including David Ugolor, Executive Director, African Network for Environmental and Economic Justice (ANEEJ).

He said Mr. Ugolor commended the EFCC for its transparent process but also urged the commission to ensure guidelines are communicated to the public to benefit from cynics who may be tempted to fault the process.