EFCC begins auction of forfeited real estate

• Published date: 09 January 2023
• Publication title: Nigeria - The Nation

The Economic and Financial Crimes Commission (EFCC)on Monday at the National Open University, Jabi, Abuja, commenced the sale of forfeited real estate assets by sealed bids to the highest bidders.

The Commission said there was no successful bid for the properties in Lot 1 comprising 24 units of luxury flats at Banana Island, Ikoyi, Lagos, which was expected to be sold as a single unit.

EFCC Head, Media and Publicity, Wilson Uwujaren, said in a statement that a bidder who turned in the highest bid of N13.1 billion was disqualified for failure to include the stipulated 10 per cent of the bid amount.

Other bidders did not make the reserve price.

Secretary to the Commission, Dr. George Ekpungu announced that the Commission would open fresh bids for the properties in Lot 1.

The bids will close by 12 pm on Friday, January 13, 2023, while the bid opening will be done the same day.

Also, there were no successful bids in Lots 2 and 3. Fresh bids were invited until Wednesday, January 11, 2023, and the bids will be opened on Thursday, January 12, 2023.

Dr. Ekpungu explained that the Commission adopted the format of competitive bidding to ensure accountability and so that the government gets the right value for the assets.

He said the occupants of the properties for sale have the Right of First Refusal even as he vowed that the Commission would ensure that former owners of the forfeited properties do not attempt to repurchase the assets by proxy.

'If you have information about any bid by owners of the assets, please let the Commission know, and we will take appropriate action, including possible prosecution,' he said.

He commended the EFCC Chairman, Abdulrasheed Bawa for taking the bull by the horn in ensuring that those who have stolen the wealth of the country were denied the proceeds of crime and the assets disposed of for the benefit of all Nigerians.

Director, Public Affairs of the...