OPIC INVESTIGATION: Ogun Assembly Invites EFCC, ICPC to Recover Missing N2bn *Former MD Odusolu indicted, to return N40m *8.2 Hectare Isheri Land sold at N164m to be recovered

Abeokuta: Sina ODUNTAN

Published, Monday, September 20, 2021

OGUN STATE HOUSE OF ASSEMBLY has passed a resolution to invite Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC) and other financial investigation agencies to further carry out thorough investigations into financial activities of Ogun State Property and Investment Corporation (OPIC) and recover into the State’s cover the unaccounted balance of N2,579,771,717.71 which happened during Barr. Babajide Odusolu's tenure as the the Managing Director of the Corporation.

 

The resolution was passed at its plenary after adopting the report of its Committee on Public Accounts and Anti- Corruption, which considered the 2015-2019 State Auditor-General’s report on the State Property and Investment Corporation, (OPIC).

 

This was just as the Assembly also directed Barr. Odumosu,  former Managing Director of OPIC to refund the sum of N40m that was unaccounted for in Year 2019 into the State Government's treasury within six months.

 

.          Hon. Olakunle Oluomo, Speaker, Ogun State, House of Assembly, and Prince Dapo Abiodun, MFR, Governor of Ogun State, Nigeria

The Committee’s Chairman, Musefiu Lamidi (APC, Ado-Ota 1), after consideration of the report, moved the motion for its adoption, seconded by Oludaisi Elemide (APC, Odeda), and unanimously supported by other lawmakers through a voice vote at the plenary presided over by the Speaker, Rt. Hon. Olakunle Oluomo at the Assembly Complex, Oke-Mosan, Abeokuta.

 

According to the report, the Committee observed that the Audit Report revealed that in 2019 after generating an income (including subventions and grants) of N3,817,778,776.65, the Corporation expended a total of N1,197,182,579.27, leaving the balance of N2,620,596,187.38.

The bank balance at the end of year 2018 was N685,194,035.01 and this brought the expected balance to the tune of N3,305,790,222.39 which was available to the Corporation. 

But the Year 2019 bank balance sheets submitted to the Committee reads the sum of N726,018,504.68 as contained in the Bank balance sheets and this represents an unaccounted balance of N2,579,771,717.71”.

 

The Assembly equally recommended the reversal of all transactions including the 8.2 Hectares of land at Isheri sold in favour of Rainerhill Internationals Services Limited, a subsidiary of Pesianas Group in the twilight of the last administration at the undervalued price of N164M, stating that it was not done in the best interest of the State; hence all relevant title documents issued in favour of the aforementioned company  in relation to the land was declared null and avoid, while the Corporation should retain the land ownership.

 

Also, the Committee declared that a retrospective legislative approval be secured for the expended unbudgeted sum of N881.5M, failure to which the Corporation’s erstwhile Managing Director, Odusolu was expected to refund same amount to government's coffers within a deadline of six months.

 

The Assembly added that the embargo placed on the whopping sum of N608, 226, 371.69 in  16 banks accounts be lifted to enable the Corporation have access to the funds for developmental projects and investments.  

 

It further directed that in line with the observation of the Committee, the proposed 5-star Hotel, Ikeja which had no physical existence, yet a whopping sum of N45, 025, 064:00 was expended to obtain title documents on the landed property and no satisfactory reason was given by the Corporation for such expenditure, holistic investigation should be carried out to reflect the company's true position.

 

In a related development, the Assembly has adopted the report of the Committee on Lands and Housing as presented by its Chairman, Damilola Soneye, with a recommendation that the Bureau of Lands and Survey should relocate the Irepodun plank and Building Materials Marketers Association of Orimerunmu in Obafemi/Owode Local Government Area to the 3.001hectres of land within 1.5k/m corridor acquisition along Siun/Owode Road identified by the Bureau.

 

The relocation, the Assembly noted became imperative as the delay in the relocation of the plant marketers association to another location had  delayed the commencement of business activities of the plank sellers and others, this was in line with the resolution passed by the 6th legislature in the State.