The Economic and Financial Crimes Commission has began the sale of forfeited real estate assets by sealed bids to the highest bidders.
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.
A bidder who turned in the highest bid of 13.1 billionnaira was disqualified for failure to include the stipulated 10 percent of the bid amount.Other bidders did not make the reserve price.
Secretary to the Commission George Ekpungu said the Commission will 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.
There were also no successful bids in Lots 2 and 3. Fresh bids were invited for Wednesday, January 11, 2023 and the bids will be opened on Thursday, January 12, 2023.
Ekpungu had explained that the Commission adopted the format of competitive bidding to ensure accountability, that the government gets the right value for the assets.
The assets are grouped into nine lots with sale restricted to lots 1, 2 and 3. Sale of properties in the other lots will continue until the final lot is disposed on Friday, December 13, 2023.
Proceeds from the sale of the assets will be paid into the Confiscated and Forfeited Properties Account at the Central Bank of Nigeria in line with Section 69(a) of the Proceeds of Crime ( Recovery and Management) Act, 2023. P.M NEWS
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