EFCC Fails To Secure Bid For N13.1bn Forfeited Ikoyi Property 

The Economic and Financial Crimes Commission, EFCC, was unable to secure bidders for the forfeited properties in Lagos. 

At the bidding session held on Monday, there was no successful bid for the properties in Lot 1 comprising of 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 N13.1 billion was disqualified for failure to include the stipulated 10% of the bid amount. 

Meanwhile, other bidders did not make the reserve price and there were also no successful bids in Lots 2 and 3. 

Dr. George Ekpungu, Secretary to the Commission, therefore, announced that fresh bids are invited until Wednesday, January 11, 2023, and bids would be opened on the following day,Thursday. 

The bids, he said, will close by 12 pm on Friday, January 13, 2023.

While earlier declaring the exercise open, Dr. Ekpungu explained that the Commission adopted the format of competitive bidding to ensure accountability, and enable the government get the right value for the assets.

He further disclosed that occupants of the properties for sale have the Right of First Refusal, even as he vowed that the Commission will 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 further 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.