Breaking: Ogun assembly asks EFCC to investigate Odusolu, former OPIC boss over missing N2.5bn - NIGERIAN NEWSORBIT


Friday, September 17, 2021

Breaking: Ogun assembly asks EFCC to investigate Odusolu, former OPIC boss over missing N2.5bn

Barr Babajide Odusolu

Ogun State House of Assembly on Friday called on Economic and Financial Crime Commission (EFCC) to investigate the immediate past Managing Director of Ogun State Property and Investment Corporation (OPIC) Barr. Babajide Odusolu over alleged missing N2, 579,771,717.71 during his tenure between 2015-2019

This assembly also directed Barr. Babajide Odusolu to pay back the sum of N40m that was unaccounted for in Year 2019 into the State Government's purse within the next six months.

The lawmakers passed these resolutions while adopting the report of its Committee on Public Accounts and Anti- Corruption which considered the 2015-2019 State Auditor-General’s report on OPIC.

The Chairman of the House Committee on Public Accounts and Anti-Corruption, Hon Musefiu Lamidi had earlier presented the report of the committee on the audit after which he moved the motion for its adoption which was seconded by Hon Oludaisi Elemide and unanimously supported by other lawmakers.

The sitting was presided over by the Speaker, Rt. Hon. Olakunle Oluomo at the Assembly Complex, Oke-Mosan, Abeokuta.

Giving the breakdown of the funds that could not be accounted for during the house sitting presided over by the Speaker, Hon Olakunle Oluomo at the assembly complex “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 a balance of N2,620,596,187.38. 

The Committee stated further that "the expected 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. 

It stated further that however in  2019 the bank balance sheets submitted to the Committee, only reflected a sum of N726,018,504.68 leaving out a whopping unaccounted balance of N2,579,771,717.71.

The Assembly equally recommended the reversal of all transactions including that of 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 a ridiculous 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 null and avoid, while the Corporation should take back the possession of the land.

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 another six months deadline.

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.  

The Committee also called for investigation of the proposed 5-star Hotel, Ikeja which had no physical existence, yet a whopping sum of N45, 025, 064:00 was said to have been expended to obtain title documents on the landed property with no satisfactory reason given by the Corporation for such expenditure.

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 Planks 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.

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