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Oyinlola, Ogunlewe bid for Ikoyi houses,Obasanjo’s in-law, Dangote, UAC, IGI also on the list

Posted by Funsho Aina and Akinpelu Dada on 2005/10/12 | Views: 1419 |

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Oyinlola, Ogunlewe bid for Ikoyi houses,Obasanjo’s in-law, Dangote, UAC, IGI also on the list


The Osun State Governor, Prince Olagunsoye Oyinlola, and the Minister of Works, Senator Adeseye Ogunlewe, were among those who bid for some Federal Government properties in Ikoyi on Tuesday.

The Osun State Governor, Prince Olagunsoye Oyinlola, and the Minister of Works, Senator Adeseye Ogunlewe, were among those who bid for some Federal Government properties in Ikoyi on Tuesday.

During the bid ceremony, which was held in Abuja, Ogunlewe was announced to have bid N120 million for a property located at 9, Alexander Avenue.

It was, however, doubtful if he would acquire the property as the reserve price was pegged at N229million.

The minister had, in an earlier controversial attempt by the government to sell the properties, offered N94.8million for the same property.

A Senior Advocate of Nigeria, Chief Afe Babalola, also reportedly bid N350million for a property at 2, Alexander Avenue. The property’s reserve value was put at N270million.

Though the value of the house that Oyinlola bid for could not be readily ascertained as at press time, it was reliably gathered that his bid surpassed the reserve price.

Oyinlola had earlier paid N112.8million for one of the houses at 16, Alexander Avenue, Ikoyi.

The Federal Government is set to rake in N83billion from the sale of the properties. The listed amount is the total open market value of the houses.

Out of the 12 boxes containing the bids, the names of Ogunlewe, Babalola and Oyinlola, were drawn in the first box containing about 500 ballots.

Others who also put in bids in the current exercise include the Dangote Group; President Olusegun Obasanjo’s brother-in-law, Mr. John Abebe; the UAC; Vigeo; the IGI insurance company; the Nigerian Stock Exchange; and the Institute of Directors.

The hail of controversy that ruined the previous bid centred on the lack of transparency and public outrage that most of the beneficiaries were either longstanding public servants, who could not possibly pay from their legitimate income, or cronies of the President.

Five hundred and forty eight properties were valued in all, while 457 were validated for bidding.

Fifty-two properties were excluded from the bidding because of one controversy or the other, while 219 were not bid for because of some problems.

Some of the 50 valuers are: Bode Adediji Partnership; Yinka Sonaike & Co.; M. I. Okoro & Co; Akin Olawole & Co.; Dosu Fatokun & Co.; Samuel Ukpong & Co.; and Nweke Umezuruike & Co.

Eighty-two of the properties were valued but not advised for sale because the government still plans to retain them for official reasons.

The Minister of Housing and Urban Development, Dr. Segun Mimiko, who presided at the ceremony, said a group of 50 independent firms of estate surveyors and valuers determined the open market value of the houses.

While promising that the right of first refusal would be given to all qualified sitting tenants of the houses at the price of the highest bidder, Mimiko also said the 10 per cent drafts of those whose bids were unsuccessful would be returned.

He said, "Unlike what obtains in the private sector for this type of sale transaction, the payment terms and conditions are very friendly as successful bidders are being given the opportunity to effect payment gradually over a maximum period of 180 days from the date of contract.

"In the spirit of transparency, and to ensure that we do not run foul of any financial legislations, the 10 per cent bid drafts, which is the value amount of unsuccessful bidders, will be returned to the issuing banks within a maximum period of two weeks. This will be with notice to the bidders. The drafts will not be cashed at all."

The transaction is the second phase of the implementation of government’s White Paper on recommendations of the Brig.-Gen. Rotimi, Commission of Inquiry into the Federal Government Properties in Lagos involving 1,105 units.

About 427 of them were advertised in March 2005 while another 198 were offered the general public in April 2005.

Along the line, the former Minister of Housing and Urban Development, Chief Mobolaji Osomo, allocated 207 to some governors, ministers, lawmakers and members of Mrs. Stella Obasanjo’s family.

Some of the beneficiaries had paid for their allocations.

But Obasanjo cancelled the allocations/sale following public outcry and directed that payments be refunded.

The President sacked Osomo and asked the Ogunlewe to oversee the Ministry of Housing pending the appointment of a new HUD Minister.

The Federal Executive Council in May discovered the "disappearance" of 145 houses in Ikoyi, belonging to the government.

They were said to have vanished after an inventory taken in 1976 was compared with a recent one.

The PUNCH, Wednesday, October 12, 2005

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