UPDATED: EFCC to auction over 140 properties forfeited to Nigeria’s government
Following a recent public auction of over 649 vehicles by the Economic and Financial Crimes Commission (EFCC), the agency has again revealed plans to conduct sales of over 140 confiscated properties in accordance with extant laws guiding its operations.
This was contained in a public notice the commission issued on Saturday, December 24, 2022 to announce the commencement of the auction exercise with advertorial in major newspapers, inviting bids for the properties and calling on the general public to participate in the bid process.
As stated in the notice, the forfeited properties are located in various parts of the country including in Lagos state and Abuja (see the auction notice).
“The General Public is hereby notified that the Economic and Financial Crimes Commission (EFCC) will conduct sale of the under listed items that are subject of final Forfeiture Orders in accordance with the Economic and Financial Crimes Commission (Establishment) Act, 2004, Public Procurement Act, 2007 and the Proceeds of Crime (Recovery and Management) Act, 2022,” the notice read.
EFCC is a Nigerian law enforcement agency that investigates financial crimes such as advance fee fraud and money laundering. The anti-graft agency disclosed that about 123 real estates, 19 pieces of land, one 500 KVA generator and one 40,000 litres diesel tank were assets to be auctioned.
It also reveals the real estate assets to be auctioned to include 24 units of luxurious block of flats at Banana Island, Lagos; 21 units of luxury terrace and block of flats at Thorburn Yaba, Lagos; and 16 units of 4-bedroom terrace duplex at Heritage Court Estate, Port Harcourt.
The forfeited properties are assets recovered from convicted politicians, public servants, business moguls and internet fraudsters as proceeds of their corrupt practices ranging from money laundering and fraud to misappropriation of funds and fraudulent diversion, among others, the Punch alleged in a report.
Daily Trust also alleged that some of the property to be auctioned in Abuja, Lagos and Port Harcourt belong to a former Minister of Petroleum, Diezani Allison-Madueke, said to have been acquired by the proceeds of financial crimes.
Meanwhile, the EFCC Chairman, Abdulrasheed Bawa, had on December 15, 2022 at the 62nd session of the State House media briefing, hinted of the commission’s intention to commence the process of sale of forfeited properties comprising 160 flats and apartments in 16 locations across the country.
According to the notice, the deadline for the submission of all bids is 12:00noon Monday, January 9, 2023 while opening of bids will be at 2:00pm same day and to run through to 10:00am Friday, January 13.
All bids are to be opened at the Convocation Ground, National Open University of Nigeria, opposite Economic and Financial Crimes Headquarters, Jabi, Abuja, the commission stated.
The auction for the forfeited properties which are also located in Rivers, Kaduna, Delta, Edo, Kwara, Cross River, Osun and Oyo are opened to members of the public with the exception of individuals/corporate entities who have been/or are being prosecuted by the EFCC; Directors of such companies and employees of the EFCC, the commission stated.
It noted that successful bidders are expected to have 15 working days to make full payment, on any of the property which will attract a 7.5 per cent value-added tax (VAT) even as the proceeds are expected to be paid to the government treasury single account (TSA).
Castles Lifestyle can recall that EFCC had in the first week of December announced the auction of a total of 435 cars, which it said were subjects of final forfeiture orders and in line with its extant laws.