EFCC Begins Auction Of Forfeited Properties, As N13.1bn Bid Fail

The Economic and Financial Crimes Commission (EFCC), on Monday, commenced the auction of about 61 properties seized from individuals as a bid of N13.1 billion failed to meet the requirements.

Addressing the buyers at the National Open University of Nigeria (NOUN), the venue for the auction, the secretary to the EFCC, Mr George Ekpungu said the auction has become necessary in order to sell off the seized properties and for the government to use the funds for the development of the country.

He said some of the properties were seized since the inception of the commission and they are all at good shape.

Ekpungu said for the property to be sold, the bidder must meet the requirements set by the EFCC.

At the first attempt of sale of one of the properties, 24 units of luxury flats located at Banana Island failed as no bidder could meet the requirements stated by the EFCC.

Also, the director of public affairs of the EFCC, Osita Nwajah, said “competitive bidding process is being adopted for the disposal of the properties.

He said “a successful bidder will be required to pay the 90 per cent outstanding balance of the bid price within 15 working days of the bid submission deadline, failing which the 10 per cent deposit becomes non-refundable and the properties can be offered to other buyers. Payments shall be made to EFCC through the Remita platform.

“Individuals occupying any of the properties listed may be given the Right of First Refusal provided they have a valid tenancy agreement; have paid rent up to date and must complete an Expression of Interest (EOI) Form.”

Some of the listed properties for auction include: 24 Units of luxurious block of flats at Banana Island, Lagos; 21 Units of Luxury Terrace and Block of Flats at Thornburn, Yaba, Lagos; 16 Units of 4 Bedrooms Terrace Duplex at Heritage Court Estate, Port Harcourt.

Others are Apartments and Plots of Land in Lagos State; Apartments and Plots of Land within Abuja Metropolis; Plots of land and Apartment in Anambra, Ebonyi and Gombe States; Apartments and Plot of Land in Kaduna, Delta and Edo States; Hotel, Plaza and Apartments in Kwara State and Apartments and Plots of land in Cross River, Osun and Oyo States.