Ogun Assembly invites EFCC to investigate over N2bn unaccounted for during former OPIC MD’s tenure

The Ogun State House of Assembly, on Friday, has invited the Economic and Financial Crimes Commission (EFCC), to investigate and recover over N2 billion unaccounted for during the tenure of former Managing Director of the State Property and Investment Corporation (OPIC), Mr Babajide Odusolu, into the state purse.

This was the resolution of the Assembly having received and adopted the report of the House Committee on Public Accounts and Anti-corruption, which considered the 2015-2019 State Auditor-General’s report on the agency.

The Assembly also ordered Odusolu to refund a sum of N40 million that was unaccounted for in the year 2019, into the coffers of the State, within six months.

The passage of the resolution was consequent upon the presentation of the report of the Committee on the consideration of the State Audit report on OPIC by the Chairman, Musefiu Lamidi, who equally moved the motion for its adoption.

The motion was seconded by Oludaisi Elemide and unanimously supported by other lawmakers through a voice vote at the plenary presided over by the Speaker, Hon. Olakunle Oluomo at the Assembly Complex, Oke-Mosan, Abeokuta.

The Committee while giving the breakdown of the funds that could not be accounted for, 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 and the balance is N2,620,596,187.38.

It said that the expected bank balance at the end of the 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.

The report had it that in the year 2019 bank balance sheets submitted to the Committee, the sum of N726,018,504.68 was contained in the bank balance sheets which represents an unaccounted balance of N2,579,771,717.71.

The Assembly equally recommended the reversal of all transactions including the 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 the undervalued price of N164m.

It said that this was not done in the best interest of the State, declaring all relevant title documents issued in favour of the aforementioned company in relation to the land null and void.

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 the government’s coffers within a deadline of six months.

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 to have access to the funds for developmental projects and investments.

It further directed that in line with the observation of the Committee, the proposed 5-star Hotel, Ikeja which had no physical existence, yet a whopping sum of N45, 025, 064:00 was expended to obtain title documents on the landed property and no satisfactory reason was given by the Corporation for such expenditure, the holistic investigation should be carried out to reflect the company’s true position.

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