Ogun Assembly orders former OPIC MD to refund N40m

Ogun Assembly orders former OPIC MD to refund N40m

Ogun State House of Assembly has ordered the former Managing Director of the Property and Investment Corporation (OPIC), Babajide Odusolu, to return N40 million to the state’s purse within six months.

This directive was part of the resolution passed by the Assembly during the plenary session in Abeokuta, the state capital on Friday

The lawmakers took the decision after adopting the report of the House Committee on Public Account and Anti-Corruption.

The Chairman of the committee, Musefiu Lamidi, who presented the report, said the committee considered the 2015 to 2019 State Auditor-General’s report on OPIC.

He also moved the motion for the adoption of the report and this was unanimously supported by other lawmakers through a voice vote.

The committee also asked the anti-graft agencies to investigate and recover into the state’s coffers an unaccounted N2.5billion during Odusolu’s tenure as the corporation’s managing director.

“Considering the 2019 bank balance sheets submitted to the committee, the sum of N726 million was contained in the bank balance sheets and this represented an unaccounted balance of N2.5billion,” the assembly noted.

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.

Rainerhill is a subsidiary of Pesianas Group which benefited in the transaction in the twilight of the last administration at the undervalued price of N164million.

The committee stated that it was not done in the best interest of the state, hence all relevant title documents issued in favour of the company in relation to the land was declared null and void, while the corporation should retain the land ownership.

Also, the committee declared that a retrospective legislative approval be secured for the expended unbudgeted sum of N881.5million.

Failure to which the corporation’s former MD was expected to refund same amount to government’s coffers within a deadline of six months”.

The assembly added that the embargo placed on N608 million in 16 banks accounts be lifted to enable the corporation have access to the funds for developmental projects and investments.

The assembly noted that in line with the observation of the committee, the proposed five-star hotel in Ikeja, Lagos, had no physical existence, yet a sum of N45 million was expended to obtain title documents on the landed property.

“No satisfactory reason was given by the corporation for such expenditure, holistic investigation should be carried out to reflect the company’s true position,” the report stated.