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Lagos probes state assets, property sales in last 10 years

By Our Reporter

Lagos—There were strong indications yesterday, that those who bought Lagos State Government properties in the last 10 years at give-away prices will lose them to government.

A government source, who preferred anonymity, disclosed that the Ambode administration has secretly set up a panel of inquiry to investigate alleged wrongful sale of government assets and properties below actual market value.

The source said the list of over 100 properties; their buyers and the locations of the assets had already been compiled.

The panel of inquiry that has been working quietly is reported to be headed by a high-ranking cabinet member and is expected to submit its report before the end of November.

He said the panel’s term of reference is to investigate the sale of government assets between 2006 and 2016; review the terms of sale of the assets in question; determine if the government got fair market value for any sale.

The source added that the state government “will ask those that purchased the properties at undervalued prices to pay the difference or face outright revocation of the sales and prosecution if necessary.”

The official, who confided in Vanguard, said the colossal revenue running into billions of Naira, which the state government lost through the shady sales is “unacceptable.”

It was gathered that the affected assets are located in high-brow areas, where the high and mighty crave to own property.”

They include: Ikeja GRA, Magodo, Ikoyi, Lekki and other prime locations, where government assets were sold below market value.

Government was said to have been particularly irked by the give-away prices, saying it was obviously against public interest, hence, the need for the present administration to review the process through which the assets were sold.

The source continued; “Government and people of the state have been short-changed considering the abysmal prices the assets went for. For example properties in Ikeja GRA were sold for as low as N20 million and N30 million in few cases.

“Generally, we have a situation where government properties in prime locations were sold for between N20 million and N70 million.’’

The official added that; ‘’No serious government will allow such sales against public interest to stand. That is why the state government has decided to set up a Panel of Inquiry to look into the sale of these assets.”


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