Forfeited Assets: FG opens bidding for auctioneers, as 2000 firms apply
Chairman of the Inter-Ministerial Committee on the Disposal of Forfeited Assets, Mr. Dayo Apata, SAN

By Ikechukwu Nnochiri, Abuja

The Federal Government, on Thursday, opened the bidding process to auction off all forfeited assets at its disposal.

Chairman of the Inter-Ministerial Committee on the Disposal of Forfeited Assets, Mr. Dayo Apata, SAN, who flagged off the bidding process at the Federal Ministry of Justice in Abuja, disclosed that applications were received from 2000 Auction firms.

Apata, SAN, who doubles as the Permanent Secretary of the Ministry of Justice and Solicitor General of the Federation, said the forfeited assets are currently situated in 25 different locations in the country.

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According to him, the forfeited assets included landed properties, plants, machinery, motor vehicles, electronics, furniture and equipment, water vessels, jewelry, ornaments, as well as clothing materials.

The assets were recovered from alleged treasury looters and forfeited to the government on the order of courts.

Apata said the Committee had earlier embarked on onsite verification and auditing of the forfeited assets to confirm their existence and to ascertain their current state.

He said the Committee carried out proper valuation of all the assets in accordance with international best practices and was able to ascertain their current market values.

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Besides, he said the Committee, based on information it gathered, worked out a set of criteria for each of the lots that every bidder or auctioneer must meet to qualify, stressing that no member of the Committee or any firm that participated in the valuation process would be allowed to partake in the auction.

It will be recalled that President Muhammadu Buhari had on November 9, 2020, inaugurated the 22-member Inter-Ministerial Committee, which he mandated to dispose of all assets forfeited to the federal government.

A total of 398 Estate Surveyors and Valuers had in March, applied to participate in the valuation of all the forfeited assets.

Vanguard News Nigeria

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