By Gabriel Olawale

Former Managing Director of  Ogun State Investment Corporation, OPIC, Mr. Babajide Odusolu, has challenged the Ogun State House of Assembly to carry out an independent forensic audit of his tenure in office so as to be properly guided before making unfounded allegations on his personality.

Odusolu who addressed a press conference in Lagos said that it is very unfortunate that despite all his efforts in growing Ogun State Internally Generated Revenue to N60 billion while in office, the House of Assembly is on a mission to tarnish his image for political reasons.

Reacting to a media publication by the Ogun State House of Assembly that he should refund N40 million unaccounted for in 2019 into the state purse within six months among other allegations, Odusolu said that the structure of OPIC and its clear accounting policies did not create any room for the sort of laxity or mischief being alleged by the House Committee.

“OPIC is a statutory corporation with legal personality, attempting to hold me liable without any proven infractions directly attributable to me, or obfuscating facts is a deplorable act, a clear and brazen abuse of legislative privilege and by so doing, the Committee has done incalculable damage to my reputation and by extension de-marketing OPIC and Ogun state.

“During my six-year tenure, we expended approximately NGN 15 billion and generated over NGN 20 billion in revenues.

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“All these projects successfully transformed the status, capacity and abilities of OPIC. We were 100 per cent self-funding and successfully grew the asset base of OPIC turning it into a mega-corporation with an asset base in excess of N60 billion.

“We operated under intense scrutiny with a principal, His Excellency Senator Ibikunle Amosun, who is a seasoned Chartered Accountant, two commissioners of finance, who were also Chartered Accountants; and independently appointed auditors, who were not accountable or reporting to us.

“On the allegation of N881.5 million unbudgeted expenditure, it was approved by the State Executive Council for the construction of MITROS Residences when they resolved that the amount annually spent on accommodating visiting dignitaries and guests of government could be saved through functional guest houses that could also serve commercial purposes.

“As regard the allegation of unaccounted N40 million expenditure claim, at the appearance before the committee, the Director of Finance and Administration of OPIC explained OPIC’ s accounting procedure to the committee. 

“On the sale of 8.2 hectares of land at Isheri to Rainerhill Ltd. The Senator Amosun led Administration prioritised the provision of incentives to attract investors to the State.

“This policy was approved by the State Executive Council and publicly announced at the State’s Investors fora held annually between 2012 to 2018. Under this scheme, the 8.2 hectares of land in Isheri was offered to Persianas Group, the promoter of Shoprite to construct a Mall.

“The land is a marshy area and was offered at a discounted rate of approximately N20.5 million per hectare as against the actual rate of N30m per hectare.

“The allegation about five-star Marriot Hotel at OPIC Ikeja Plaza clearly shows the bias of the committee.

“The funds in question had been invested prior to my assumption of office as Managing Director and the transaction pre-dated the Senator Amosun led Administration.

“The documentation costs were simply carried forward on OPIC’s accounts and until the project is consummated and/or written off, it will continue to reflect in the records of OPIC”, Odusolu stated.

Vanguard News Nigeria