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Ogun state House of Assembly has again summoned former Governor Ibikunle Amosun ex-aide , Jide Odusolu over alleged 25 infractions .
The Assembly had grilled Odusolu ,the immediate past Managing Director of the Ogun State Property and Investment Corporation over alleged sharp practices perpetrated at the Corporation on October for six hours .
Odusolu was reinvited to appear before the Assembly Committee on Public Accounts and Anti-corruption on Monday.
The Speaker, Olakunle Oluomo, who made the announcement said Odusolu was reinvited over 25 infractions against him by the audit reports during his tenure of office for further engagements on Monday 9th November, 2020.
Oluomo said the former Managing Director needed to come along with all necessary documents relating to all transactions on investments, housing projects and other fixed assets.
The Chairman of the Committee, Musefiu Lamidi, said the Corporation merged the cost of lands and buildings which contravened the provisions of the accounting standard.
Lamidi also noted that the Corporation under Odusolu was just updating its fixed assests register as at the period of the audit exercise, while the “depreciation policy of 20 per cent on computer equipment did not reflect the volatility on computer technology.
According to him, the rental income of OPIC Plaza, Ikeja was not made available for examination during the 2016 audit exercise, with no traceable records of interactions between the Agbara Estate and the billing section of the Corporation on the reconciliation of rent income generated.
“Condemning the operations of twenty-one bank accounts by the organization, out of which nine were inactive, the lawmakers also sought explanations on the basis for the agency in the period under review to have kept 27 accounts with only 11 banks amounting to N117, 792,132.99 active, while the remaining 16 accounts amounting to N608,226,371.69 were embargoed.
“Also the audit report revealed that for 2019 after generating an income (including subventions and grants) of N3, 817, 778, 776.65 and expending a total of N1,197,182,579.27, the balance is N2,620,596,187.38, adding that the expected bank balance as year-end 2018 of N2, 564, 398, 282.51 brought the expected balance to N5,184,994,469.89 available to the agency.
“In view of the above, considering the 2019 bank balance sheets submitted to the lawmakers as N726, 018,504.68 which represents an unaccounted balance of N4,458,975,965.21 needed to be accounted for, funds expended on MITROS Residences, Abeokuta were not appropriated for in line with best budgeting practices by the State, hence the need to avail the committee with documents in support of all cost lines and revenue on the properties between January 2015 and February, 2020.”
Odusolu, had outlined some of the housing projects carried out by the Corporation under his purview, appreciated the lawmakers for the opportunity to clarify issues during the period under review.
He had also posited that the Corporation needed to be run like an independent business enterprises, which should be devoid of the public service scrutiny, rules and processes.