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…ask him to return another ‘missing’ N40m into govt’s purse
The Ogun State House of Assembly has called on financial crimes investigation agencies to investigate Babajide Odusolu, former Managing Director of Ogun state Property and Investment Corporation for an alleged ‘missing’ N2. 5bn.
PLATFORM TIMES reports that the Assembly on Friday during a sitting passed a resolution adopting the report of its Committee on Public Accounts and Anti- Corruption, which considered the 2015-2019 State Auditor-General’s report on OPIC.
The Assembly indicted the Odusolu’s administration of allegedly misappropriating not less than N2,579,771,717.71 which belongs to the state.
PLATFORM TIMES also reports that the Assembly directed the former Managing Director to pay back the sum of N40m that was unaccounted for in Year 2019 into the State Government’s purse within six months.
It was gathered that the passage of the resolution was moved by the committee chairman on State Audit report on OPIC, Musefiu Lamidi and reportedly seconded by Oludaisi Elemide before the other lawmakers unanimously supported
through a voice vote.
Lamidi during the presentation of the committee’s report said, “the Committee also observed that the Audit report revealed that in 2019 after generating an income (including subventions and grants) of N3,817,778,776.65 the Corporation expended a total of N1,197,182,579.27 and the balance is N2,620,596,187.38.
“The expected bank balance at the end of year 2018 was N685,194,035.01 and this brought the expected balance to the tune of N3,305,790,222.39 which was available to the Corporation.
“Considering the Year 2019 bank balance sheets submitted to the Committee, the sum of N726,018,504.68 was contained in the Bank balance sheets and this represents an unaccounted balance of N2,579,771,717.71”.
The Assembly however recommended the reversal of all transactions including the 8.2 Hectares of land at Isheri sold in favour of Rainerhill Internationals Services Limited, a subsidiary of Pesianas Group in the twilight of the last administration at the undervalued price of N164M.
The Assembly noted that the transaction was not done in the best interest of the State; hence all relevant title documents issued in favour of the aforementioned company in relation to the land was declared null and avoid, 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 N881.5M, failure to which the Corporation’s erstwhile Managing Director, Odusolu was expected to refund same amount to government’s coffers within a deadline of six months.
The Assembly added that the embargo placed on the whopping sum of N608, 226, 371.69 in 16 banks accounts be lifted to enable the Corporation have access to the funds for developmental projects and investments.
It further directed that in line with the observation of the Committee, the proposed 5-star Hotel, Ikeja which had no physical existence, yet a whopping sum of N45, 025, 064:00 was expended to obtain title documents on the landed property and no satisfactory reason was given by the Corporation for such expenditure, holistic investigation should be carried out to reflect the company’s true position.