Forfeited Assets Disposal Committee Set To Sell Properties In 25 Locations

The Inter-ministerial Committee on the disposal of assets forfeited to the federal government of Nigeria is set to dispose the assets in 25 Locations in the country.

These are assets forfeited finally to the Government which excludes those with pending cases in the courts.

The Permanent Secretary of the Ministry of Justice and Solicitor General of the Federation, Dayo Apata who doubles as the Chairman of the Committee made this disclosure while giving updates on the disposal.

It would be recalled that the committee was inaugurated on November 9, 2020 with a timeframe of six months to complete its assignment.

Among these assets are four bedroom bungalow with boys quarter located at No 6, Ethiope Close Maitama which was confiscated by the EFCC; Two bungalows located at No. 19 and 12, Kumasi Crescent, Wuse 2; AMSSCO Suites (comprising 35 rooms apartments) located at Galadimawa; over 200 brands of various cars and trucks located near National Mosque Abuja, among others. Most of the assets were forfeited to the Economic and Financial Crimes Commission (EFCC).

A four-bedroom bungalow located at No. 6, Ethiope Close, Maitama, Abuja, forfeited to the EFCC and is set for disposal by the Committee. Pix  by OPTIMUM TIMES

He enumerated that the Committee had so far Collated and is still updating the list of assets that have been finally forfeited to the Federal Government of Nigeria; noted that the forfeited assets are currently situated in 25 locations; is embarking on onsite verification/auditing of the forfeited assets to confirm their existence and ascertain their current state; Sought the collaboration of the Federal Ministry of Works and
Housing on the asset valuation process in line with extant rules and regulation.

Others include that the Committee had Developed a set of Frequently Asked Questions as it relates to the mandate and activities of the committee which will be released to the media/public; and
made publications in the Federal Tenders Journal and two National Newspapers (ThisDay and the Daily Trust) on 1st February, 2021 to kick-start the disposal process.

Further, Apata said that the Committee intends to engage valuers and auctioneers as part of the process in the disposal of assets forfeited to the Federal Government and the list of assets will be published accordingly.

On the whole, he said the Committee is expected to carry out the disposal of landed properties; plants, machinery, motor vehicles, electronics, furniture, and equipment; water vessels (canoes, boats, barges, ship); jewellery, ornaments and clothing materials.

According to the Committee Chairman, parts of the goals for which President Muhammadu Buhari gave the go ahead for the setting-up of this Committtee includes the need to: Institutionalize a uniform process for the management and disposal of recovered/forfeited assets.

It was also to put an end to poor management and wastage of assets which prevents government from realizing the full benefits of the forfeiture; shore-up the revenue profile of government; establishment of a Centralized Database on Recovered Assets; and coordination /collaboration amongst Anti-Corruption and Law Enforcement Agencies in Asset recovery/management, among others.