Ogun state assembly invites crimes commission to recover N2billion allegedly misappropriated by Odusolu, former Investment Corporation Director
The Ogun State House of Assembly has called on the Economic and Financial Crimes Commission (EFCC) to help investigate alleged misappropriation of N2, 579,771,717.71 at Ogun State Property and Investment Corporation, (OPIC) under the administration of its immediate past Managing Director, Barrister Babajide Odusolu.
Penpushing reports, that the lawmakers made the request following the report of the assembly Committee on Public Accounts and Anti- Corruption, which indicted Odumosu who served under the administration of former Governor Ibikunle Amosun .
The House of Assembly led by its Speaker, Rt Hon Kunle Oluomo after receiving the report of the committee passed a resolution adopting the report, and also called on the anti-graft to help recovered the money to the state coffers
Penpushing further reports that, the assembly, said the embattled former Managing Director of the corporation was also directed to refund the sum of N40million that was unaccounted for in 2019 into the State Government’s purse within six months without further delay.
The Chairman of the committee, Hon Musefiu Lamidi, moved the motion for adoption of the report, seconded by Hon Oludaisi Elemide and unanimously supported by other lawmakers through a voice vote at the plenary presided over by the Speaker at the Assembly Complex, Oke-Mosan, Abeokuta.
“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 report reads .
‘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 report emphasied.
Penpushing also reports that, the assembly 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 N164million.
The report noted that it 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.
Penpushing reports that, the committee declared that a retrospective legislative approval be secured for the expended unbudgeted sum of N881.5million, declaring thatfailure 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.
Penpushing reports that, the assembly equally 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.
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