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Forfeited properties: EFCC disqualifies N13bn bid for Banana Island flats

The Economic and Financial Crimes Commission (EFCC) has commenced the sale of forfeited real estate assets.

On Monday, there was no successful bid for the properties in Lot 1 comprising 24 units of luxury flats at Banana Island.

The apartments in Ikoyi, Lagos, are expected to be sold as a single unit, said EFCC spokesperson Wilson Uwujaren.

A bidder, who turned in the highest bid of N13.1 billion, was disqualified for failure to include the stipulated 10 percent of the bid amount.

As other bidders did not make the reserve price, EFCC Secretary, George Ekpungu announced fresh bids for the properties in Lot 1.

The bids will close 12 noon Friday, while the bid opening will be done the same day.

There were no successful bids in Lots 2 and 3, thus remaining open until Wednesday. The bids will open on Thursday.

Ekpungu explained that the commission adopted the format of competitive bidding to ensure accountability and right value.

Current occupants of the properties for sale have the Right of First Refusal, while former owners are barred from repurchasing by proxy.

“If you have information about any bid by owners of the assets, please let the Commission know.

“We will take appropriate action, including possible prosecution”, Ekpungu added.

The rules stipulate that successful bids must be equal to or above the reserve price, while each bidder must enclose a bank draft for 10% of the amount.

Also, all successful bidders have 15 working days from the bid opening to make full payment.

Failure to do so would give the second-highest bidder the opportunity to purchase the property.

The assets are grouped into nine lots, with Monday’s sale restricted to 1, 2 and 3. Others will continue until the final lot is disposed of on December 13.

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