Business - Business & Economy - News - October 24, 2021

Nigerian govt. screens 613 valuers jostling to dispose of forfeited loot

PICTURE: Mohammed Etsu, Solicitor General of the Federation

By Halima Yahaya

A total of 613 independent valuers have submitted bids to handle the disposal of looted assets forfeited to the Federal Government, the inter-Ministerial Committee on Disposal of Forfeited Assets disclosed.

The Chairman of the committee, Mohammed Etsu said on Friday in Abuja, the selection of the bidders adopted a competitive bidding process for the engagement of consulting estate surveyors and valuers for the valuation of forfeited assets.

follow ballot exercise anchored on transparency and accountability and in line with international best practices.

Details of the ballot showed that out of the total 613 proposals for the consultancy services received at the expiration of the deadline for submission of bids, 284 submitted bids for valuation of developed landed properties, both residential, commercial, institutional and underdeveloped plots of lands for disposal.

The committee said 229 proposals were received for valuation of plants, machinery, motor vehicles, furniture and equipment, while 75 companies bidded for valuation of water vessels for disposal, and 25 companies bidded for valuation of jewelries, ornaments and clothing materials for disposal.

While emphasising the need for efficient management of the recovered assets, Etsu underlined the committee’s determination to promote a harmonized and transparent procedure to safeguard the recovered assets by relevant agencies, in line with the Federal Government’s anti-corruption drive.

The sub-Committee in charge of valuation and due process, he said, carried out the technical evaluation of the bids received from interested estate surveyors who requested being selected to help dispose of the forfeited Federal Government assets.

Etsu, who doubles as  the Solicitor-General of the Federation, however, noted that only clothing materials were available for valuation at the moment, because jewelries were still subjects of litigation.

He reminded the successful valuers of the need to exhibit professionalism and ensure efficient and expedient valuation of all the forfeited assets.

Head, Assets Recovery and Disposal Unit, Office of the Attorney General of the Federation, Ladidi Mohammed, said the procedure of selection was a quality-based method.

Mohammed, who is also the Secretary of the Inter-Ministerial Committee, said the consultancy fees would be based on an agreed percentage from the proceeds of the disposed assets.

The Chairman of the Media and Publicity Committee, David Ugolor, solicited for the cooperation of the media and the independent valuers as crucial to a successful conduct of the disposal process.

“I am imploring the media and all independent valuers participating in bid and disposal processes to accord their maximum cooperation to the committee, to ensure this is conducted with utmost transparency and accountability.

“While appreciating the efforts and dedication of the Inter-Ministerial Committee members, as well as the secretariat, I enjoin the qualified independent valuers to execute the process with dedication and sincerity, for a better Nigeria.

“In the same vein, I also implore all media to report based on ethical principles to ensure that all eligible participants are given equal opportunity through the ballot system,” Ugolor said.

He stressed the need for objectivity in the discharge of the assignment to promote proper coordination of the disposal of the Federal Government assets in a uniformed, harmonised and transparent manner.

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