Ambode To Probe Fashola’s Tenure for Sale of Lagos Assets

Ambode To Probe Fashola’s Tenure for Sale of Lagos Assets

Strong indications emerged on Tuesday that the Lagos state government has initiated a probe of the sale of some Lagos assets and properties at give-away prices in the last 10 years.

A source who spoke on the condition of anonymity told Vanguard newspaper that Lagos state Governor Akinwunmi Ambode had secretly set up a panel to investigate the sale of the assets below their actual market value.

The period under review mostly falls within the time Mr Babatunde Fashola SAN who is now Nigeria’s minister of power, works and housing, held office as the governor of Lagos state between 2007 and 2015.

The source said the list of over 100 properties; their buyers and the locations of the assets had already been compiled. He added that the panel which is headed by a high-ranking cabinet member is also expected to submit its report before the end of November.

He said the panel’s term of reference is to investigate the sale of government assets between 2006 and 2016; review the terms of sale of the assets in question; determine if the government got fair market value for any sale.

The Lagos assets in question are said to be in prime locations such as Ikeja GRA, Magodo, Ikoyi, Lekki and other places where the government assets would have attracted high prices but were sold below market value.

The source added that the state government “will ask those that purchased the properties at undervalued prices to pay the difference or face outright revocation of the sales and prosecution if necessary.”

Goovernor Ambode is said to be displeased with the colossal loss of revenue running into billions of Naira as a result of the shady sales which he deemed unacceptable.