The Federal Government through the inter-Ministerial Committee on the disposal of assets forfeited to the Federal Government screened 613 independent valuers through a ballot picking exercise in a bid to commence the disposal of forfeited assets.
This was disclosed by the Chairman of the committee and Solicitor-General of the Federation, Mr Mohammed Etsu, who stated that the assets disposal process is anchored on transparency and accountability and in line with international best practices, according to the News Agency of Nigeria.
The Committee Chair also urged for efficient management of the recovered assets, stating the need to promote a harmonized and transparent procedure by relevant agencies to safeguard the recovered assets.
What the Committee on asset disposal said
Etsu revealed that the sub-Committee in charge of valuation and due process carried out the technical evaluation of the bids received from interested estate surveyors that indicated interest in the disposal of the forfeited Federal Government assets.
“A total of 613 proposals for the consultancy services were received at the expiration of the deadline for submission of bids,” he said.
“The Inter-Ministerial Committee on Disposal of Forfeited Assets adopted competitive bidding for the engagement of consulting estate surveyors and valuers for the valuation of forfeited assets.
“Accordingly, 284 bided for valuation of developed landed properties, both residential, commercial, institutional and underdeveloped plots of lands for disposal,” he added.
He stated that the valuation of plants, machinery, motor vehicles, furniture and equipment for disposal received 229 proposals while 75 companies bided for valuation of water vessels for disposal.
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“25 companies bided for valuation of jewellery, ornaments and clothing materials for disposal,’’ he said.
He added that only clothing materials were available for valuation at the moment because the jewellery was still subjected to litigation.
Hajiya Ladidi Mohammed, Head, Assets Recovery and Disposal Unit, Office of the Attorney General of the Federation, said that the procedure of selection was a quality-based method, adding that the consultancy fee would be based on agreed percentage from the proceeds of the disposed of assets.
What you should know
Recall Nairametrics reported in November 2020 that the Attorney general of the Federation, Abubakar Malami inaugurated the inter-Ministerial Committee on the Disposal of the Federal Government of Nigeria’s Forfeited Assets and announced President Muhammadu Buhari ordered the selling off of forfeited assets in 6 months.
Malami said that the Committee is in line with the Government’s Asset Tracing, Recovery and Management Regulations, 2019.