Monday, October 25, 2021

FRCN 7-Storey Lagos Building Sold By Presidential Panel For N100m

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The Presidential Implementation Committee on Federal Government Landed Property has revealed that it sold a property located on 45 Martins Street in Lagos State, belonging to Federal Radio Corporation of Nigeria (FRCN), to Seamen’s Traders Limited for N100m.
FRCN Building
FRCN 7-Story Lagos Building Sold For N100m

While appearing before an ad hoc committee of the House of Representatives which is investigating the abandonment of Federal Government property across the country, Director-General of the FRCN, Mansur Liman informed the lawmakers that the property was sold without the corporation’s knowledge.
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Responding to this, the PIC told the lawmakers that it has powers to sell or lease out any property of the Federal Government without prior knowledge of the ministry, department, or agency using it.

FRCN building In Lagos

At the resumed investigative hearing of the house of reps committee, Secretary of the PIC, Bala Sanusi said it would be painstaking to inform all the MDAs of its intention to sell or lease as over 25,000 properties are under its jurisdiction.

Sanusi revealed that the property which sits on 387 square meters of land was sold as a burnt property in 2010. According to him, it was gutted by fire before the sale and was also gutted by fire before it was handed over to the buyers in 2019.
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When asked if the property was sold at a give-away price of N100m because it was a burnt property, Sanusi said he wouldn’t know since he was not the secretary of the PIC when it was sold.

The PIC Secretary said;

“I will inform this gathering that the mandate of this committee is by the President-in-Council. (The Federal Executive) Council gave us the mandate to lease Federal Government property in Nigeria and outside Nigeria.
“We are not selling, we are leasing and after the expiration of the lease, the property will revert back to the government. The mandate was initially restricted to Lagos. But later, (the) Council expanded the mandate of the committee to other states except the FCT. We have been exercising this mandate for a long time.”

Chairman of the committee, Ademorin Kuye said in response;

“We want a report on all seized assets from our leaders, particularly Abacha, in and out of Nigeria. We need to know the state of those properties and to also know if the properties have titles.”

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Photo Credit: Getty

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