37-storey house sold to Bankole’s firm: Probe panel seeks revocation 
By Everest Amaefule   
PUNCH Sunday, 12 Jun 2011 

A three-man committee that investigated the sale of the 37-storey NECOM House to West African Aluminum Products Plc, belonging to Chief Alani Bankole, father of former Speaker, House of Representatives, Dimeji Bankole, has recommended the revocation of the transaction.

The PUNCH had exclusively reported that the skyscraper, one of the tallest in the country, was sold to the company for N4bn in controversial circumstances.

The transaction triggered sundry protests from both NITEL management and workers.

On October 29, 2010, the NITEL management wrote to the Bureau of Public Enterprises protesting the purported sale of the building on No. 15 Marina Lagos, by the liquidator of NITEL Staff Pension Fund, Mr. Olusola Adekanola.

It noted that the sale was done in contravention of a presidential directive stopping the plan to sell the building.
This led to the setting up of a probe committee headed by the Director, Oil and Gas at BPE, Mr. Ibrahim Kashim.

Other panel members are the Acting Director, National Facilities and Agricultural Resources, Mr. Vincent Akpotaire, and the Acting Director, Electric Power, Mr. Ibrahim Babagana.

According to the committee, the transaction is fraud-tainted and provides sufficient grounds for its revocation if the Federal Government chooses this line of action.
In a 32-page report on its investigation sourced exclusively by our correspondent, the committee said the Federal Government could revoke the sale of the building or refer the matter to the Corporate Affairs Commission to take necessary action against the liquidator who carried out the controversial transaction.

It said, “Government may revoke the sale of NECOM House to West African Aluminum Products Plc by the Liquidator of NITEL/MTel Staff Pension Fund (in liquidation) on the grounds of the established fraud-tainted process and ask the liquidator to refund the consideration with interest to the buyers.”

On its findings, the panel said, “The committee confirmed that the original list of NITEL/M-Tel non-core assets which formed the basis of all the assets transferred to the Trustees of NITEL Pension Fund Scheme for purposes of liquidation was generated by the management of NITEL/M-Tel and handed over to BPE.

“Former President, Chief Olusegun Obasanjo vide his memo dated May 16, 2007 approved the Presidential Taskforce’s recommendation that NECOM House be retained in the schedule of NITEL’s core operational assets due to its strategic importance to the SAT-3 operations.

“Despite Mr. President’s approval which the liquidator claimed was not formally transmitted to him by the then Director-General of BPE, Mrs. Irene Chigbue, he had sold NECOM House to WAAP Plc sometime between May and July 2008, with evidence of certified true copies of the Deed of Assignment between NITEL Trustees Limited and the buyer duly consented to by the Minister of Works.

“Although no written communication came to the liquidator on this matter, the submissions reveal that he received verbal communication from the then D-G, BPE and this led to the negotiation with Transcorp Plc on the appropriate price for NECOM House.

“We discovered from the recitals in the Deed of Assignment between liquidator and WAAP Plc, the statement that the Committee of Inspection approved the sale at its meeting of May 16, 2007 is not true.

“At the time of the said sale, the liquidator’s right to sell was impeachable as the COI had, according to the minutes of its meeting of April 3, 2008, taken the following decisions: ((i) the committee was informed by BPE that the presidency had directed that a meeting be held between BPE, Transcorp and Ministry of Information and Communications on the resolution of the conflict in the classification of five NITEL properties including NECOM House; (ii) that consequent on (i), the committee resolved that all action on the said properties would be stayed until the outcome of the said meeting.

“The Committee of Inspection overseeing the liquidation process was said to have approved the sale of NECOM House to WAAP Plc at its meeting held at BPE Abuja on May 16, 2007. It was on the basis of the alleged approval by the COI that the liquidator sold NECOM House to WAAP in 2009.

“The minutes of the COI meeting of May 16, 2007 shows that no discussion on NECOM House took place and no approval of the sale to WAAP Plc as recited in the Deed of Assignment by the parties is disclosed therein. The sale was predicated on a wrong and illegal premise hence fraudulently contracted.

“The liquidator sold NECOM House without COI approval and as such contravened Section 427 (1) of the Companies and Allied Matters Act 1990.”

Alternatively, the committee said, “Government may decide to subject the liquidation process leading up to the sale of NECOM House to judicial review through court process.
“Government may decide to repurchase the said No. 15 Marina from the new buyers.”
It added, “Government could negotiate with all parties to excise the five-storey building housing substantial parts of SAT-3 installations from NECOM House with a rider granting NITEL/M-Tel right of access to their installations on the 32nd, 34th and 35th of the NECOM House.

“The Bureau may commence disciplinary measures against all BPE members to the COI for their negligence which gave rise to the liquidator’s failure to comply with the presidential directive approving the reclassification of NECOM House as a core operational asset of NITEL/M-Tel dated May 16, 2007; and this created room for the liquidator to illegally sell the said asset.”

The submission of NITEL to the probe panel showed that the management of the company became aware of the sale of the building when it received a letter from George Taylor, Ashiru & Co; solicitor to WAAP Plc demanding N250m being rent for the years 2008 to August 31, 2010.
The letter also gave notice to NITEL to quit the premises within 21 days, else security men would be used to evict it from the property.

Implementing the recommendations that fall within its powers, BPE had queried its four members of staff involved in the NECOM House transaction as members of the COI.

Not satisfied with the answers given by the workers, the privatisation agency had set up a disciplinary committee for them.
NITEL board chaired by Ambassador Stephen Willoughby had petitioned the Vice-President, Namadi Sambo, as Chairman of National Council on Privatization, on the sale.

It was gathered that the Presidency had not taken action on the petition dated March 15, 2011, which noted that due process was not followed in the transaction and therefore, pressed for a reversal.

Earlier however, the Liquidator, Adekanola, denied selling the house secretly.

He explained that there was no directive stopping him from selling the house after it had been handed over to him to sell and beef up NITEL Staff Pensions Fund, adding that the sale was an open transaction and went to the highest bidder.

Sold for 4 fricking billion ? Painting that building alone costs more than that amount. These guys have stolen so much from this poor country

opalu:

^^ Good defence sha. If it was legitimately done, they should leave them alone. Don't give a dog a bad name to hang it. That is my take

enyojo:

I'm bent to think that Bank'Ole used his Dad to cover face to buy that prime National Property.
So it may not be legitimately done.

enyojo:

[s][/s]



Some persons are so daft that they base their Judgements on Sentiments. Do you think it was a coincidence that Bankole's arrest came on the heels of GEJ's meeting with Obama?

Not satisfied with the answers given by the workers, the privatisation agency had set up a disciplinary committee for them.
NITEL board chaired by Ambassador Stephen Willoughby had petitioned the Vice-President, Namadi Sambo, as Chairman of National Council on Privatization, on the sale.

It was gathered that the Presidency had not taken action on the petition dated March 15, 2011, which noted that due process was not followed in the transaction and therefore, pressed for a reversal.
Earlier however, the Liquidator, Adekanola, denied selling the house secretly.

He explained that there was no directive stopping him from selling the house after it had been handed over to him to sell and beef up NITEL Staff Pensions Fund, adding that the sale was an open transaction and went to the highest bidder.

enyojo:

I'm[b] bent to think that Bank'Ole used his Dad to cover face to buy that prime National Property[/b].
So it may not be legitimately done.

Kobojunkie:

N4 billion for that structure? WOW!!!

Lagos Island (Marina)

TALLEST BUILDINGS IN NIGERIA
• NECOM House 37Floors
http://img517.imageshack.us/img517/3069/25248560240a0f35349fbxl3.jpg

• Union Bank Headquarters 28 Floors
http://img502.imageshack.us/img502/471/picvr6.jpg

• Independence House 92.0 m 23 Floors built 1960
http://i101.photobucket.com/albums/m69/topstar_01/Lagosstate2a.jpg

• Stock Exchange House 83.0 m 22 Floors
http://img517.imageshack.us/img517/46/stockexchange2kf5.jpg

• Eko Court Blocks 24 Floors
http://static.panoramio.com/photos/original/7278360.jpg

• Sapetro Tower 13 Floors
http://img91.imageshack.us/img91/9517/lagosbuilding2cs9.jpg

• Africa reinsurance headquarters 15 Floors built 2000
http://farm4.static.flickr.com/3106/2579039123_dc82373731_o.jpg

• Wema Towers 20 Floors
http://img76.imageshack.us/img76/5316/wematowersnn5.jpg

•EFCC probes alleged purchase of official residence •Four posh mansions in Abuja traced to ex-Speaker •Contract scam: Four lawmakers may testify against him
The ongoing trial of the former Speaker of the House of Representatives, Mr. Dimeji Bankole, has assumed a new dimension with the Economic and Financial Crimes Commission (EFCC) probing alleged purchase of his official residence by the embattled Speaker.

The commission has also identified five posh houses in Abuja allegedly owned by the former speaker. But the most controversial is the official residence of the Speaker which has been allegedly bought by Bankole for N48 million.
Four former members of the House have also reportedly agreed to testify against him over contract scam allegations.

With the purchase of the residence, the new Speaker, Aminu Tambuwal is left stranded. However, a former aide of the ex-speaker, Kayode Odunaro when contacted denied any knowledge of the sale of the house. He said, "I am not aware if the official residence has been sold. Those managing the house should be able to tell you more."

It was also gathered that the EFCC may extend its investigation to the ownership of the official residence of the senate president.

As at press time, there were indications that about five posh mansions had been traced to Bankole by the EFCC. They may be temporarily confiscated after due diligence under the Assets Forfeiture Clause in EFCC Act 2004.

One of the houses is the official residence of the Speaker in Apo Legislative Quarters which was allegedly bought for N48million under the guise of monetization.

It was learnt that the residence had initially been renovated by the government with over N600million before the purchase by the ex-Speaker.

The EFCC source added: "Out of three teams sent out, one of them succeeded in tracing five houses to the ex-Speaker, including the official residence of the Speaker. He is to respond to our enquiries on the said houses. We have got petitions on the sale of the official residence of the Speaker at pittance rate of N48million. The petitioners alleged that the residence was grossly undervalued.

"They also alleged that the residence ought not to have been bought because that is the official quarters meant for all successive House Speaker. The petitioners alleged that monetization has been taken to a ridiculous level with the sale of the Speaker’s residence. They drew analogy that it is like President Goodluck Jonathan buying Aso Rock under the cover of monetization.

"We are already probing how the house was sold; the valuers involved; when the bid was conducted and how it was won. We will try as much as possible to unearth how the official residence was sold so that the public will appreciate our investigation."

Investigation by The Nation showed that four ex-lawmakers quizzed by the EFCC during the week had claimed that the buck stopped at the ex- Speaker’s table on the controversial purchases made by the House.

It was gathered that in their statements, the four lawmakers tried to absolve themselves of blame on issues being probed by the commission.

A top source in the commission said: "These lawmakers have made confessional statements and they may end up being our witnesses against the former Speaker. They tried to wriggle out of the scam in the House by admitting certain lapses by the House leadership.

"This was why the EFCC chairman was confident enough to tell lawmakers at an interactive forum during the week that the commission has evidence against him.

"Conveniently, we are set for trial and not the media trial being alleged by Bankole’s strategists."

Meanwhile, Bankole may be arraigned next week on separate charges on different allegations.

The allegations bordered on alleged N2.3billion car scam and the controversial N10billion loan.

The EFCC source added: "We will arraign the Speaker separately on these two allegations anytime next week."

A group, Youth Anti-Corruption League had about four weeks ago staged a protest to the EFCC demanding Bankole’s probe.

The League submitted a one-page petition to the EFCC through its President, Jumoke Iliyasu. In the petition the group said: "We are aware that your commission has received several petitions against the Speaker of the House of Representatives, Hon. Dimeji Bankole, about the N2.3billion car scam arising from the purchase of 407 Peugeot cars for the House sometimes in 2008.

"We are further aware that certain members of the ‘Progressive’ group of legislators submitted a petition against the same Speaker on the abuse of due process and corrupt practices associated with the N9bilion capital budget of the House of Representatives for 2008/2009 sessions. To the best of our knowledge, no visible action has been taken against him upon any of the petitions."

KnowAll:


Secondly how come the owners of the property only came out now shouting" blue murder" medicine after death I would say, if Mr Bankole had won his election and returned to the House of Reps would all these drama be unfolding.

he article clearly states that the petition to the Vice President was dated March 15th 2011. That was a long time before Bankole's defeat at the polls. For someone with the moniker 'KnowAll' you certainly don't read articles in detail.

oyb:

and guess who resides on the ground floor

UBA