Auction of Forfeited Properties: EFCC Opens Bid in 13 States

Auction of Forfeited Properties: EFCC Opens Bid in 13 States

•Bidders to pay 10% of price 

•Successful bidders to pay 90% outstanding balance of the bid price within 15 working days 

•10% deposit becomes non-refundable on failure to meet deadline, offer to be extended to other bidders

Kingsley Nwezeh in Abuja

The Economic and Financial Crimes Commission (EFCC), said it has concluded plans to conduct sale of properties in 13 States following final forfeiture orders.

The commission on Saturday, December 24, 2022, announced the commencement of the auction exercise with advertorial in major newspapers inviting bids for the properties.

The agency had said, in a statement, that interested persons or organisations had until 12 noon of  Monday, January 9, 2023, to submit their bids.

A statement issued by the agency yesterday said the properties consisting of 61 units of luxury apartments, plots of lands and apartments across the country were  offered for sale  in accordance with the Economic and Financial Crimes Commission (Establishment) Act, 2004, Public Procurement Act, 2007 and the Proceeds of Crime (Recovery and Management) Act, 2022.

The distribution of the properties include 24 units of luxurious block of flats at Banana Island, Lagos; 21 units of luxury terrace and block of flats at Thornburn, Yaba, Lagos; 16 units of four  bedrooms terrace duplex at Heritage Court Estate, Port Harcourt.

Others are apartments and plots of land in Lagos State; apartments and plots of land within Abuja metropolis; plots of land and apartments in Anambra, Ebonyi and Gombe States as well as apartments and plot of land in Kaduna, Delta and Edo States.

Plots also slated for auction include hotels, plazas  and apartments in Kwara State and apartments and plots of land in Cross River, Osun and Oyo States.

The statement said the auction is open to members of the public with the exception of individuals and corporate entities, who were prosecuted or under prosecution  by the EFCC, directors of such companies and employees of the EFCC.

It said a competitive bidding process was adopted for the disposal of the properties.

“The bid forms which can be downloaded from the EFCC website  must be submitted alongside 10% of the bid amount in certified bank drafts payable to Economic and Financial Crimes Commission. If the sum exceeds N10 million, multiple certified bank drafts must be provided; drafts of unsuccessful bidders will be returned once the bidding process is concluded.

“A successful bidder will be required to pay the 90% outstanding balance of the bid price within 15 working days of the bid submission deadline, failing which the 10% deposit becomes non-refundable and the properties can be offered to other buyers. Payments shall be made to EFCC through the Remita platform”, it said.

The anti-graft agency stated that individuals occupying any of the properties listed may be given the right of first refusal provided they had  valid tenancy agreement; paid rent up to date and must complete an Expression of Interest (EOI) form  which could be downloaded from the EFCC website:

It further stated that bids for properties must be sealed and submitted in the designated box at the following address: Economic and Financial Crimes Commission, Plot 301/302 Institutions and Research District, Jabi, Abuja.

The deadline for the submission of all bids is 12:00 noon, Monday,  January, 9, 2023

“All bidders and/or their representatives are welcome to be present at the bid opening which will take place at the Convocation Ground, National Open University of Nigeria, opposite Economic and Financial Crimes Headquarters, Jabi, Abuja from Monday, 9th January, 2023 to Friday, 13th January, 2023.

The highest bidder for each property will emerge the winner subject to the highest bid being equal to or above the reserve price.

“In the event of a tied bid at the bid opening or where none of the bids match or exceed the reserve price, bidders will be required to submit fresh bids at the opening. The outcome of the fresh bid submissions will be announced at the bid opening”, it said.

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