The Ogun House of Assembly has directed former Managing Director of State Property and Investment Corporation (OPIC), Mr Babajide Odusolu, to return N40 million unaccounted for in 2019 into the state purse within six months.

This was part of the resolution passed by the assembly during the plenary session presided over by the Speaker, Mr Olakunle Oluomo, in Abeokuta on Friday.

This was after adopting the report of the House Committee on Public Account and Anti Corruption led by Musefiu Lamidi.


Lamidi, while presenting the report of his committee, noted that the committee had considered the 2015 to 2019 State Auditor-General’s report on the corporation.

He equally moved the motion for its adoption, seconded by Oludaisi Elemide and unanimously supported by other lawmakers through a voice vote.

The committee also called on the financial crimes investigation agencies to investigate and recover into the state’s coffers an unaccounted balance of N2.5billion which happened during  Odusolu’s tenure as the head of the corporation.

“Considering the 2019 bank balance sheets submitted to the committee, the sum of N726 million was contained in the bank balance sheets and this represented an unaccounted balance of N2.5billion,” the assembly noted.

The assembly equally recommended the reversal of all transactions, including the 8.2 hectares of land at Isheri sold in favour of Rainerhill Internationals Services Limited.

Rainerhill is a subsidiary of Pesianas Group which benefited in the transaction in the twilight of the last administration at the undervalued price of N164million.

The committee stated that it was not done in the best interest of the state, hence all relevant title documents issued in favour of the company in relation to the land was declared null and void, while the corporation should retain the land ownership.

Also, the committee declared that a retrospective legislative approval be secured for the expended unbudgeted sum of N881.5million.

Failure to which the corporation’s former MD was expected to refund same amount to government’s coffers within a deadline of six months”.

The assembly added that the embargo placed on N608 million in 16 banks accounts be lifted to enable the corporation have access to the funds for developmental projects and investments.

The assembly noted that in line with the observation of the committee, the proposed five-star hotel in Ikeja, Lagos, had no physical existence, yet a sum of N45 million was expended to obtain title documents on the landed property.

“No satisfactory reason was given by the corporation for such expenditure, holistic investigation should be carried out to reflect the company’s true position,” the report stated.


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