Audit Query: How Ogun-Osun river basin development authority sold N2b assets for N13m
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The office of the Auditor-General for the Federation has queried the management of the Ogun-Osun River Basin Development Authority for reportedly selling off government Plant, Property and Equipment (PPE) valued at over N2bn for a paltry sum of N13.618m million.
Consequently, the Public Accounts Committee, PAC, of the House of Representatives being chaired by Hon Busayo Oluwole Oke drilled the Managing Director of the Agency, Olufemi Odumosu last Friday to unravel the mystery behind the deal
However, Odumosu who justified his action told the Committee that PPE were disposed through public actions carried out by the auctioneers appointed by the Federal Ministry of Water Resources, who also approved the auction.
Records of the PPE auctioned sighted by newsmen covering the investigation revealed that an 800 KVA Perkins Diesel generating set bought by the agency in 2006 for an undisclosed amount was sold for N550,000 in 2018 after being branded unserviceable.
The office of the Auditor-General for the Federation has queried the management of the Ogun-Osun River Basin Development Authority for reportedly selling off government Plant, Property and Equipment (PPE) valued at over N2bn for a paltry sum of N13.618m million.
Consequently, the Public Accounts Committee, PAC, of the House of Representatives being chaired by Hon Busayo Oluwole Oke drilled the Managing Director of the Agency, Olufemi Odumosu last Friday to unravel the mystery behind the deal
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However, Odumosu who justified his action told the Committee that PPE were disposed through public actions carried out by the auctioneers appointed by the Federal Ministry of Water Resources, who also approved the auction.
Records of the PPE auctioned sighted by newsmen covering the investigation revealed that an 800 KVA Perkins Diesel generating set bought by the agency in 2006 for an undisclosed amount was sold for N550,000 in 2018 after being branded unserviceable.
Also, a CAT Payloader bought for N70,000 in 1982 was sold for N40,000 naira, while other earth moving equipment like bulldozers, graders and escalators were sold for between N350,000 and N550,000 as unserviceable items.
Also, a Toyota Camry 2.5L bought in 2013 for N8.150 million, with a book value of N1.222 million which would have cost the agency N1.2 million to repair was sold for N22,500; while trimmers bought in 2004 and lawnmowers bought in 2005 were sold for N2000 and N6500 respectively.
