Former OPIC MD Odusolu is indicted by the Ogun Assembly for allegedly missing N20 billion

Babajide Odusolu, the former Managing Director of the Ogun State Property and Investment Corporation (OPIC), has been indicted by the Ogun State House of Assembly for allegedly stealing N20 billion.

The Assembly also ordered Odusolu to return to the State coffers a sum of N40 million that was allegedly unaccounted for in 2019.

The lawmakers said they received and adopted the report of their Committee on Public Accounts and Anti-Corruption, which considered the 2015-2019 State Auditor-report General’s on OPIC, and asked anti-graft agencies to investigate and recover a balance of N2,579,771,717.71 into the State’s coffers.

Musefiu Lamidi, the committee’s Chairman, had proposed the report’s adoption, which was seconded by Oludaisi Elemide and supported by others in a voice vote.

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According to the report, “the Committee observed that the audit report revealed that in 2019, the Corporation expended a total of N1,197,182,579.27 and the balance is N2,620,596,187.38 after generating an income (including subventions and grants) of N3,817,778,776.65 and the balance is N2,620,596,187.38 after generating an income (including subventions and grants) of N3,817,778,776.65 and the balance is N At the end of 2018, the expected bank balance was N685,194,035.01, bringing the total expected balance to N3,305,790,222.39, which was available to the Corporation.

“According to the bank balance sheets submitted to the Committee for the year 2019, there was a total of N726,018,504.68 in the bank balance sheets, representing an unaccounted balance of N2,579,771,717.71.”

The Assembly noted in its recommendation that the sale of 8.2 hectares of land at Isheri to Rainerhill Internationals Services Limited, a Pesianas Group subsidiary, for the “undervalued price of N164M” was not in the best interests of the state.

Despite the Assembly’s request that all title documents issued in favor of Rainerhill Internationals Services Limited on the land be declared null and void, it maintained that OPIC should retain land ownership.

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In addition, the Committee requested retrospective legislative approval for a “expended unbudgeted sum of N881.5 million,” failing which Odusolu was expected to refund the money to the government in six months.

It was also suggested that the embargo on a sum of N608,226,371.69 held by 16 OPIC banks be lifted.

The Assembly also requested that a “proposed 5-star Hotel, Ikeja” be investigated, despite the fact that “a sum of N45,025,064:00 was expended to obtain title documents.”