APPARENTLY shaken by the controversy trailing the sale of the Nigerian External Communications (NECOM) House, a prime property on the Marina, Lagos, the Presidency has revealed facts that show the purported deal may have been illegally sealed with the father of the Speaker, House of Representatives, Chief Suarau Olayiwola Alani Bankoles company - West African Aluminium Products Plc (WAAP).The Guardian gathered that the liquidator of Nigerian Telecommunications Limited/M-Tel Staff Pension Fund, Messrs Olusola Adekanola sold it with the knowledge of the presidential directive reclassifying NECOM house as core operational asset of NITEL/Mtel.Presidential sources further revealed that there is no record or evidence of approval by the Committee of Inspection (COI) for the liquidator to sell NECOM House. That the assertion by the liquidator that the sale was approved on May 16, 2007 is untrue as there is evidence that the advertised date for submission of bids still had two weeks to expire.The liquidator had claimed that the COI approved the sale of NECOM House to West African Aluminium Products (WAAP) at its COI 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.According to the sources, the memo to then President Olusegun Obasanjo seeking directive on the proposed reclassification of NECOM House originated from the then DG of BPE in 2006 after the sale of NITEL/Mtel to Transcorp and by a presidential approval dated May 16, 2007, NECOM House was re-classified as a core operational asset of NITEL/Mtel.Similarly, 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 (WAAP and liquidator). At the July 11, 2007 meeting of the COI, the liquidator informed the Committee that at a meeting held with the then DG of BPE, he was given a presidential approval, which had been given before Obasanjo left office to the effect that NECOM House be given to NITEL/Transcorp after payment of a token for the property on the ground that SAT-3 cables terminated at NECOM House.In fact, minutes of the COI meeting of 11th July, 2007 stated that,at the liquidator informed the committee that a meeting held with the DG of BPE, he was handed over a presidential approval which had been given before the former President left office, to the effect that NECOM House be given to NITEL/Transcorp after payment of a token for the property on the ground that SAT-3 cables terminated at NECOM House.In the minutes, the liquidator had added, if the said property was purchased by any other bidder, it may affect the business of NITEL/Transcorp. He further informed the committee that NITEL/Transcorp Plc have offered to pay N100 million for the property but that he had asked them to improve on their offer. The liquidator informed the committee that no bid offers were accepted in respect of NECOM House. This development as at July 11, 2007 reveals that as of this date, there was no valid and subsisting bid for NECOM House.The minutes of COI of July 25, 2007 said that the committee was informed, Transcorp refused to increase the unofficial N100 million they had offered for the property.Why would the COI set up the sub-committee on June 27, 2007 when according to the recitals in the Deed of Assignment of NECOM House between the liquidator and WAAP Plc, it had approved the sale on May 16, 2007How could the COI have approved the sale of NECOM House on May 16, 2007, which incidentally was the date then President Obasanjo approved the re-classification of NECOM House from non-core to core assetsThe source queried why would the COI set up the sub-committee on June 27, 2007 when according to the recitals in the Deed of Assignment of NECOM House between the liquidator and WAAP Plc, it had approved the sale of May 16, 2007He argued that how could the COI have approved the sale of NECOM House on May 16, 2007 which incidentally was the date then President Obasanjo approved the re-classification of NECOM House from non-core to core assets. NITEL had objected to the classification of NECOM House as a non-core asset. This led to the constitution of a sub-committee of COI comprising representatives of NITEL, BPE and the liquidator.Yet, the liquidator claims no formal communication of the presidential approval of May 16, 2007 was sent to him; May we ask: On what basis did the liquidator enter into negotiation with Transcorp on the appropriate price for NECOM House The negotiation broke down when Transcorp offered its ridiculous price for NECOM House.The sources hinted that as soon as the liquidator and the COI became aware of the presidential directive on the re-classification of NECOM House and considering that the liquidation is a voluntary liquidation initiated by the Federal Government through NCP/BPE, he and the COI should have sought and obtained an order of the court to implement the reclassification of NECOM House.But Adekanola reportedly denied any wrong doing in the matter, arguing that he had discharged his duty professionally.Messrs West African Aluminium Products Plc claimed among other things, that the sale of NECOM House was advertised by the liquidator in the Punch newspaper of May 2, 2007 based on which they bided and purchased the property from the liquidator, who assigned the property to them vide a Deed of Assignment dated April 3, 2009.Bankole reportedly said the question of illegal purchase was irrelevant since the property was duly advertised. He is quoted as saying: I have an interest in West African Aluminium Plc. If my company is involved in the purchase of any property then you must know that it has to be done legally. Dont forget that before the purchase could be done, the property must have been duly advertised and we must have fulfilled all necessary conditions before the sale is made to us.
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