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Ex-OPIC MD denies ficial impropriety allegations, threatens to sue Ogun Assembly



Ex-OPIC MD denies ficial impropriety allegations, threatens to sue Ogun Assembly

……… Says OPIC has earned 60 billion naira in six years under his leadership

By Grace Alegba / Olawale Jokotoye

Mr. Babajide Odusolu, former managing director of the Ogun State Property Development Corporation (OPIC), on Tuesday dismissed the allegations of civil irregularities brought against him by the State Assembly House.

Odusolu, also a former special adviser to former governor Ibikunle Amosun, told a press conference in Ikeja that he would seek legal redress for the false allegations made against him by the assembly.

Nigeria‘s news agency reports that the assembly on Friday adopted a resolution ordering Odusolu to return the 40 million naira missing in 2019 to the public treasury within six months.

Speaking to reporters, the former OPIC chief executive said he would take legal action to clear his name, describing the indictment as a mere political vendetta since he had already addressed all of the issues. questions raised.

He said he was cleared when he appeared before the House committee in October 2020 with the then CIPO management team, led by the director of Fice and administration in as witnesses.

He said he was shocked by media publications accusing him, saying that OPIC, being a statutory company, was regularly audited by auditors independently recommended by the State Auditor General.

He added that the accounting processes, policies and standards were predefined, therefore the allegations of missing money were false, requiring a formal forensic audit to prove otherwise.

Odusolu said he revered the Assembly and the State, but would oppose willful damage to his reputation and activities as a real estate developer, as well as the suppression of the commercialization of the property. ‘OPIC and Ogun State as an investment destination.

He said the state had witnessed foreign direct investment and unprecedented growth in internally generated revenue during his six years as general manager of OPIC under the administration of the former Governor Amosun.

The former MD, flanked at the conference by his lawyer from the law chambers of Ebun Olu-Adegboruwa, gave statistics on new towns, estates and industrial communities updated under him.

He said the Chairman of the House Civil Service Committee, Mr. Musefiu Lamidi, was aware of CIPO’s accounting procedures, “because he was a special adviser under the administration headed by Senator Amosun.”

“It is also known that through this strategy, Ogun State has become Nigeria’s first industrialized state and has become the destination of choice for local and direct foreign investment in Nigeria in the field of manufacturing and manufacturing. ‘industry,’ he said.

The former chief executive said if the committee’s recommendations were implemented, it would lead to the revocation of more than 60% of projects, which would constitute policy inconsistencies that would hurt investor confidence.

He said he delivered 14 projects including: New Makun City, MTR Gardens, Isheri, New Dawn Gardens, Agbara, Gateway Polytechnic, Isheri and Agbara Industrial Roads, MITROS Residence Hotel and 1000 Family Homes Housing Project.

“During my six-year tenure, we spent about N15 billion and generated over N20 billion in income. All of these projects have successfully transformed the status, capacity and capabilities of CIPO.

“We are 100% self-financing and have succeeded in growing the asset base of OPIC by turning it into a mega-enterprise with an asset base of over 60 billion naira.

“We operated under scrutiny with a director, His Excellency Senator Ibikunle Amosun, who is a seasoned chartered accountant, two office commissioners, who were also chartered accountants; and independently appointed auditors, who did not report to us or report to us.

“In addition, CIPO’s structure and clear accounting policies left no room for the kind of laxity or wrongdoing alleged by this House committee.

“CIPO is a legal person with legal personality; to attempt to hold me accountable without any proven breach directly attributable to me or to obscure any facts is a deplorable act, a flagrant and brazen abuse of legislative privilege and in doing so the committee has caused untold damage to my reputation and, by extension, the suppression of the marketing of CIPO and Ogun State, ”he said.

Mr. Adetunji Adedoyin-Adeniyi, Managing Director of AAA Chambers, who led the legal team of Ebun Adegoruwa & Co, also explained the technical details of the litigation process.

Source: NAN

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