The Ogun State House of Assembly has asked the former management of the Ogun State Property and Investment Corporation, to account for about N40m, which it said remained unaccounted for since the expiration of the administration of former governor, Ibikunle Amosun.

Chairman of the Ogun State House of Assembly Committee on Public Accounts and Anti-Corruption, Musefiu Lamidi, made the demand while questioning the former Managing Director of the State Property and Investments Corporation, Jide Odusolu, on Monday.

Odusolu, who served as a Special Adviser to Amosun, appeared before the committee in continuation of the consideration of the financial reports of the corporation between 2015 and 2019.

The committee accused Odusolu of disposing off a landed property which was acquired by OPIC for over N515m at Isheri valued at N848m for a giveaway price of N164m, for half of its portion.

The Assembly noted that the transaction took place barely10 days before the expiration of the tenure of the last administration, in May, 2019.

The committee chairman who was with other committee members, grilled the former MD over the whereabouts of N40m which the lawmakers said could not be accounted for in the construction expenses of the MITROS Residence, Ibara, which was carried out during the period under review.

Lawmakers also queried the former MD over the expenditure of N881m said to have been spent on the construction and procurement of equipment for the Mitro Residence at Ibara, without the approval of the Assembly.

The panel further queried the MD over the corporation’s inability to keep fixed assets registers, non-availability of cash books and bank reconciliation statements on demand to external auditors.

Lamidi said, “all the infractions are in contravention of the Appropriation Law for the period, as well as in contrast to the International Public Sector Accounting Standards and the State Financial Regulations, which equally mandated the keeping of up-to-date fixed assets register by government Ministries, Departments and Agencies.”

Consequently, the Committee directed Odusolu to re-appear on Wednesday, November 25, 2020, following his plea for adjournment due ill health.

In response to one of the questions, Odusolu, said although he didn’t secure the approval of the State Assembly for the Mitro project, the project was approved by former Governor Ibikunle Amosun, while in office.

On the issue of the N40m, he explained that the money was spent in the course of the construction of the Mitro Residence.