The sale of forfeited real estate assets has started under the direction of the Economic and Financial Crimes Commission (EFCC).
There was no winning bid on Monday for the buildings in Lot 1 at Banana Island, which included 24 units of opulent apartments.
According to EFCC spokesperson Wilson Uwujaren, the apartments in Ikoyi, Lagos, are anticipated to be auctioned as a single unit.
The bidder who submitted the largest amount, N13.1 billion, was dismissed since they did not include the required 10% of the bid amount.
EFCC Secretary George Ekpungu announced new offers for the properties in Lot 1 after previous bidders failed to meet the reserve amount.
The bids will be opened on Friday at 10 a.m., and they will close at noon.
Lots 2 and 3 remained open until Wednesday because there were no winning bids. On Thursday, offers will be accepted.
According to Ekpungu, the commission used the competitive bidding structure to ensure accountability and appropriate value.
The Right of First Refusal applies to the current tenants of the real estate being sold, and past owners are not permitted to repurchase via proxy.
“Please contact the Commission if you have any knowledge regarding any bid made by the owners of the assets.
Ekpungu continued, “We will take appropriate action, including potential prosecution.
According to the rules, winning bids must be equal to or more than the reserve price, and each bidder is required to include a bank draft for 10% of the amount.
Additionally, each and every winning bidder has 15 business days starting at the bid opening to complete payment.
If not, the property would be available for purchase from the second-highest bidder.
Nine lots contain the assets, with only lots 1, 2, and 3 being sold on Monday. Others will carry on until December 13, when the last lot is sold.
