FEC orders buyers of seized Lagos properties to pay 2021 value

The Minister for Works and Housing, Mr. Babatunde Fashola, made this known at the National Council on lands, housing and urban development in Sokoto State, with the theme- Housing our people, by all of government and all our people.”

The Federal Government has ordered buyers of two underpriced public properties in Lagos to pay the differentials of the real values of the properties as of 2021.

The Minister of Works and Housing, Babatunde Fashola, disclosed this on Wednesday while briefing State House Correspondents after the week’s Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari.

According to the Minister, FEC arrived at the decision following a memorandum he presented to the Council in which he revealed that the government was short-paid in the transaction on the properties seized by officials of the National Drug Law Enforcement Agency (NDLEA).

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According to Fashola, the properties, a four-bedroom bungalow on Adeniyi Jones and another five-bedroom duplex on Amadasun Street in GRA, Ikoyi, Lagos, which sold for N2 million and N5 million respectively were seized by the NDLEA in the course of narcotic prosecution.

He said the government wants the buyers to pay N18 million for the bungalow and N21 million for the five-bedroom duplex being the cost at which they were valued in 2021.

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