The House of Representatives Public Accounts Committee (PAC) has begun an investigation on how a government Plant, Property Equipment (PPE) valued at over N2 billion by the office of the Auditor-General for the Federation was sold for N13.618 million only.
The transaction was effected by Ogun-Osun River Basin Development Authority.
Details of the auctions, included an 800 KVA Perkins Diesel generating set bought for an undisclosed amount by the agency in 2006 but was sold for N550,000 in 2018 after it was declared unserviceable; a CAT pay-loader bought for N70,000 in 1982 but sold for N40,000, while other earth moving equipment, such as bulldozers, graders and excavators were sold for between N350,000 and N550,000 as unserviceable items.
Managing Director of the agency, Olufemi Odumosu, who appeared before the committee, said the Federal Ministry of Water Resources, which approved the public auction of the equipment, also appointed the auctioneers.
Others included a Toyota Camry 2.5L bought in 2013 for N8.150 million and sold for N22,500; trimmers bought in 2004 and lawnmowers bought in 2004 sold for N2,000 and N6,500 respectively. There were also three Peugeot 504 station wagon vehicles bought at N2.9 million each but sold for N26,400 each.