Presidency Orders Probe of Sale of Nitel Skyscraper to Bankole’s Father

The Presidency has ordered the Economic and Financial crimes Commission (EFCC) and the attorney General of the Federation, Bello Adoke to probe the sale of a Nitel Skyscraper (NECOM house) to West African Aluminum Products (WAAP) Plc.

WAAP Plc is owned by Alani Bankole, father of the former Speaker of the House of representatives, Dimeji Bankole.

The probe comes on the back of a petition signed by a former Permanent Secretary in the Ministry of Information, Ambassador Stephen Willoughby, challenging the sale of the edifice.

Willoughby who spoke on behalf of the board of Nitel said the sale of the skyscraper to WAAP Plc was in contravention of a Presidential directive that instructed the asset not be sold.

The sale was carried out by the Liquidator of NITEL/M-Tel Staff Pension Fund, Messrs Olusola Adekanola and Co. Willoughby has stated that Adekanola & Co. went beyond the purview of their mandate in selling the property to Bankole’s father’s company.

However Adekanola denied any wrongdoing, stating that the sale was done transparently and sold to the highest bidder. In addition he stated that the sale was assented to by the then Minister of Works. Also Adekanola claimed that the Presidential directive barring the sale was never conveyed to him.

A committee appointed by the Bureau of Public Enterprises has called upon government to revoke the sale. The panel headed by Ibrahim Kashim, a director of Oil and Gas at the Bureau of Public Enterprises has submitted a 32 page report on its findings on the sale to WAAP Plc.

The report reads in part “Government may revoke the sale of NECOM House to West African Aluminium Products Plc by the Liquidator of NITEL/MTel Staff Pension Fund (in liquidation) on the grounds of the established fraud, tainted process and ask the liquidator to refund the consideration with interest to the buyers.”

“The committee confirmed that the original list of NITEL/M-Tel non-core assets which formed the basis of all the assets transferred to the Trustees of NITEL Pension Fund Scheme for purposes of liquidation was generated by the management of NITEL/M-Tel and handed over to the BPE.

“Former President, Chief Olusegun Obasanjo, vide his memo dated May 16, 2007, had approved the Presidential Task force’s recommendation that NECOM House be retained in the schedule of NITEL’s core operational assets due to its strategic importance to the SAT-3 operations.

“Despite Mr. President’s approval which the liquidator claimed was not formally transmitted to him by the then Director General of BPE, Mrs. Irene Chigbue, he had sold NECOM House to WAAP Plc sometime between May and July 2008 with evidence of a certified true copy of the Deed of Assignment between NITEL Trustees Limited and the buyer duly consented to by the Minister of Works.”