A bidder’s offer of N13.1 billion for a forfeited property in Lagos State was turned down by the Economic and Financial Crimes Commission (EFCC) on Monday.

The property, which consists of 24 units of opulent flats and is situated in Banana Island, a wealthy area of Lagos State, was put up for auction as a single unit as part of the EFCC’s ongoing nationwide auctioning operation for forfeited assets.

It was not made public who the original owners were of the assets.

However, the commission had already won a court judgment calling for the confiscation of a luxurious tower in the same neighborhood of Lagos connected to a former Minister of Petroleum Resources.

A statement from the EFCC’s spokesperson, Wilson Uwujaren, said that no bid was accepted for the property in Lot 1 during the auction that was held in Abuja on Monday.

According to the statement, an anonymous bidder who submitted the highest offer of N13.1 billion for the property was disqualified since they did not include the required 10% of the bid price. According to the EFCC, “Other bidders did not make the reserve price. The bids will close by 12 pm on Friday, January 13, 2023, while the bid opening will be done the same day,”

As a result of the development, the commission’s secretary, George Ekpungu, said that new bids will be accepted for the Lot 1 property.