Recovered loot: I sold property to pay loan – Muazu

Recovered loot: I sold property to pay loan – Muazu
April 14 13:28 2017

Former chairman of the Peoples Democratic Party (PDP), Adamu Muazu, has said he knows nothing about monies found by the Economic and Financial Crimes Commission (EFCC) at a property reported to be his own at Osborne road, Ikoyi, Lagos.

Muazu said he had since sold the flats in the building to different individuals and used the money to pay bank loan.

On Wednesday, EFCC said it discovered $43.4m, £27,800 and N23.2m in the house after a tip-off by a whistle-blower.

“My attention has been drawn to the news making the rounds that I own the building on No.16 Osborne Road, Ikoyi, Lagos. I want to state clearly that I built the said property and sold to prospective buyers of individual flats,” he said.

“I have been a property developer since 1983 and I have developed and sold several properties all over the world, the property in question happens to be one of them. I acquired the land and jointly develop it using a bank loan, I obtained about nine (9) years ago.

“However all the flats have been sold to prospective buyers in order to pay back the loan. I do not own or occupy any of the apartments. I sold all the apartments through established estate agents as such I have no knowledge or interest in who purchases or rents any of the flats,” he said in a statement.

Mu’azu commended the EFCC for the fight against corruption, stating that he believes they will reveal the real owner of the apartment, where the monies were found.