21st July, 2017
By Kazeem Ugbodaga
The Lagos State Water Corporation, LWC, says it expects to rake in over N100 million from the disposal of its unusable items through bidding process.
The bidding for the items was held on Thursday at the corporation’s headquarters in Ijora area of Lagos, Southwest Nigeria, with companies and individuals bidding for the items.
Items disposed included unusable pipes, electro-mechanical and scrapped metallic materials in different location across the state.
Managing Director, LWC, Engr. Muminu Badmus said the corporation had lots of assets that were not being used, thus the need to dispose them through bidding to generate fund for the corporation to carry out its functions.
He said the LWC, before deciding to dispose the unusable assets got approval from Governor Akinwunmi Ambode and employed the procurement guidelines to ensure that the process was transparent.
Chief Operating Officer, LWC, Engr. Deji Johnson said that the corporation put machinery in motion to ensure that the bidding process was done openly in order to allow transparency, which the organisation stood for.
Head of Procurement, LWC, Engr. Lawrence Adebola disclosed that a committee was set up by the management to identify the different materials and equipment that were no more in use all over the corporation’s locations.
“The committee came out with a list of unserviceable equipment and scrapped materials, which comprises pipes, mechanical, automobile and electrical equipment,” he said, adding that with the approval granted by the governor, the corporation invited interested firms and individuals to bid for the items through paid adverts in the newspapers.
Adebola explained that the assets offered for bids were divided into five lots, saying that the offered price for any lot was inserted in the appropriation portion of the document and submitted with a commitment fee of five percent of the value of the offer.
“If the first winners fail to make payment or evaluate the materials from site within the specified period in the issued procurement document, the next responsive offer will be considered while the first winner forfeits the offer and the commitment fee bank draft returned immediately.
“The winner is expected to make payment within 48 hours of the receipt of the letter of offer while the evaluation of materials is within two weeks from the date of payment.