DEADLINE: 13TH JUNE, 2023
PAUL OSAJI & CO
AUCTION SALES OF PROPERTIES
We have the mandate of our client to dispose the underlisted strategic properties and hereby invite the general public to submit sealed bids for the outright purchase of the properties in line with the following terms and conditions;
| S/N | LOCATION | DESCRIPTION |
| 1 | 41, Raymond Njoku Street, Ikoyi | 4 Bedroom detached house on 358.38 square meters land |
| 2 | 52, Awolowo Road, Ikoyi | 8-bedroom detached house on 490.51 square meters land |
| 3 | 92, Norman Williams Street, Ikoyi | 2 Nos. 4-bedroom semi-detached house on 371,31 square meters land |
| 4 | 107, Awolowo Road, Ikoyi | Newly renovated detached house on 666.13 square meters land |
| 5 | 110, Awolowo Road, Ikoy | Detached house with 6 shops, offices and 3 rooms boys’ quarter on 461.73 square meters land |
| 6 | 4, Elsie Femi Pearce Street, Victoria Island, Lagos | 2 nos. block of 3-bedroom flat with outbuilding structures on 3,197 square meters land |
| 7 | 29, Palm Church Str, Aroloya, Lagos Island | Tenement Building on 2 floors on 120 square meters land |
TERMS AND CONDITIONS OF SALE
(1) All the Properties are being offered for sale on “As Is” basis
(2) The description of the properties as contained in the Invitation for Sealed Bids and any other Information provided therein with respect to said properties are based on information available as at the time of advertisement for sale and are believed to be correct, but any error or omission, including but not limited to the omission of any information from the bid documents shall not constitute ground or reason for non-performance of the contract of sale, or claim by purchaser for allowance, refund, or deduction from the purchase price.
(3) At the time of submission of any offer, the Bidder must submit with their bid package, a commitment fee in bank draft made payable to PAUL OSAJI AND COMPANY in the sum of 10% of the bid amount. (The earnest money of all unsuccessful bidders shall be available for collection within 2 working days upon the completion of the bid process).
(4) Any and all due diligence and property inspections must be completed before submitting the bids as no provision is made for a due diligence period once bids have been opened.
(5) The final 90% payment of the winning bid shall be made by Bank transfer within 7 working days after successful bidders have been notified.
(6) Where the Bid winner is unable to make payment of the balance 90% within the stipulated 7 working days,
- The winning bidder shall forfeit 25% of the 10% deposit as administrative and other charges.
- The refund of the balance shall be made without interest
- The Next highest bidder shall be offered the property if the bid meets the reserved price.
(7) Where there is a tie of same amount in the winning bid, there shall be a second round of bidding between the parties involved where the parties will be asked to improve their bid to determine a winner for the property.
(8) The FINAL SALE PRICE for the properties shall be “NET OF ALL TAXES AND STATUTORY DEDUCTIONS”
(9) The successful Bidder shall pay 4.5% of the bid amount as agency fees/legal fees which is subject to VAT at 7.5%
INSTRUCTION TO BIDDERS
General Instructions
(1) Each prospective bidder is required to complete and execute, the bid form in the Bid Package, and all information and documentations called for thereon must be furnished.
(2) Bids shall be filled out legibly with all erasures, strikeovers, and corrections initialed by the person signing the bid and the bid must be manually signed.
(3) Each Property should be bid for separately
(4) A bid executed by an attorney or agent on behalf of the bidder shall be accompanied by an authenticated copy of his Power of Attorney or other evidence of his authority to act on behalf of the bidder (Duly Executed Proxy Form).
(5) Where the Bidder is a company or organization, the bid shall be signed by an officer or principal of the Bidder with the authority to sign and bind the bidder. Evidence of the signatory’s authority to sign shall be attached to the Bid. together with copy of the certificate of incorporation of the corporate Bidder and a corporate resolution designating officers with authority to sign and bind such corporate Bidder.
Collection and Submission of Bid Package
Prospective Bidders can collect and return completed bid packages from Monday 29 May, 2023 at the following locations;
(a) HEAD OFFICE – No 1, Chris Efunyemi Onanuga Street, Lekki Phase 1, Lagos.
(b) IKEJA OFFICE – 46, Olowu Street, Ikeja Lagos
Each Bid package will include the following;
- Bid Application form
- KYC form
- Proxy Form (Where Applicable)
Sealed bids will be accepted from Monday 29 May, 2023 to Tuesday, 13 June, 2023. All completed bids must be enclosed in a properly sealed envelope marked at the top left-hand comer, thus “BID FOR THE PURCHASE OF (address of property) addressed to PAUL OSAJI & CO., 1 CHRIS EFUYEMI ONANUGA STREET, LEKKI 1, LAGOS.
Deadline for Submission
All bids must be submitted on or before 3.00pm on 13 June, 2023. Bids submitted after 3:00 pm on the last day of bidding period will NOT be opened
Inspection
Prospective Bidders are free to inspect the properties externally. Internal Inspections will be arranged on request where possible from 30 May, 2023 to 9 June, 2023.
Opening of Bid
Bid shall be opened on 14 June, 2023 at the venue to be communicated to the bidder.
Disqualification
Any bid not in conformity with bidding instructions and/ or not submitted on or before the deadline will be automatically disqualified.
For further details and arrangement for guided inspection, kindly contact;
No 1, Chris Efunyemi Onanuga Street, Lekki Phase 1, Lagos,
Tel: 08023103579, 08033054883
Email: aikade@paulosajiandco.ng ; kofili@paulosajiandco.ng
