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1004 Estates association denies alleged N5b mismanagement, viral video

Ayodele Olalere

The management of 1004 Estates Homeowners and Residents Associations (HORA) has denied a viral video in which it was accused of mismanaging  a sum of N5 billion belonging to the association.

In a statement from the management and signed by Barr. Femi Gbenle and dated September 27, 2020, it accused some residents of the estate of moves to tarnish the image of the association.

“The Board of Trustees (BOT) and Executive Committee (EXCO) of 1004 Estates Homeowners and Residents Association (HORA) have been inundated with calls and messages of concern following a video making the rounds on social-media on the state of the estate with clearly defamatory comments on the management of the estate, including patently false allegations of mismanagement of outlandish sums of money.

“For the public, we state unequivocally that there is no ₦5 billion or any other falsely quoted sum in1004 Estates that has been mismanaged or misappropriated.”

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“The key purveyors of these false claims are well-known in the Estate for several of infractions that include: non-payment of rents, service charge and theft of electricity. Having been sanctioned for these infractions (consistent with the Estate bye-laws), and curbed by our recent press conference and the attendant public outcry, they have resorted to outright lies and half-truths via social media and negative press to divert attention from their illegal activities,” the statement stated.

Giving a breakdown of the financial activities of the activities, the management of the Estate, through the statement stated that charges were made based on the services provided by owners of the estate to the residents.

“For the year 2020, the budgeted service charge is N626,000 and for 2019 it was N546,000.00. It is pertinent to point out that as at September 20th, 2020, collection rate for the full 2019 service charge was 85%, while for the current year 2020 only 40% of the apartments in the estate have fully paid, while 45% have paid half as at same date.

“Meanwhile, due to its complexity, the estate provides astute services, using professional service providers, which most estates in Nigeria do not provide.

“These services include 24 hours power supply; water treatment and supply;

security; cleaning and gardening; waste (including sewage) collection and disposal; elevators; club houses; maintenance of common areas/facilities and recreational facilities.”

The statement accused some residents of engaging in ‘electricity theft’ through illegal connection.

“The estate has some residents who rather than pay for their electricity prefer to steal power by bypassing their meters. A forensic audit of our power account showed that over 40% of residents in the estate were involved in power theft.

This organised power theft was so prevalent that it brought the power infrastructure to the brink of collapse,as receivables could no

longer sustain power delivery to dues-paying residents. At a point the deficit from power theft was over ₦185 million and rising.

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These power theft and illegal connections apart from the financial impact, also poses a danger of fire to the estate. The firm’s stance of 1004 HORA under the chairmanship of Barr. Lara Ademola, in fighting these criminal acts has attracted extreme hostility and propaganda against her and other HORA officials by these perpetrators.”

The estate’s management further stated integrity tests were carried out on buildings in the estate and results confirmed they were not in danger of collapsing, while efforts are being made to improve on the structures.

It urged the public to disregard the video and all allegations, adding all those behind the video would be made to face the full wrath of the law.

“These are the facts of the matter, to which we have solid documentary evidence to show, we implore the public to be guided by the truth and not be deceived by falsehood.

“We, therefore, wish the public to know that all the perpetrators of falsehood and disharmony in the estate shall be made to face the full wrath of the law.”