The Special Adviser to the Governor on Housing, Toke Awoyinka and some members of the Lagos State House of Assembly visited 1004 Estate in response to a petition signed by the estate's Community Development Association, Mr Matthew Ibadin regarding mismanagment of the finance meant for maintenance of the estate.
Awoyinka said that the facilities had been inspected and a report would soon be written concerning the inspection.
"We can not give a preliminary conclusion on the assessment now but we will soon release a report of our assessment.
"We represent 40 constituencies in Nigeria therefore, we will submit our report to the larger house for discussion before a resolution is made," she said.
Mr Abdulrahman Yusuf, a member of the Lagos State House of Assembly said that 1004 was a multi-billion investment that needed to be managed well because of the value it added to the economy of Lagos State.
"The Lagos State Government will not let such an investment rot away therefore our intervention is pertinent," he said.
Mr Matthew Ibadin, Chairman, 1004 Estate Community Development Association (CDA) accused the estate's acting chairperson, Mrs Lola Ademola and members of the Board of Trustees of siphoning over N5 Billion in six years meant for the maintenance cost of the estate.
Ibadin in a press briefing which held in the estate said that Ademola should account for over N5 Billion meant for the management of the estate she had collected over the years while managing the affairs of the estate.
Ademola had earlier called on President Muhammodu Buhari in a press briefing to save Home Owners Residents Association (HORA) from CSP Isa Lawal, Divisonal Police Officer (DPO), Bar Beach Police Station who was in conjunction with Ibadin in abetting crime in the estate.
In the report, Ademola alleged that Mr Ibadin, was using his position and cordial relationship he had with the DPO to cause havoc and threaten the peaceful coexistence of the residents.
Ibadin, however said that her outcry was a spurious and a warped attempt to distract the public and evade accountability and the consequences of corrupt enrichment.
"Ademola's outcry is a grand design to divert public attention from the main issues at stake.
"One of the issues being her refusal to honour police invitation over willful damage of my property and threat to life.
"This is also in addition to monumental cases of fraud and gross financial impropriety in the management of 1004 Estate in the past 6 years amounting to over N5 Billion," he said.
According to Ibadin, Ademola illegally arrogated powers of managing the estate including financial matters to herself ably supported by a Board of Trustees who lack eligibility to act in that capacity.
He said that was why he wrote a petition to the House of Assembly to come and inspect the management of the estate so that Ademola and her cohorts would be held accountable for all monies collected.
"Since December 2015, each flat estimately pays N650,000, when you multiply this with 1074 flats in the estate it will amount to N698,100,000 annually.
"Now multiply this amount by the six years they have spent in office and you will get N4,188,600,000. There are a whole lot of other service charge bills unaccounted for.
"They also collect money from telecomm, rents, and adverts for the past five years in the tune of over eight billion naira that cannot be accounted for," he said.
Also speaking, Mr Oluwatoyin Lawal, the former Deputy High Commissioner of Nigeria to the UK said that Ademola and her cohorts have been collecting money over the years without effecting proper maintenance to the estate.
"If you ask them for transparency with the money collected they will start reigning insults and breathing down brimestones to cover their anomalies.
"The integrity of the buildings are questionable, we do not want to wake up one day to a building collapse in the estate therefore they should account for the money they have collected over the years," he said.
Lawal said that HORA would resist any attempt by members of the estate's BOT to become life time members of the board.
