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Real estate firm denies abandoning residents at Lekki estate

By Waliat Musa
12 July 2022   |   2:58 pm
Octo5 Holdings Limited has debunked media reports that it abandoned residents at its flagship Ocean Bay Estate in Lekki, Lagos State. The firm also said it is not indebted to Eko Electricity Distribution PLC (EKDC), adding that complaints by residents were being addressed. In a statement signed by Adetunji Adedoyin-Adeniyi Esq, on behalf of the…

Octo5 Holdings Limited has debunked media reports that it abandoned residents at its flagship Ocean Bay Estate in Lekki, Lagos State.

The firm also said it is not indebted to Eko Electricity Distribution PLC (EKDC), adding that complaints by residents were being addressed.

In a statement signed by Adetunji Adedoyin-Adeniyi Esq, on behalf of the developer, it debunked reports circulating on social media that it abandoned residents at its flagship Ocean Bay Estate in Lekki, Lagos State.

He described the report as malicious, callous, aimed at maligning the collective brand, image and reputation of his client.

The lawyer said his legal firm had already sued EKEDC, on the instruction of Octo5 Holdings Limited for illegal disconnection of electricity supply to Ocean Bay Estate.

“Our Client exercises great caution in commenting on the subject matter surrounding the odious publications, which is still pending before the Lagos State High Court in Suit No: LD/8748GCMW/2021 between Octo5 Holdings Limited, Octo5 Estates Limited and Octo5 Utilities Limited {The Developers and Managers of Ocean Bay Estate} Vs. Eko Electricity Distribution PLC. and Dunmak Power Engineering Limited.

While saying that the distribution company had disconnected the estate from National Grid 17 months ago, he accused the firm of exploiting residents of the estate by charging above the approved electricity tariff by the Federal Government.

His words: “The Eko Electricity Distribution Company (EKEDC) disconnected the electricity supply to Ocean Bay Estates for over seventeen (17) months and the minority residents who can be seen protesting cannot deny the fact that our clients have been supplying electricity for the said seventeen (17) months since the estate was disconnected from the national grid, despite the unprecedented cost of diesel in Nigeria.

“Secondly, the peddlers of the malicious publication cannot establish that our client has collected a dime from any resident of Ocean Bay Estate, without getting commensurate services they paid for and any one that has such claims, is hereby challenged to bring forth proof of services paid for but not rendered by our clients.

“That our client had executed an agreement with an agent of EKEDC known as Dunmak Power Engineering Limited, wherein our client was compelled to pay exorbitant tariffs, which is substantially higher than the tariff that is permissible by the Nigerian Electricity Regulatory Commission {NERC}. Notwithstanding the high tariffs, our clients’ commitment to ensure that Ocean Bay residents enjoyed the best of services compelled it to enter that Agreement under which in return for a guaranteed eighteen hours minimum daily supply, our client paid DUNMARK a steep premium of NGN56 per KWH as against the then operational tariff of NGN27 per KWH.

“This arrangement was with the written approval of EKEDC affirming DUNMARK as its agents and it had specific clauses governing under-supply. Despite this premium service agreement with EKEDC / DUNMARK, and despite our clients’ commitment, EKEDC provided our client’s estate with epileptic power supply without considering the humongous tariffs being paid by our client.

“It is undeniable that instead of EKEDC to charge the flat rate tariff approved by the Federal Government, EKEDC decided to commercialize, monetize and engage in the habit of profiteering power – an essential commodity to Nigerians, by demanding some neighborhoods to pay more as opposed to the approved tariff by the Federal Government”.

Adedoyin-Adeniyi explained that during the 17-month blackout, his client purchased a new 1MVA diesel generator to complement the existing 500KVA and 800KVA generators it earlier purchased, to power the estate.