Alade Market Traders Refutes Master Reality Claims

 Traders in popular Alade Market have refuted the alleged claim that two of their members stole a300 KVA transformer from the market.

The Masters Reality International Concepts who's concession agreement with the Ikeja Local Government for the redevelopment of Alade Market was terminated on September 24. 2021 had informed the Area F police command division that the stolen transformer at the market was taken by the two traders

Reacting to the matter, one of the traders in the market Mrs Mosumola Awokola informed the journalists during a press briefing that the  abandoned transformer does not belong to the Masters Reality International Concepts.

She said that, when the market was relocated  to the present place in 2016 there was no power supply to any shop. 

Adding that Masters Reality International Concepts gave out two bank accounts to all traders to pay in money for the purchase of 500 KVA transformer. 

According to her, the two bank accounts are Stanbic IBTC bank 0021298199 and Eco Bank 3302023671 where the sum is N13,000 (thirteen thousands naira) was paid by all the traders in the market for the purchase of the transformer and connection respectively.

Mrs Awokola said, instead the managing firm installed a low power transformer which could not serve the whole marker and after much repair it was abandoned.

 " we have suffered so much from the managing firm on power supply that was why we approach the Ikeja local government to assist us, before a new transformer was brought by the local government which is still serving us till now".

In his own reaction Mr Jubril Adeboye noted that the managing firm was owing Ikeja Electric  about N3.7millon ( Three million, seven hundred thousand, forty one naira and eighty three kobo) before the termination of the concession agreement with the Ikeja local government.

" when we pay the managing firm electricity and lawma  bills, they do not remit the money to the appropriate quarter and instead the money is diverted to personal use." 

It would be recalled that, Ikeja Local Government had terminated the concession agreement entered with Masters Reality International Concepts Limited for the redevelopment of the Alade Market in Ikeja.

In a letter dated September 24. 2021 signed by the Council Manager Saheed Azeez, the council cited breach of the terms of the agreement as a reason for the termination.

“I have been directed by the Finance and General Purposes Committee of Ikeja Local Government to inform you that the concession agreement between your company and the Ikeja Local Government is hereby terminated with immediate effect,” the letter reads in part.

According to the council, the firm failed to complete the redevelopment of Alade Retail Market within the time frame provided in the agreement, adding that “upon the subsequent reduction of the original size of the concession site, your refusal to make a presentation on a new drawing before the council for necessary approval in line with Articles 1 (1) & (7) of the concession agreement..”

The council said it would upon a proper assessment of the agreement make known to the firm, the quantum of compensation due to it.

It would be recalled that there had been a crisis between the council and the firm over the delay in the delivery of the project.

The firm had alleged that the council failed to make money available for periodic maintenance of the temporary site of the market.

But the council Chairman, Hon. Mojeed Balogun, described the claims as unfounded.

According to him, the N9 million agreed by the parties on the temporary site had been paid.

Balogun stated that since the relocation of the traders to the temporary site in 2016, the concessionaire has been foot-dragging on the re-building of the main Alade market.

“Mind you, the contract for the project was signed in 2010. The traders were moved to the temporary site in 2016. Since then, nothing concrete has been done on the rebuilding of the main market. The firm only informed us last month (June 2020) that he wanted to commence the building of the main market and we told him that we need to revisit the project. The concept he sent to us was different from the one that was agreed upon in 2010. The Exco met and we wrote him on the need to review the project.

“Afterwards, we saw a video by the concessionaire advertising the sales of the shops that are yet to be built. The firm did not inform the council. You cannot ask people to start paying for a project we are yet to agree on the modalities. We must be on the same page before you proceed,” he said.