How Lekki Chairman Yomi Idowu Cleared N10.6m From LERA Bank Account

Dear LERA Residents & Stakeholders;  Information from the Zenith Bank Plc, Plot 6, Block 10, Admiralty Way, Lekki Peninsula Phase 1, Lagos today was that the illegal Yomi Idowu LERA Exco, in collaboration with the LERA BoT, presented a dubious LERA’s Resolution to the Bank in fragrant violation of the process for change of Bank Signatory,” the notice read.

“Now all the 10,676,981.39(Ten Million, six hundred thousand, nine hundred and eighty one Naira, Thirty Nine Kobo) left by Otitoju’s Exco in Zenith Bank on 13th October 2020 had been cleared illegally from the Bank and squandered by the Court sacked Yomi Idowu’s Executive and Chief Hilary Onukogu/Nuhu Yakubu’s LERA’s BoT.

“My letter dated 7th October 2020 to Zenith Bank, it’s second to the last paragraph warned Zenith Bank not to go against LERA’s Constitution, Bank Rules & Ethics  especially ‘Know Your Customers(KYC)’. By the letter, the bank was duly informed of the pendency of Otitoju’s suit against the contentious LERA BoT’s arranged September 27th, 2020 Election.

Efforts by The Street Journal to get Mr Idowu’s side of the story on the missing money proved abortive as he rudely turned down any attempt to speak with him saying, “Let’s get one thing clear, I am not in a tussle with anyone.”

When prodded further, he insisted he wasn’t going to speak but rather to have any question directed to his secretary who should speak on his behalf. When asked to avail the news platform of the secretary’s number, in an attempt to get an objective point of view and publish a balanced story, Mr Idowu retorted, “Get the number the same way you got mine,” and then rudely and abruptly ended the call.

See below a bank statement showing the balance of the money as at October 2020 after Otitoju’s suspension.

A copy of a letter to Zenith Bank notifying them of the illegality of dealing with Mr Idowu’s faction following the court judgement.

The Genesis

On February 17th, the Federal High Court in Lagos nullified the LERA election of September 27, 2020, following an application by LERA Chairman, Otitoju, for an order to set aside the poll.

Justice Oluremi Oguntoyinbo upheld the application and nullified LERA’s suspension of Otitoju on the ground that it failed to avail the plaintiff fair hearing before taking such disciplinary action. She accused LERA of deliberately undermining and ‘disrespectfully’ ignoring the court by holding the election. She then ordered the association to conduct another election into its Executive Council within 30 days from the February 17  judgment date.

Following this judgement, Otitoju called for an Annual General Meeting with a view to preparing for an election as ordered by the court. However, the Yomi Idowu led faction refuted the notice of the meeting, saying that is the rightful ‘chairman’ and Exco, it did not call for any Annual General Meeting and that the notice should be disregarded.

The faction reminded residents that it had filed an appeal and a stay of execution of the judgement of Justice Oluremi Oguntoyinbo.