‘I can’t steal association’s money’ — Magodo II chairman denies funds misappropriation

Sheriff Daramola, chairman of the Magodo Residents Association (MRA), Lagos, has denied allegations of financial mismanagement levelled against the estate’s leadership.

In an interview with TheCable on Thursday, Daramola said the allegations are “baseless” and without justification.

TheCable had reported that Lawson Adesokan, the MRA’s internal auditor, raised the alarm about the alleged infractions in an internal memo.

In the memo dated December 12, 2023, and seen by TheCable, Adesokan challenged Daramola for approving four additional police officers as security for the estate without the approval of the board of trustees (BoT) and central consultative council (CCC).

The auditor also chided the chairman for approving N4,800,000 per annum for additional security, saying it was above his approval limit.

Due to the concerns raised by the auditor, an investigative committee was set up by the estate’s BoT and Magodo residents general assembly.

The committee was tasked with probing the alleged mismanagement of the estate’s security funds by Kunle Kosile, the security secretary.

In its report submitted in June 2024, the committee said it discovered “discrepancies in the payment of allowances to police officers, lack of documentation and oversight in the disbursement of funds, and significant weaknesses in the current financial management practices”.

‘I CAN’T STEAL ASSOCIATION’S FUNDS’

Speaking on the allegations, Daramola said he did not approve N4.8 million — as claimed by the auditor.

The MRA chairman said no money was missing from the association’s coffers and that the investigative committees did not discover such.

“It is not true. It is baseless. There is no justification for it. In fact, two committees have been set up, and they did not find N4.8 million approved by the chairman,” he said.

“In my report, I stated that there were exigencies for security reasons in the estate; any subsequent approval will be in the 2024 budget. Simple as ABC.

“I did not approve N4.8 million. It is so disheartening that we can have this information flying around.

“But I am happy that all the committees set up said there was nowhere N4.8 million is missing. There is no money missing.”

On the allegation of lack of oversight in the disbursement of security funds, the chairman said it would be very “cumbersome” for him to confirm receipt of funds from different security operatives.

He added that the disbursement of security funds is a “very sensitive” issue and that police officers do not want their names on record.

“The oversight they (investigative committees) want or are referring to is for the chairman to go and ask those whose funds were disbursed to,” he said.

“I have other departments — project secretary, utility — they all raised memos to do one or two things.

“What that report is telling us is that I should go and ask if they purchased XY; that is the angle I see it, which is going to be cumbersome and bring trust issues.

“Secondly, if I had assigned you a duty in terms of purchase and the rest of them, and I can see results of the money being spent, that result speaks a lot of volume.

“If they say I don’t have oversight function, my understanding is just what I have explained. They want me to go and be asking questions like ‘were you given this money’.”

Daramola said he did not steal the estate’s funds and that he is always seeking ways for the progress of the community.

“I know what I can do. I know those that voted me into power. I know the image of leadership in Magodo and I won’t do anything to jettison or put Magodo in a bad spotlight,” he said

“What is happening, I believe, is just a phase of time. I will say I’m mature when it comes to funds.

“I won’t steal the association’s money, instead I will contribute to ensure the association survives.

“The community is where I live and I won’t do anything to misrepresent my community in any way.

“When it comes to financial mismanagement, you won’t see me there. A proverb says a good name is better than gold and silver.

“My motive is to have a progressive community. A community where people can appreciate one another.

“When these reports and recommendations came out, people were just saying that no, this is not the chairman we voted in. I will never do that.

“Even when I’m not there, people still stand for the integrity of my administration. We did not steal money.”