MAGODO RESIDENTS ASSOCIATION LEADERSHIP ACCUSED OF MISAPPROPRIATION OF FUNDS

October 4, 2024

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The Magodo Residents Association (MRA) leadership, under Sheriff Daramola, has been accused by some estate residents of misappropriating funds.
The auditor, Lawson Adesokan, raised the alarm about the alleged misappropriation in an internal memo, citing the approval and disbursement of funds for “Police PR,” a form of monetary compensation given to police officers assigned to secure the estate.
In the memo dated December 12, 2023, Adesokan challenged Daramola for approving four additional police officers as estate security without the approval of the Board of Trustees (BoT) and central consultative council (CCC) of the estate.

The MRA chairman was reprimanded by the auditor for allowing N4,800,000 in annual security expenditures, claiming that this amount exceeded his approval threshold. He added that “I understand payment of PR to the police commanders is not unusual, but if the amount is running over N10 million, it should not be handled by only one person, which in this case is the security secretary.”

He says that it is worrying that a single person would be responsible for disbursing N4,800,000 annually, as it is vulnerable to fraudulent activities. Also that there is something fishy about the way the money was transferred out of the association.