Dear Homeowners and Residents,

on behalf of the Exco managing the 1004 Estate, we apologise for the great discomfort we have
ALL faced in the last 2 weeks. We have always done our best to preserve everyone's sanity
whilst living here but this episode is alarming. It is said that when it rains, it pours. Our 3 man
Exco instead of a 8 man Exco have all stirred the ship with the best of commitment and love for
what we do till date with this storm now rearing its head.

This communique is no doubt late but day in day out we had been hoping to see some light at
the end of the tunnel before we communicate with facts.

These facts are:

1. Our Generators were bought in Year 2006 with no form of overhaul because of funding. They
are infact 16 years old.

2. No overhaul expense have ever been captured in any budget even before this Exco.

3. The generators have been flogged, there is no day that they are not in use.

4. From the recoverable this Exco generated from power bye pass, we were able to overhaul
one of the generators after paying off the entire debt incurred by the former Estate Managers,
Messrs Broll, to the tune of close to =N=300 Million.

5. There is no resident who enjoys living in discomfort, we all live here and are so experiencing
this set back.

6. The truth is OUR GENERATORS ARE VERY OLD. This Exco inherited 3 working Generators. We
overhauled one in January 2022 to bring them to 4. Today this is where we find ourselves.

7. We service the generators monthly, we carry out repairs and ensure monthly payment of
the power Manager inherited by this Exco.

8. Diesel price hiked beyond the budgeted amount, and we never came back to ask for more
money from anybody. The drive of the power bye pass task force was high and recoverable
have been put to good use such as paying off Estate debts of almost 300 Million, One generator
was overhauled, 6 new Elevators were bought ( even if someone had called them kia picanto).
Anything new with proper maintenance will still go a long way.

9. We were heavily critised with the many problems of OTIS ELEVATORS, we bought new
Elevators WITHOUT TOUCHING HOMEOWNERS FUNDS OR SERVICE CHARGE, we still get
critised.

10. Interestingly, most of the people who ctitised and abuse the Exco, delay or not even pay
their service charge neither do they pay their capital reserve. When they get disconnected, they
run to Exco with a plea to reconnect them and turn up the next time to continue to abuse and
critise the Exco especially me the Chairman.

11. This Exco is not interested in comparing its tenure to past Exco, it is highly irrelevant, what
we have done and will still do before we leave office will speak for us. This unfortunate
breakdown could have happened next year, and the narrative would be that we were better
managers.

12. The truth is this is the current situation and we will get out of it.

13. We will rather rent generators than keep Residents in the dark, when we were in the dark,
we were insulted for doing so, when we rented Generators, we were insulted.

14. It is the job of the General Secretary of the Exco to issue communique in these kind of
situation, unfortunately our GS resigned because he could no longer take the abuses, insult and
threat to his life. TODAY, we say to you that by the grace of God we shall have 2 generators up
and running by early next week or before then.

We shall be having a meeting of the Homeowners to see how we can come up with the funding
to overhaul a third generator by the OEM themselves. This will no doubt be expensive.

Please be assured that data of how much we have spent on the powerplant since this Exco
assumed office will be shared to all residents on Monday November 28, 2023. In there you will
clearly see the horrible impact that electricity theft has caused this Estate.

On a final note, process to bring in an IPP Company is at near conclusion. As Residents, we shall
begin to enjoy 24 hours light with brand new gas engines and at drastically reduced tariff.

With this, we hope to repair our image.

On a concluding note, I ask for all your cooperation in lifting up our Estate in prayers. For those
that will still send me curses, insults and abuses, I will continue to bear them. Thank you and
God bless us all.

O. ADEMOLA
Chairman
Exco