-How Alade market Developer Involved in Fraud Scandal

When an unexplainable fire outbreak gutted the popular Tejuosho market in Yaba about ten years ago, many owners of the shops therein were thrown into disarray, having lost many items and lots of cash. No sooner than the calamity died down than the contract for the reconstruction of the imposing market was awarded to a firm by the Lagos State Government. But that is as far as the story goes, as very unsavoury stories were emanating from certain sources over the property or otherwise of the new Tejuosho market project. With the intervention of security agencies especially the police, matters were processed and the alleged fraudster of the project Olaide Omotola was arrested and brought to book.
As many have forgotten the bitter story of Tejuosho, the man again has comeinto his usual element of controversy with the popular Alade market in Ikeja. For now it is just amatter of time before the bubble burst as petitions and litigations over the market have flooded the court. One thing you can never take away from Omotola is his unparalled fraudulent moves.
Like a leopard that can never changeits spots, what you will read hereafter will surely boggle your mind. Follow us.
There are now very strong allegations of massive fraud in the Tejuosho and Alade market project in Lagos. These allegations were made more potent when the Special Fraud Unit, SFU of the Lagos Police command arrested the lead consultant of the two projects, one Olaide Omotola over purported fraudulent acts. It was further pinned on Omotola .
Omotola was in police custody, and he answered questions over allegations of fraudulent and mis-appropriation acts in the course of executing the modern market projects
The petitioners claim that he has a barrage of manipulative tendencies all aimed at maximizing every single pie that he has his hands in.
Olaide Omotola was allegedly defrauding the company handling Tejuosho Redevelopment, Stomberg Engineering Company of over 2 billion naira. A petition was forwarded earlier before the arrest, to the Inspector General of police by the Managing Director and Chairman of Stomberg Engineering Company, Mr. Dolapo Atinmo alleging the fraud perpetrated by his company while acting as interim coordinator for oversight functions at the project site, for the company was later referred to the Special Fraud Unit for further investigation. At the SFU, the statement he made was that he has been out of the country with his family after the contract was awarded to his company, in order to attend to his failing health, for which he then handed the oversight function to Omotola; he also revealed that the manager, Omotola floated a personal company with his wife and 3 year-old child, Jeremiah, whose name he used in naming the company, Jeremiah Construction Company Limited and awarded millions of naira worth of contracts to his company without approval from Stomberg Engineering. He said further that while he was away, Omotola took over the construction activities at the project site by further awarding the tiling and blocks laying jobs to his company and submitted an inflated invoice of over N76 million to Stomberg for financial payment. Atinmo further alleged that Omotola forged a company resolution purportedly transferring over 4 million shares of Stormberg Engineering to himself, thereby making him a Director in the company, which he also filed same at the Corporate Affairs Commission, CAC.
Atinmo also alleged that Omotola went borrowing money on behalf of Stormberg Engineering. He also said one of the companies that Omotola obtained a loan from was UT Financial Services Nigeria which offered him N300 million given the project to execute which they have already sold about 70 percent of the shops to buyers who have fully paid with letters of offer confirmed and that up till then their shop allocations were not allotted.

To be continued