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Embattled Managers of 1004 Promise to Restore Services

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  • Embattled Managers of 1004 Promise to Restore Services

Most homeowners in 1004 Estate, Lagos are wondering how the facilities in the estate deteriorated so fast after some residents forcefully took over the management of facilities there from 1004 Estates Limited.

1004 Estate was sold by the Federal Government to a private concern during the regime of President Olusegun Obasanjo. The Estate took a whole new look after it was rehabilitated by the private enterprise.

In contrast to its sweet atmosphere fresh from rehabilitation, the Estate is a hot bed of management crises and failing infrastructure.

Some residents and owners plotted the takeover, complaining that the company did not render an account to them, that they were slammed with huge bills for services and were not given an opportunity to discuss the items on it or negotiate a best price for them.

Regrettably, some homeowners and residents are complaining that a worse scenario was playing out in the estate, which led to the dissolution of their executive committee and the appointment of a caretaker committee. The committee is now being accused of all sorts of misdemeanor, including inability to provide treated water, steady electricity, and security. The residents also complained that the committee does not give them reports, neither do they discuss with them before increasing charges.

Among the many features of the Estate’s deterioration are alleged increase in electricity theft of which an unemployed foreign resident, who was said to have recently evaded arrest, is being accused; establishment of a parallel Association by a cell of radicals and protesters; a law suit by the power company whose contract was said to have been terminated in an opaque and questionable manner.

Some are proposing that they renegotiate with 1004 Estates Limited so that their lives and facilities can be restored to normal.

The storm in 1004 Estate has become a source of worry to many residents that their once endearing residential area would become too disreputable to attract the services of credible service-providers.

Meanwhile, the management of 1004 Estates Limited has promised to restore facilities in the estate to their original state, as soon as the residents and owners come to some form of agreement with them.

They reminded the residents of a 40-page service charge report and budgets emailed to them annually over the past four years and which are also available on the company’s website.

A statement by the management of 1004 Estates Ltd said in a statement yesterday that it “wishes to convey to its residents and stakeholders that the present situation of no water and poor unstable electrical supply on the estate due to the present mismanagement by 1004 HORA is nearing its end.

“This group of persons who forcibly invaded the estate on 5th December 2015 has exposed residents to severe distress of persistent service failures whilst collecting service payments and having no interest in delivering any services.

“Only two of the 12 indicted leaders that procured the illegal policemen for the forcible invasion of this group after investigations by the police have now been arraigned before a Lagos court for the criminal offence of forcible entry.”

The statement said ten other persons (names withheld) “have not deemed it fit to appear in court to answer to these charges whilst still in illegal continued occupation of the facilities and equipment of 1004 Estates Ltd.

“These indicted persons and their agents and appointees are presently evading arrest and efforts by the police to effect their arrest yesterday were disrupted by those who are thus preventing our required access to repair these destroyed assets in our water and power plants in the estate.

“The selfish actions of a few fellow residents now keep the majority of our residents in a state of perpetual distress without water and electricity or security and have led to several complaints that 1004 Estates Ltd honours our contractual obligations to provide services in the estate.

“We expect to immediately replace once we are able to gain access to the damaged water treatment plant (which functioned under our management) and the damaged two of our five 200kva generators to immediately ameliorate the sufferings. We assure our residents that the asset replacement funds dedicated to effect this restoration are intact.

“The personal motives and obvious financial compromises responsible for the sufferings being meted out to our residents despite the service payments made will be reasonably reconciled when our normally efficient services are resumed soon.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Communities in Delta State Shut OML30 Operates by Heritage Energy Operational Services Ltd

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The OML30 operated by Heritage Energy Operational Services Limited in Delta State has been shut down by the host communities for failing to meet its obligations to the 112 host communities.

The host communities, led by its Management Committee/President Generals, had accused the company of gross indifference and failure in its obligations to the host communities despite several meetings and calls to ensure a peaceful resolution.

The station with a production capacity of 80,000 barrels per day and eight flow stations operates within the Ughelli area of Delta State.

The host communities specifically accused HEOSL of failure to pay the GMOU fund for the last two years despite mediation by the Delta State Government on May 18, 2020.

Also, the host communities accused HEOSL of ‘total stoppage of scholarship award and payment to host communities since 2016’.

The Chairman, Dr Harrison Oboghor and Secretary, Mr Ibuje Joseph that led the OML30 host communities explained to journalists on Monday that the host communities had resolved not to backpedal until all their demands were met.

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Crude Oil Recovers from 4 Percent Decline as Joe Biden Wins

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Oil Prices Recover from 4 Percent Decline as Joe Biden Wins

Crude oil prices rose with other financial markets on Monday following a 4 percent decline on Friday.

This was after Joe Biden, the former Vice-President and now the President-elect won the race to the White House.

Global benchmark oil, Brent crude oil, gained $1.06 or 2.7 percent to $40.51 per barrel on Monday while the U.S West Texas Intermediate crude oil gained $1.07 or 2.9 percent to $38.21 per barrel.

On Friday, Brent crude oil declined by 4 percent as global uncertainty surged amid unclear US election and a series of negative comments from President Trump. However, on Saturday when it became clear that Joe Biden has won, global financial markets rebounded in anticipation of additional stimulus given Biden’s position on economic growth and recovery.

Trading this morning has a risk-on flavor, reflecting increasing confidence that Joe Biden will occupy the White House, but the Republican Party will retain control of the Senate,” Michael McCarthy, chief market strategist at CMC Markets in Sydney.

“The outcome is ideal from a market point of view. Neither party controls the Congress, so both trade wars and higher taxes are largely off the agenda.”

The president-elect and his team are now working on mitigating the risk of COVID-19, grow the world’s largest economy by protecting small businesses and the middle class that is the backbone of the American economy.

There will be some repercussions further down the road,” said OCBC’s economist Howie Lee, raising the possibility of lockdowns in the United States under Biden.

“Either you’re crimping energy demand or consumption behavior.”

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Nigeria, Other OPEC Members Oil Revenue to Hit 18 Year Low in 2020

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Revenue of OPEC Members to Drop to 18 Year Low in 2020

The United States Energy Information Administration (EIA) has predicted that the oil revenue of members of the Organisation of the Petroleum Exporting Countries (OPEC) will decline to 18-year low in 2020.

EIA said their combined oil export revenue will plunge to its lowest level since 2002. It proceeded to put a value to the projection by saying members of the oil cartel would earn around $323 billion in net oil export in 2020.

If realised, this forecast revenue would be the lowest in 18 years. Lower crude oil prices and lower export volumes drive this expected decrease in export revenues,” it said.

The oil expert based its projection on weak global oil demand and low oil prices because of COVID-19.

It said this coupled with production cuts by OPEC members in recent months will impact net revenue of the cartel in 2020.

It said, “OPEC earned an estimated $595bn in net oil export revenues in 2019, less than half of the estimated record high of $1.2tn, which was earned in 2012.

“Continued declines in revenue in 2020 could be detrimental to member countries’ fiscal budgets, which rely heavily on revenues from oil sales to import goods, fund social programmes, and support public services.”

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