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How I bought MKO stadium from MTN N10m mast- Taiwo


Former president of the Low Cost Housing Estate Landlords and Tenants Association in Oke-Afa, Ejigbo LCDA,  Alhaji Olabanji Taiwo has revealed how the association collected N10million from telecommunications giant MTN to permit it to erect its mast on the MKO sports stadium and used part of the money to buy the stadium.

He said he gave the “estate youths”, N1.3million out of the money for reasons still unknown.

Taiwo, who made the revelation in an exclusive interview with Echonews on his six year tenure as the association’s president alleged that the Lagos Building Investment Company which represents Lagos State Government on matters relating to the estate collected N1m for “retention”.

He also claimed to have bought the land on which the Civic Centre was built by his predecessors and the stadium for N2.5m.

His words: “The service provider, MTN came and there is no way a corporate organization would do something without proper documentation. They demanded for the papers foridentification of the field and I went through so many procedures to get the approval. The money gotten was 10million naira, the government collected 1miilion naira for retention fee and gave the Landlords Association, 9million naira. Out of the N9million, we paid for the two lands which Is the stadium and the Civic Center and 2.5 million was left


 with us. Out of the 2.5 million, 1.3 was given to the youths and we took the rest.”

Taiwo is locked in battle with Amosu, his successor, over alleged misappropriation of funds and failure to render accounts.

Explaining that he took the decision in the public interest, Taiwo said the association had chronic financial challenges when he took over as most of the 39 zones failed to meet up with their mandatory N500 per month levy.

He also claimed that the decision was endorsed by the general meeting of the association and minutes of the meeting widely circulated.

“All what happened was discussed in the central meeting so those who are saying they don’t know about how the money was spent didn’t go through the monthly  buleting sent around or have not been attending meetings at  the civic center.” He said.


Taiwo, who doubled as the president of the association of all the estates established by  the Jakande administration, confessed that he stepped on toes of powerful interests on the estate and appealed for forgiveness.

Recalling his disagreement with the Iyaloja, Chief Mrs. Adebiyi, Taiwo said his decision to establish a farm products market to bring down rising prices of foodstuffs on the estate was misunderstood.