<\/p>\n
Ekiti State Government has accused the immediate past governor of the
\nState of reckless looting and mismanagement of the State resources,
\nsaying; \u201cthe immediate past All Progressives Congress (APC) government of
\nDr Kayode Fayemi ruined Ekiti State economically, putting the State in a
\nfinancial bondage till year 2020 and that the State government was
\nindebted to the tune of N86,013,689,097.\u201d<\/p>\n
Special Assistant to the State Governor on Public Communications and New
\nMedia, Lere Olayinka, in a press conference addressed in Ado-Ekiti today,
\nsaid it was appalling that the Fayemi-led administration used Fountain
\nHoldings Limited, an investment company owned by the Ekiti State
\nGovernment and saddled with the responsibility of managing and supervising
\ncompanies owned by the State Government, to borrow N5billion from EcoBank
\nin May, this year.<\/p>\n
He said; \u201cAs I address you today, I can tell you categorically that Ekiti
\nState Government is indebted to the tune of N86, 013,689,097. The debts
\nare broken down as follows: Bank Loans; N15, 831,613,425.62, Bond; N26,
\n749,796,784.75, Outstanding Warrants; N15, 522,552,900.76, Outstanding to
\nRoad Contractors; N21, 286,126,749, Outstanding Remittances to FG; N709,
\n883,656.75, Outstanding Remittances (State Govt); N592, 995,374.89 and
\nEKSG Public Servants Outstanding Emoluments; N5,137,888,224.37.\u201d<\/p>\n
On the N25 billion bond taken by the Fayemi\u2019s government, Olayinka said;
\n\u201cAs at today, after paying a total sum N15, 221,207,088 (i.e.
\nN14,299,085,088 repaid from the N20bn bond and N922,122,000.09 from the
\nN5bn bond), the State Government is still owing N26.749bn!<\/p>\n
\u201cIsn\u2019t it worrisome that after paying N15.5bn out of the N25bn bond taken by
\nFayemi\u2019s government, Ekiti State Government still owes N26.7bn? That is the
\nsituation that we are confronted with.\u201d<\/p>\n
Speaking further, the governor\u2019s aide, who was flanked by the Chief Press
\nSecretary to the governor, Mr Idowu Adelusi and Special Assistant on
\nInformation and Civic Orientation, Hon. Lanre Ogunsuyi, said it was
\nquestionable for Fountain Holdings Limited, a company with N15 million
\nshare capital to have been granted N5 billion loan by EcoBank without
\nrecourse to the Debt Management Office (DMO).<\/p>\n
\u201cOur question is; is it part of the responsibilities of Fountain Holdings
\nLimited to execute capital projects like road construction on behalf of
\nEkiti State Government?<\/p>\n
\u201cFountain Holdings Limited, for your information is an investment company
\nowned by the Ekiti State Government. The responsibility of Fountain
\nHoldings Limited is to manage and supervise all companies owned by the
\nEkiti State Government. The Share Capital of the company is N15m, and we
\nwonder how a company with N15m Share Capital could be granted N5bn loan by
\nEcoBank without any recourse to the DMO!<\/p>\n
\u201cAs at today, there is no single evidence of utilisation of the N5bn,
\nsuggesting that the loan was taken to fund Fayemi\u2019s botched re-election
\nbid.\u201d<\/p>\n
On the N25 billion bond, Olayinka disclosed that a total some of N499,
\n654,808.01 was being deducted monthly deducted from the State allocation
\nat Federation Account Allocation Committee (FAAC).<\/p>\n
He said; \u201cMonthly repayment is N397, 196,808 (for N20bn) and N102,
\n458,000.01 (for N5bn) deducted at Federation Account Allocation Committee
\n(FAAC). Total deduction per month is N499, 654,808.01.<\/p>\n
\u201cThe first tranche of N20bn will be fully paid in 2018 while the second
\ntranche of N5bn will be fully discharged in 2020.<\/p>\n
\u201cThe N20bn bond is with period accumulated interest of N13.4bn while the
\nN5bn is with period accumulated interest of N3.6bn.<\/p>\n
\u201cAs at today, after paying a total sum N15, 221,207,088 (i.e.
\nN14,299,085,088 repaid from the N20bn bond and N922,122,000.09 from the
\nN5bn bond), the State Government is still owing N26.749bn!\u201d<\/p>\n
The governor\u2019s aide also accused the Fayemi-led government of placing
\ngovernment funds in banks in Ibadan and Lagos at abysmally low Interest
\nRates, some as low as 0.85% and 1.5.<\/p>\n
He alleged that \u201cWhereas, Call Deposits in Banks attract not less than 3%
\ninterest, during the last administration, government funds were placed in
\nbanks in Ibadan and Lagos at abysmally low Interest Rates, some as low as
\n0.85% and 1.5. These transactions were obviously done to defraud the State
\nwhile pleasing cronies of the last administration.<\/p>\n
\u201cFixed Deposit for 30 days was made at 2% interest. Whereas, the average
\nrate for Fixed Deposit was 8.5%.\u201d<\/p>\n
Olayinka, who also disclosed that N604.9 million was used to furnish the new
\nGovernor\u2019s Lodge constructed with N3.3 billion borrowed fund, added that;
\n\u201cUnfortunately for Fayemi and his wife, they could only use the N604.9m
\nfurniture
\nfor 15 days!<\/p>\n
\u201cContract for the furnishing of the new Governor’s Lodge, built with
\nN3.3bn borrowed fund was awarded to Kitwood Nigeria Limited on June 18,
\n2014, three days to the governorship election that he (Fayemi) lost
\nscandalously.<\/p>\n
\u201cInstead of the State Ministry of Works, the contractor was asked to
\nreport at the office of Fayemi’s Chief of Staff, Yemi Adaramodu to sign
\ncontractual agreement and also obtain detailed specifications of the items
\nto be procured.\u201d<\/p>\n
Concluding, the governor\u2019s aide said; \u201cFrom what we enumerated above, it
\nis clear enough that the previous administration of Kayode Fayemmi was a
\nmonumental disaster to Ekiti and its people. The government simply hated
\nEkiti and its people and it demonstrated it by grossly mismanaging the
\nState resources and plunging the State into perpetual bondage of debt.<\/p>\n
\u201cA lot of people might want to reason that; the new government of Ayodele
\nFayose should just forget about the past and move on with its own
\nprogrammes. Yes, the government of Fayose will move on, and deliver on its
\nelectoral promises. The government of Fayose will bring succour to Ekiti
\npeople by putting food on their tables. But the government of Fayose must
\nlook at the past, consider the present and project for the future of Ekiti
\nState.<\/p>\n
\u201cTherefore, we want to state categorically that all those who have
\ndefrauded this State will be made to refund every kobo that they stole.
\nThose who shed the blood of innocent Ekiti sons and daughters too will
\nmade to face the full wrath of the law.\u201d<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Ekiti State Government has accused the immediate past governor of the State of reckless looting and mismanagement of the State resources, saying; \u201cthe immediate past All Progressives Congress (APC)…<\/p>\n","protected":false},"author":1,"featured_media":28348,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-32838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n