{"id":59573,"date":"2017-09-13T12:52:31","date_gmt":"2017-09-13T11:52:31","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=59573"},"modified":"2017-09-13T12:52:32","modified_gmt":"2017-09-13T11:52:32","slug":"access-bank-withdrew-n852-million-subeb-fund-witness-tells-ekiti-panel","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/access-bank-withdrew-n852-million-subeb-fund-witness-tells-ekiti-panel\/","title":{"rendered":"ACCESS BANK WITHDREW N852 MILLION SUBEB FUND, WITNESS TELLS EKITI PANEL \u00a0"},"content":{"rendered":"<p>\u2026SAYS BANK PAID N71 MILLION REFUND TO FAYOSE&#8217;S GOVT<\/p>\n<p>The controversy over the alleged mismanagement of N852, 936,713.92<br \/>\nmillion Universal Basic Education (UBE) funds in Ekiti State were laid to<br \/>\nrest at the sitting of the Judicial Commission of Inquiry\u00a0<span class=\"aBn\" tabindex=\"0\" data-term=\"goog_843311098\"><span class=\"aQJ\">on Tuesday<\/span><\/span>.<\/p>\n<p>The panel is investigating the management of the state finances between<br \/>\nOctober 2010 and October 2014 when former Governor Kayode Fayemi was in<br \/>\npower.<\/p>\n<p>The cash, which was a counterpart fund to finance projects being carried<br \/>\nout by the state government through the State Universal Basic Education<br \/>\nBoard (SUBEB), was withdrawn by Access Bank, its witness told the panel.<\/p>\n<p>The Ayo Fayose administration has consistently accused the Kayode Fayemi<br \/>\nadministration of embezzling the cash which was a major reason why the<br \/>\npanel was raised. But Fayemi and his aides denied stealing the cash.<br \/>\nThe witness, Mr. Kayode Adejuyigbe, told the seven-member panel led by<br \/>\nretired Justice Silas Oyewole that the bank took the decision to withdraw<br \/>\nthe N852 million counterpart fund because government did not fulfil some<br \/>\nterms in the loan.<\/p>\n<p>Adejuyigbe, who is the Branch Manager of Access Bank, Secretariat Road,<br \/>\nAdo-Ekiti told the panel that the bank paid N71,704,020.00 being refund of<br \/>\nexcess interest charged on fund into the account of the state government.<\/p>\n<p>The refund, according to him, was demanded by the Fayose administration.<br \/>\nThe witness who was led in evidence by Access Bank counsel, Mr. Olufemi<br \/>\nAbiola, revealed that the Office of the Accountant General acknowledged<br \/>\nreceipt of the refund.<\/p>\n<p>Shedding light on what happened to the cash, Adejuyigbe said: &#8220;I know and<br \/>\ncan confirm that\u00a0 N852,936,713.92 was lodged into the 2012 SUBEB\/UBEC<br \/>\nProject Account on 25th November, 2013 and I am aware that it was a<br \/>\nproject counterpart fund required by SUBEB to access 2012 Matching Grant<br \/>\nfrom the Federal Government as stated in the offer letter.<\/p>\n<p>&#8220;It was lodged based on the rules of the bank and it was lodged into the<br \/>\naccount of Ekiti State government and later transferred to SUBEB.<\/p>\n<p>&#8220;At the point of lodgment to the state government, some documents were<br \/>\noutstanding bu based on the offer letter executed which contains all the<br \/>\nterms and conditions binding, the loan was duly accepted by officials of<br \/>\ngovernment and the loan was disbursed.<\/p>\n<p>&#8220;The same amount was disbursed by the Federal Government on 25th January,<br \/>\n2014 but we did our own on 25th November, 2013. At the time the money was<br \/>\ndisbursed, our own (counterpart fund loaned to Ekiti State government) was<br \/>\nin the account before the FGN\/UBEC disburse their own in January 2014.&#8221;<\/p>\n<p>Responding from counsel to the commission, Mr.\u00a0<span class=\"aBn\" tabindex=\"0\" data-term=\"goog_843311099\"><span class=\"aQJ\">Sunday<\/span><\/span>\u00a0Bamise that SUBEB<br \/>\nwas not aware of whereabout of the cash, Adejuyigbe retorted: &#8220;Ekiti SUBEB<br \/>\nwas fully aware of the transactions, they were copied letters from the<br \/>\nbank.<\/p>\n<p>&#8220;SUBEB was aware of all what transpired based on the letter written by<br \/>\nSUBEB which we responded to and several cheques issued by SUBEB into the<br \/>\nsame account.<\/p>\n<p>&#8220;I am aware that cheques were issued to SUBEB contractors, we provided the<br \/>\ncounterpart funding to SUBEB because they were meant to access the<br \/>\nmatching grant which the bank provided.&#8221;<\/p>\n<p>&#8220;The facility was granted to Ekiti State government and not SUBEB, our<br \/>\ncorrespondence was to the Commissioner for Finance. We recalled the (N852<br \/>\nmillion) facility after several letters and we notified the Commissioner<br \/>\nfor Finance about the action of reversing the facility.<\/p>\n<p>&#8220;The bank has the right to recall the loan once the terms of the offer are<br \/>\nnot met. We don&#8217;t need the consent of SUBEB to withdraw the cash because<br \/>\nthe agreement was with Ekiti State government and not SUBEB.&#8221;<\/p>\n<p>An Assistant Director of Finance and Account of the Universal Basic<br \/>\nEducation Commission (UBEC), Mr. Adamu Misau, also gave evidence before<br \/>\nthe commission at\u00a0<span class=\"aBn\" tabindex=\"0\" data-term=\"goog_843311100\"><span class=\"aQJ\">Tuesday&#8217;s<\/span><\/span>\u00a0proceedings and he also testified that the<br \/>\nN852 million cash was withdrawn by Access Bank on 8th October, 2014.<\/p>\n<p>Misau told the panel that Fayose wrote a letter dated 22 April 2015 urging<br \/>\nUBEC to investigate the matter and that the agency should rescind its<br \/>\ndecision to stop Ekiti from further accessing the funds.<\/p>\n<p>The UBEC official read to the hearing of the panel content s of his<br \/>\nwitness statement on oath relevance to the evidence he gave at the<br \/>\nhearing.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>\u2026SAYS BANK PAID N71 MILLION REFUND TO FAYOSE&#8217;S GOVT The controversy over the alleged mismanagement of N852, 936,713.92 million Universal Basic Education (UBE) funds in Ekiti State were laid to&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":45601,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-59573","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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