There is a report that an investigative committee instituted by Ekiti governor, Ayodele Fayose, to probe former governor, Kayode Fayemi over an alleged embezzlement of N852 million belonging to the State Universal Basic Education Board (SUBEB), vindicated Fayemi.
According to Premium Times, Fayose had set up the five-member committee after he assumed office as governor to investigate his predecessor, following the controversy over the suspension of the state by the Universal Basic Education Commission (UBEC).
The committee, headed by a former Chief Judge of Ekiti State and the current Oluyin of Iyin-Ekiti, Ademola Ajakaiye in its report dated December 3, 2015, said it found that the cash amounting to N852 million was withdrawn from the account of the SUBEB by Access Bank, Ado-Ekiti Branch, and not Fayemi’s government.
According to the report, the withdrawal was made because the Fayemi administration “failed to perfect the loan agreements as well as failing to provide the Irrevocable Standing Payment Order(ISPO) for the loan.
The committee also had Bode Ola, a former senator, as secretary. Other panel members were former Attorney General and Commissioner for Justice, Owoseni Ajayi; former Accountant General, O.O. Owolabi; former Deputy Director, Physical Planning Unit, SUBEB, Ehinafe Olakunle, now late; Dapo Akinyemi and B.J. Ogundare.
Part of the report read: “The last administration sought for a loan facility to pay the 2012 Counterpart Fund from Access Bank Plc, Ado-Ekiti Branch. The sum of N852,936,793.12k was granted and same was lodged into SUBEB Account No: 0065385694 on the November 25 2013.
“The Universal Basic Education Commission (UBEC) on January 3, 2014 released 2012 Matching Grant of N852,936,793.12k to SUBEB during the tenure of Kayode Fayemi-led administration.
“After following all the necessary due process, the Ekiti SUBEB awarded contracts to contractors based on the total sum of N1,705,872.24k (i.e. the matching grant and the State Counterpart Fund). The projects have been executed to about 55 per cent completion.
“In October 2014, Access Bank Plc, Ado-Ekiti Branch withdrew the loan from the SUBEB Account No: 0065385694, because the last administration did not perfect the loan agreements by not agreeing with interest rate and providing Irrevocable Standard Payment Order for the loan.”