How Fayemi diverted N25 Billion Bond by SEC Official
By mustapha ogunsakin - September 8, 2017
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An official of Nigeria’s Security and Exchange Commission (SEC), Mr Abubakar Ahmed Abeed yesterday told the Judicial Commission of Inquiry set up by Ekiti State Government to look into the finances of the State from 2010 to 2014 that the N25 Billion bond taken by former governor, Dr Kayode Fayemi was not properly expended.
Mr. Abeeb told the commission that “after final inspection, they discovered that what the money was borrowed for was not in conformity with what they had on papers.” The witness stated that the state government made an arrangement with them to be deducting certain amount of money from the monthly allocation of the state right from the source.
Cross examining the witness, counsel to the commission, Mr Sunday Bamise asked the witness to read out the content of exhibit 15 to the commission and asked him too to tell the commission the STATUTORY duty of his own commission.
Mr Bamise also asked whether the projects which were stated in the prospectus of the loans were done, but Abeeb confirmed there were deviations and all the deviations are not ratified by SEC.
The witness said after final inspection, they discovered that what the money was borrowed for was not in conformity with what they had on papers.
He pointed to projects like Ekiti State Water Works, Ekiti State School of Agriculture, Ikogosi Warm Spring and other projects which were not properly done.
Witness and counsel to the Coscharis Motors Nigeria Limited will appear today for continuation of the proceedings.

More of dis news please.....let's see who nd who dey loot dis country dry
not all dis biafra threads littered all over nairaland

what did fayemi spend 25 billion bond on in Ekiti State?

Victornezzar:
More of dis news please.....let's see who nd who dey loot dis country dry
not all dis biafra threads littered all over nairaland

Don't worry I will follow the story through

SmartchoiceNGR:

Don't worry I will follow the story through

Thanks baba

there is absolutely nothing on ground to show for this 25 billion naira bond! Fayemi should render account! APC should compel him to!

Fayemi and the Ekiti panel of inquiry
June 18, 2017
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IT is only in the fabled Banana Republic that everybody does what they want without regards for the feelings, positions and rights of others. So as to allow for the smooth running of human societies, regulations, rules and laws are made and they must be obeyed. In modern societies, the rule of law is held supreme, otherwise, there would be societal frictions that could turn gathering of human beings to a kind of an animal kingdom.
Moreover, in democratic settings, leaders and public office holders occupy such positions at the prerogative of those who voted them to office, and are accountable to the people. Any elected leader, who feels the voters are no longer relevant, is made to experience the bitter truth of the Yoruba proverb “Ila ki i ga ju olure” ( the okro tree can’t be taller than the person who wants to harvest it, if it does, the harvester will find means of bringing it down to earth).
To say the Nigerian economy is in bad shape is an understatement. While the Federal Government is battling with poor finances, the federating states are not finding things easy. From available records, no fewer than 28 out of the 36 states in the country are having serious problems of paying workers’ salaries, not to talk about meeting other needs. While the debt profile of the FG has been put at over N19 trillion, within the last two years, the FG has raised the debt profile with over N7 trillion.
Ekiti State, which is non-oil producing, gets the second to the least allocation from the Federation Account. And apart from the famed production of a professor in every village, the state lacks industrial base and the bulk of its internaly-generated revenue is from workers’ Pay As You Earn (PAYE) taxes.
When Dr Kayode Fayemi came to office in October 2010, to ensure accountability and letting the citizens know how the finances of the state,held in trust by their leaders, are spent, he originated a bill, which he later signed into law, the Ekiti Commission of Inquiry Law 2012.
The law empowers the state governor to issue a Commission of Inquiry to look into issues which the governor feels would be for the public welfare.
To ensure that nothing hinders the work of such a commission, Section 2 paragraph 4 of the law entitled “Commission not affected by change of governor” states that “No commission issued under this Law shall lapse by reason of, or be affected by, the death, absence or removal of the governor issuing the same.”
To help augment statutory allocations and be able to execute some capital projects, Fayemi borrowed N25 billion from the nation’s Capital Market. The loan was facilitated by the Securities and Exchange Commission (SEC). Also, he took some commercial loans which his successor, Mr Ayodele Fayose, put at N31 billion. Though Fayemi has disputed the figure.
However, among the projects Fayemi said he would use the N25 billion bond for were a new Governor’s Office, a new Ojaba Market, a civic centre, a state pavilion and a new Government House. From what any visitor to the state can see, only the pavilion and the Government House were completed before Fayemi left office in October 2014. Despite the non-completion of most of the projects, Ekiti State spends N1.1 billion monthly to service the debts and that wiil continue till 2036. The money is always deducted from the monthly statutory allocation of the state in Abuja.
As if to add salt to the injury suffered by the state, the Universal Basic Education Commission (UBEC), Abuja, in 2012, suspended the state government from its activities over alleged diversion of N850 million. Since the suspension, Ekiti has been losing N1.2 bilion yearly in funds that UBEC would have been giving the State Universal Basic Education Board (SUBEB).
Since the three arms of government, namely the executive, the judiciary and the legislature, have their roles to play in the stability and growth of the society, the Ekiti State House of Assembly, on May 10, 2017, passed a resolution mandating Governor Ayodele Fayose to set up the Commission of Inquiry to look into the financial transactions of the state under Fayemi. This followed a series of invitations sent to Fayemi which he did not honour.
First invitation was issued on 10th March 2016 and to appear on Tuesday 22nd March 2016. Second invitation was issued on 30th November, 2016 and to appear on Tuesday 6th December, 2016. Third invitation was issued on 2nd February 2017 and to appear on the 7th of February, 2017.
Fourth letter which is a warrant of arrest compelling the IGP to bring the former governor before the House was issued of February 8, 2017. A reminder letter on the warrant of arrest was also issued on the 13th of April, 2017..
It is interesting to note that since the invitations by the Assembly and up until now, there is nothing legal or otherwise, restraining the lawmakers from performing their constitutional duties.
In compliance with the Assembly’s resolution, the state government, through the Deputy Governor, Dr Kolapo Olusola, on May 22, 2017, set up the Commission of Inquiry with Hon. Justice Silas Bamidele Oyewole (rtd) as the chairman. Other members of the commission are Mr Gbemiga Daramola, Mrs Bola Wale-Awe, Chief Magistrate Idowu Ayenimo, Mr Omodara Vincent, Mr Oladele Blessing, Mrs Adesoba Oluremi and Mr SBJ Bamise.
When Fayemi signed the law in 2012, his predecessor in office, Chief Segun Oni, said he was ready to appear before any commission. When the Fayemi administration delayed in setting up the expected commission, Oni even threatened to go and swear to an affidavit to compel Fayemi to probe him.
In Osun State, Governor Rauf Aregbesola also set up such a commission to probe his predecessor, Prince Olagunsoye Oyinlola. The latter willingly appeared before the panel and gave his own side of the story. Politics, being such an unpredictable venture, Aregbesola and Oyinlola are now chieftains of the All Progressives Congress (APC), so are Fayemi and Oni.
While the Justice Oyewole Panel has started its work, Fayemi is yet to appear before it despite the fact that no court order or injunction has been secured to stop the commission from doing its work. The much-touted intention of Fayemi to stop the commission has not seen any case from him being assigned to any judge or listed for hearing.
Is Fayemi not toying with being charged with contempt by the commission by refusing to appear before it?
Section 15 of the Ekiti Commission of Inquiry Law Cap 10 of 2012 states, “The following shall be deemed to be an act of contempt within the meaning of this law:
-any act of disrespect and any insult or threat offered to the commissioners or any of them while sitting in commission;
-any act of disrespect and any insult or threat offered to a commissioner at any other time and place on account of his proceedings in his capacity as a commissioner.”
To ensure that the law is not a toothless bulldog, it also has powers to issue summons to witnesses courtesy Section 8 of the law.
It also has powers to issue Warrant of Arrest on recalcitrant witnesses, is Fayemi waiting to be dragged before the panel?

Hon.Minister of Solid Minerals,

Over to You.

Operation billion Bond Dance

Kayode Fayemi collected N163 billion in 4 years as Ekiti Governor – Witnesses

http://www.herald.ng/

https://www.naij.com/1124252-judicial-commission-hears-fayemi-allegedly-misappropriated-n25b-bond-governo.html

Judicial commission hears how Fayemi allegedly misappropriated N25b bond as governor
Updated: 6 days ago
Author: Eromosele Ebhomele
Views: 120045
Category: Local news
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- The Judicial Commission of Inquiry set up by Ekiti state government has continued its investigation into the administration of Kayode Fayemi
- The panel members reportedly invited an official of the Securities and Exchange Commission over a N25 billion bond allegedly received by Fayemi's government
- Abubakar Ahmed Abeeb, the official, reportedly indicted Fayemi, who is now a minister in Muhammadu Buhari's government
The Judicial Commission of Inquiry (JCI) set up by Ekiti state government to investigate its finances from 2010 to 2014 under a former governor, Kayode Fayemi, has heard how he allegedly spent some bond.

Fayemi is now the solid minerals development minister under President Muhammadu Buhari.
Amid threats from the former governor that the panel was engaging in contempt of court since there are pending cases against it, members of the JCI met to hear from a witness and official of the Security and Exchange Commission (SEC), Mr Abubakar Ahmed Abeeb.
Abeeb reportedly said the N25 billion bond taken by Dr Kayode Fayemi was not properly expended.
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“After final inspection, they discovered that what the money was borrowed for was not in conformity with what they had on papers,” he said.

APC is a sick fraud