Fayose’s panel ex­on­er­ates Fayemi over SUBEB’s N852m

Daily Trust - - NEWS - From Doyin Ade­busuyi, Ado Ek­iti

A panel set up by Gov­er­nor Ayo Fayose to in­ves­ti­gate a for­mer gov­er­nor of the state, Dr. Kay­ode Fayemi, on the with­drawal of N852 mil­lion 2012 UBEC/SUBEB state coun­ter­part fund has ex­on­er­ated the for­mer gov­er­nor from al­le­ga­tion of em­bez­zle­ment.

Fayose had ac­cused Fayemi, now Min­is­ter of Mines and Steel De­vel­op­ment, of loot­ing the fund and deny­ing the state of coun­ter­part funds from the Uni­ver­sal Ba­sic Ed­u­ca­tion Com­mis­sion (UBEC), which the min­is­ter had since de­nied.

The five-man panel in its re­port said the cash was with­drawn from the ac­count of the State Uni­ver­sal Ba­sic Ed­u­ca­tion Board (SUBEB) by Ac­cess Bank, Ado-Ek­iti Branch be­cause Fayemi’s ad­min­is­tra­tion “did not per­fect the loan agree­ments by not agree­ing to in­ter­est rate and pro­vid­ing Ir­re­vo­ca­ble Stand­ing Pay­ment Or­der (ISPO) for the loan.”

In its find­ings, the panel said, “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 25th Novem­ber, 2013.

The Uni­ver­sal Ba­sic Ed­u­ca­tion Com­mis­sion (UBEC) on 3rd Jan­uary, 2014 re­leased 2012 Match­ing Grant of N852,936,793.12k to SUBEB dur­ing the ten­ure of Dr. Kay­ode Fayemiled 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 to in­ter­est rate and pro­vid­ing Ir­re­vo­ca­ble Stan­dard Pay­ment Or­der for the loan.”

The panel, there­fore rec­om­mended that “In view of the present fi­nan­cial sit­u­a­tion of the state, the state gov­ern­ment should specif­i­cally re­quest/ap­peal to UBEC to set aside the pay­ment of 2012 Coun­ter­part Fund to en­able Ek­iti SUBEB move for­ward in project im­ple­men­ta­tion.

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