Fayose’s panel exonerates Fayemi over SUBEB’s N852m
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The five-man panel in its report said the cash was withdrawn from the account of the State Universal Basic Education Board (SUBEB) by Access Bank, Ado-Ekiti Branch because Fayemi’s administration “did not perfect the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.