Fayemi must account for N2.75bn bond cash – Ekiti panel

Snippets of the report of the Ekiti State Judicial
Commission of Inquiry raised to probe financial
transactions by the former Governor Kayode
Fayemi’s administration were released late on
Wednesday.
The seven-member panel submitted its report to
Governor Ayo Fayose at the Executive Chambers
of the Governor’s Office in Ado-Ekiti.
The panel led by Justice Silas Oyewole (retd) in
its report said Fayemi must account for the
whereabouts of N2.75 billion allocated from the
N25 billion bond obtained by his administration
for the construction of the Ado Ekiti Ultramodern
Market.
The panel said the project was never executed.
It also said the contractor that handled the
furnishing of the Government House built by the
Fayemi administration should be made to refund
N324.8 million, noting that the contract should
not have been more than N280 million.
The panel said it found out that Kitwood Nigeria
Limited to which the furnishing contract of over
N600 million was awarded had no traceable
address and that “the address on the Letter of
Award is a virgin land opposite the new Central
Bank along New Iyin Road, Ado-Ekiti.
On the purchase of vehicles, the panel said “claim
by Coscharis Motors that it supplied 235 and/or
250 vehicles was fraudulent and fraught with so
many contradictions.
“That Coscharis Motors supplied some vehicles
outside Ekiti State especially, at Ibadan Liaison
office, when Ekiti State Government does not have
a Liaison office in Ibadan. In respect of this, seven
vehicles were supplied outside the state and
signed for by unknown persons.
“That Coscharis Motors only supplied 219
vehicles to the Ekiti State government and that 17
Joylong Buses were supplied to the Ekiti State
Government as gift but later carted away.”
On the controversial N852.9 million State
Universal Education Board (SUBEB) fund, the
panel alleged that the Fayemi administration
hoodwinked the federal government into paying
its own matching grant by obtaining N852,
936,783.12 loan from Access Bank on November
25, 2013 without perfecting documentation in
respect of the loan, thereby flouting the provisions
of Section 11(2) of the UBEC Act, 2004.