N852.9m SUBEB fund: Fayemi collaborated with bank to defraud Ekiti – Chairman

Chairman of the Ekiti State Universal Basic Education Board (SUBEB), Senator Bode Ola has described as false, media reports that former Governor of the State and Minister of Solid Minerals Development, Dr Kayode Fayemi was cleared of any complicity in the alleged misappropriation of N852.9 million fund belonging to SUBEB.

Senator Bode Ola told journalists in Ado Ekiti on Thursday, that “From the content of the committee report being referred to, it is clear without any ambiguity that financial crime was committed. It was established that the Ekiti State Government under Dr Kayode Fayemi fraudulently obtained loan from the Bank and moved the fund out of the SUBEB account one year after.

“The loan was gotten from the bank without agreement as to interest rate, terms of payment and no Irrevocable Standing Payment Order (ISPO).

“How could the said bank that Fayemi collaborated with to defraud Ekiti and caused the suspension of the State from benefitting from UBEC funds, have granted loan without first agreeing on interest rate and terms of payment?

“The money was paid into SUBEB Account in November 2013, while it was moved out of the account in October 2014 – close to one year after the money was paid and used to access UBEC matching grant and contracts awarded.”

Senator Ola disclosed that “the committee, report of which is now being celebrated just to confuse the public because of the Judicial Panel of Inquiry set up by the government to investigate the financial activities of Fayemi’s government, was just for fact finding and not to indict or exonerate anyone.”

He said the committee was set up so as to enable SUBEB to respond to UBEC and also remove the embargo placed on Ekiti SUBEB by the UBEC.

The SUBEB Chairman disclosed that “On April 16, 2015, UBEC wrote a letter to the Ekiti SUBEB in which it said clearly that the action of the government constituted serious financial crime and also violated Section 11(2) of the UBE Act 2004 and also went further to threatened to report to the EFCC if the N852.9 million counterpart fund was not returned.”

He said “While we do not speak for the State Government, we make bold to say that assuming but not conceding that the said report actually exonerated Dr Fayemi, he should rather use it as part of his defense at the Judicial Panel of Inquiry rather than running to the media to deceive the public.

“Also, if the committee actually exonerated Dr Fayemi, what then was the need for him to seek court injunction to stop the Judicial Panel of Inquiry?

“Most importantly, the Judicial Panel of Inquiry was not set up to witch-hunt anyone and its terms of reference go beyond the SUBEB issue.

“Finally, we wish to urge Dr Fayemi and his men to seize the opportunity of the Judicial Panel of Inquiry to clear their names of any allegations leveled against them instead of seeking to deceive the public with false media reports.”