Judicial commission hears how Fayemi allegedly misappropriated N25b bond as governor

Judicial commission hears how Fayemi allegedly misappropriated N25b bond as governor

- 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.

According to Abeeb, 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.

Counsel to the commission, Mr Sunday Bamise, asked the witness to read out the content of exhibit 15 and the statutory duty of his own commission.

According to a statement from Governor Ayo Fayose’s spokesperson, Lere Olayinka, Bamise also asked whether the projects which were stated in the prospectus of the loans were done.

In response, Abeeb reportedly confirmed there were deviations and all the deviations were yet to be ratified.

“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.

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“Witness and counsel to the Coscharis Motors Nigeria Limited will appear tomorrow for continuation of the proceedings,” the statement said.

At the time of this report, Fayemi was yet to react.

NAIJ.com reported recently that Kayode Fayemi was again summoned by the Judicial Commission of Inquiry set up by the government of Ayodele Fayose to probe alleged fraud committed under the immediate past administration in the state.

Kayode Fayemi was the governor during this period under review. The commission is to start its hearing on Monday, August 28, at the state high court premises in Ado Ekiti.

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Source: Naija.ng

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