The Ekiti State Governor, Ayodele Fayose, has explained the reasons his government is probing the financial transactions of the administration of his predecessor, Dr. Kayode Fayemi.
Fayose said apart from the N25bn bond Fayemi took from the capital market, the administration also took N31bn commercial loans which the Securities and Exchange Commission now wanted the state government to take responsibility for.
He stated this in Ado-Ekiti on Monday night while featuring in an interview programme on state radio and television.
Fayose, through his deputy, Dr. Kolapo Olusola, had on Monday morning inaugurated a Judicial Commission of Enquiry to probe the finances of the state under Fayemi from October 2010 to October 2014.
Saying that the bond was meant for projects such as civic centre, state pavilion, new Governor’s Office, new Government House, the governor said most of the projects were never completed.
He added that the N31bn commercial loans were also wasted and the state committed to serving the loans with about N1.1bn monthly until the year 2036.
“Also, that administration misappropriated funds given to the State Universal Basic Education Board by the Universal Basic Education Commission leading to the suspension of our state from UBEC support for some years.
“The SEC wrote me to take responsibility for the loans, even though they too derelict in their responsibility of monitoring how the funds were spent.
“Very annoying is also the fact that the representatives of our people – members of the Ekiti State House of Assembly – invited Fayemi repeatedly, he refused to appear before them to explain how the funds were spent.
“His Finance Commissioner also took a cue from him, he refused to appear before the lawmakers too. The lawmakers had to pass a resolution mandating the state government to set up that panel and I am not a law breaker, I have to obey the people’s voice.
“The panel is made up of honourable people and will not witch-hunt anybody. If they don’t have any skeleton in their cupboards, let them appear before it,” he said.