Fayemi Discloses Panel’s Report In Alleged N852m SUBEB Theft

fayemiFormer Governor of Ekiti State and Minister of Mines and Steel Development, Dr. Kayode Fayemi, has made available the reports of a five-man panel set up by Governor Ayo Fayose to investigate his alleged withdrawal of N852 million UBEC/SUBEB state counterpart fund.

Fayemi said the first panel in its report dated December 3, 2015 showed that the cash was withdrawn from the account of the State Universal Basic Education Board (SUBEB) by Access Bank, Ado-Ekiti Branch, because “Fayemi administration failed to perfect the loan agreements as it neither agreed to the interest rate nor provide Irrevocable Standing Payment Order (ISPO) for the loan.”

Meanwhile, it was gathered that the bank agreed to grant the Fayemi administration the facility after the June 21, 2014 governorship election but Fayose as the governor-elect warned the bank against granting the facility.

The bank obeyed the governor-elect (Fayose) and the cash was returned to the vault in a bid to ensure a smooth business relationship with him when he takes over as governor in October of the same year


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