Fayose: Fayemi Illegally Withdrew N852m From SUBEB.

Ayodele Fayose, governor of Ekiti state, has accused Kayode Fayemi, his predecessor, of withdrawing N852.9 million from the account of the State Universal Basic Education Board (SUBEB) exactly eight days to the end of his administration.
Speaking through Bode Ola, chairman of Ekiti SUBEB, Fayose said it was painful that Ekiti state and its people were suffering for the “sin committed by the APC government of Fayemi”.



He said the current minister of solid minerals made the Universal Basic Education Board (UBEC) to blacklist the state, making it impossible for the state to access 2013, 2014 and 2015 matching grant running to over N2.8 billion.
“Last Wednesday, Yakubu Gambo, UBEC deputy executive secretary, told the senate committee on finance’s budget defence that Fayemi, who is now the minister of solid minerals used the N852.9 million counterpart funds dedicated for education by the federal government through the UBEC for other purposes,” Fayose said in a statement.

“It is even more embarrassing and ridiculous that Fayemi’s commissioner for finance, Dapo Kolawole could defend this clear criminal act perpetrated against the people of Ekiti state by saying there was no law forbidding states from borrowing counterpart funds to support states capital development operations.

“A sum of N852, 936,713.92 was paid into the SUBEB Access Bank account on January 14, 2014 as counterpart fund for 2012 UBEC projects and on this premise, UBEC released its matching grant of N852, 936,793.12 on January 3, 2013.
“On October 8, 2014, eight days to the end of Fayemi’s tenure, the same amount of N852,936,713.92 was transferred from the account of SUBEB, leaving a sum of N9,139,691.40 as credit balance in the account.
“This was done without the knowledge and approval of UBEC and because of this misappropriation, UBEC blacklisted Ekiti state.
He revealed that the five-man panel set up to investigate the issue indicted Fayemi “and also went further to involve the Economic and Financial Crimes Commission (EFCC) in the matter”.
However, Fayemi absolved himself of any wrongdoing, saying “Fayose’s reckless utterances and primitive approach to governance should be blamed for the UBEC’s sanction”.


He admitted that his government obtained a loan from the bank but said the bank withdrew the money after the 2014 election out of the fear that the incoming government might not honour the terms of repayment.
“The Fayose government is to blame for this. Its crude approach to governance careless utterances and verbal threats to financial institutions shortly after the June 21, 2014 election made many banks to review their relationships with the state,” Fayemi said in a statement issued on his behalf by Yinka Oyebode, his media aide.

“Fayose had called bank chiefs to a meeting shortly after the election and warned them that he was not going to repay any loan entered with the then outgoing government. This development coupled with his antecedence as a highly misguided and mischievous ruler had made many financial institutions including the one in question to review existing relationships.
“While government is a continuum, the Fayose administration had carried on in the last one and half years as if it is an island and lord unto itself with no regard for institutions.

“The issue of diversion does not occur, the bank simply withdrew its support because of the negative signal it got from the Fayose administration. So, Fayose should be blamed for everything.”