Ekiti Probe Panel: Loans taken by Fayemi not properly spent; SEC official tells commission
The Judicial Commission of Inquiry set up by Ekiti State Government to look into the finances of the State from 2010 to 2014 continued proceedings today, as an official of the Security and Exchange Commission (SEC), Mr. Abubakar Ahmed Abeeb who appeared before the commission agreed that the N25 billion bond taken by Dr. Kayode Fayemi was not properly expended.
Mr. Abeeb told the commission that “after final inspection, they discovered that what the money was borrowed for was not in conformity with what they had on papers.”
The witness stated that 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.
Cross examining the witness, counsel to the commission, Mr Sunday Bamise asked the witness to read out the content of exhibit 15 to the commission and asked him too to tell the commission the STATUTORY duty of his own commission.
Mr Bamise also asked whether the projects which were stated in the prospectus of the loans were done, but Abeeb confirmed there were deviations and all the deviations were not ratified by the Security and Exchange Commission.
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.
Witness and counsel to the Coscharis Motors Nigeria Limited will appear tomorrow for continuation of the proceedings.