A report of a five-man panel set up by Ekiti State Governor, Ayo Fayose, to investigate the withdrawal of N852 million 2012 UBEC/SUBEB state counterpart fund has revealed that former Governor Kayode Fayemi did not embezzle the cash as alleged by his successor.

The panel in its report dated December 3, 2015 revealed that the cash was withdrawn from the account of the State Universal Basic Education Board (SUBEB) by Access Bank, Ado-Ekiti Branch, because “the last administration did not perfect the loan agreements with its failure to approve the agreed interest rate and providing Irrevocable Standing Payment Order (ISPO) for the loan.”

The panel was headed by former Ekiti State Chief Judge who is currently the Oluyin of Iyin-Ekiti, Oba Ademola Ajakaiye, while SUBEB Chairman, Bode Ola, served as secretary.

Other members of the panel – are former Attorney General and Commissioner for Justice in the state, Owoseni Ajayi; Accountant General, Mrs. O.O. Owolabi; Deputy Director, Physical Planning Unit, SUBEB, Ehinafe Olakunle (now late), Dapo Akinyemi and B.J. Ogundare.

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

The bank deferred to 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 same year.

Fayose had accused Fayemi, who is now Minister of Mines and Steel Development, of looting the funds.

He claimed that the development had denied the state of counterpart funds from the Universal Basic Education Commission (UBEC) to execute projects in public schools in the state.

The former governor however denied the allegation.

It was on the basis of the allegation that the state House of Assembly summoned the minister to offer explanation on the matter which he declined on grounds that details on what happened to the funds are contained in his handover note.

After failing to compel Fayemi’s appearance in the Assembly, the lawmakers asked Fayose to raise a judicial panel of inquiry to probe the management of the state finances between October 2010 and October 2014 during the minister’s tenure as governor.

The panel led by former Acting Chief Judge, Justice Silas Oyewole (retd) is currently investigating Fayemi’s tenure.

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