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EKITI GROUPS WARN INVESTORS OVER FAYEMI’S N25bn BOND

By Tunji Oluwasanmi
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Coalition of Non Governmental Organisations in Ekiti State under the aegis of Movement for Peace and Good Governance in Ekiti (MOPEGO) has warned investors to steer clear of the N25 billion bond being sought from the capital market by the Dr. Kayode Fayemi-led government in the State, saying; “investors that allow themselves to be used as facilitators of Governor Fayemi's agenda of enslaving Ekiti people will be doing so at their own risk.”

The groups, which described the N25 billion bond as a “bond of bondage” that was only conceived for motives other than the development of Ekiti State said it was insulting, hypocritical and criminal for the Action Congress of Nigeria (ACN) government, which only last month, got N9.7 billion as allocation from the Federation Account to still be talking about taking another N25 billion bond.

MOPEGO, a coalition of NGOs, comprising of the Ekiti Justice Group (EJG), Ekiti Justice and Equity Movement (EJEM), The Ekiti Patriots (TEP), Ekiti Youths Vanguard (EYV) and others said in a statement jointly signed by the Coalition's Chairman, Comrade Kunle Ologunodo, Secretary, Comrade Ebenezer Olaleye and Director of Communications and Strategy, Gbenga Babawibe that Ekiti does not need any bond to develop.

The group, which wondered what happened to the N4 billion bond obtained by the Otunba Niyi Adebayo-led Alliance for Democracy (AD) government, said apart from the Adebayo government, successive governments in the State did not borrow a dime and still performed creditably well in terms of developing the State.

While demanding explanations from the Fayemi-led government on what it has done with the over N50 billion it has received as allocation from the federation account, MOPEGO said it was obvious that nothing meaningful has been done in the State since October 15, 2010 that Fayemi became governor.

The statement read; “We wish to sound a note of warning to those investors that are being deceived into investing in the N25 billion bond of bondage being sought by the Ekiti State government.

“This bond, which is unnecessary, is ostensibly being sought to pay the over N10 billion indebtedness to Fayemi's Lagos masters.

“This is because from information available to us, the estimated cash flow of the State from October 2010 that Fayemi became governor to December 2011 will be about N70 billion.

“Even in a single month, the government got N9.7 billion and according to the federal Ministry of Finance, Ekiti State got over N40 billion between January and June, this year.

“So having gotten over N15 billion between July and August alone, what does Fayemi need the additional N25 billion bond of bondage for if not to satisfy some hidden and extraneous interests?”

While threatening to use all resources available to it to prevent the State from being thrown into debt, MOPEGO said; “We won't fold our arms and allow our State to be mortgaged by anyone and investors who put their hard earned resources in this bond should know that they are doing so at their own risk.”