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 statutorily

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 are yet to be ratified.

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.