Audit Indicts Ekiti Politicians over Micro-Credit Scheme
From Toba Suleiman in Ado-Ekiti, 11.14.2010
A report of an audit commissioned by the Ekiti State Government has raised questions on how former governor of the state, Mr. Segun Oni, his deputy, Dr. Sikiru Lawal, and several other Peoples Democratic Party (PDP) chieftains in the state managed the N2 billion micro-credit scheme.
The scheme was initiated by the Oni administration as revolving loans to help citizens of the state.A statement yesterday by Alhaji Mojeed Jamiu, Special Adviser, Media and Publicity to Governor Kayode Fayemi, said also fingered in the micro-credit saga are Senator Ayo Arise, ex-Minister of Education, Babalola Borishade, former commissioners, serving legislators and other prominent PDP chieftains.
The statement disclosed that an audit report commissioned by the deposed government had revealed that as much as N1.765 billion is presently in the hands of top politicians who served as guarantors and the beneficiaries of the loan scheme.
But the former governor who spoke last night through his Chief Press Secretary, Mr. Wale Ojo-Lanre, said those mentioned only mentored the beneficiaries of the micro credit loans "and it is on record that the process of recovering the loan had already been initiated by the Oni-led administration."
"The reason we made use of mentors for the scheme was for government to be able to get hold of the beneficiaries and the Oni government deserves commendation for making sure that those who took the loans can be traced through notable indigenes of Ekiti State," he said.
The report was produced by Abike Sonoiki & Co. (Chartered Accountants) and entitled "Audit Report of Ekiti State Micro-Credit Agency for the Three Years Ended 31st December, 2009".
The report is filled with information on every mentor and beneficiary listed to have been involved in the scheme.Oni had allegedly taken N2.2 million to be disbursed to 15 beneficiaries.
According to the report, former Commissioner for Information, Taiwo Olatunbosun, took N1.8 million for 18 beneficiaries. For both sums, there was no repayment.
Arise obtained N2.47 million for disbursement to 60 beneficiaries for which nothing paid nothing back.
Already, the state government has given defaulting guarantors and beneficiaries of the scheme up till Wednesday to pay back the loans through the micro-credit agency so that others can benefit from the revolving scheme.
QUOTE
So, as all can see, a total sum of N1.765 billion of Ekiti Micro-Credit Agency loan money was disbursed between 2007 and 2009, out of which Year 2007 Disbursement was merely N0.051 billion, the 2008/2009 Mentorship Program (involving about 340 guarantor/mentors and their thousands of mentees/beneficiaries) constituted N0.44b billion, the loan in kind (for spraying pumps, motorcycles, laptop computers, milkcow chocolate, cutlasses, milk booths and artisan equipments to various Ekiti citizens; much of it still in storage) constituted N0.731 billion, the Special Disbursements to Associations, Traditional Institutions and Cooperatives constituted N0.421 billion, and the Agricultural loans constitution N0.117 billion. Out of the N1.765 billion loan, only N0.141 billion was recovered within the typically one-year that the loans were given for, leading to an overall 92% non-performing loans outcome.........
It is interesting that you will also find very soon that the sum of N2.15 million in the Mentorship Program was listed against one Engr A.O. Oni (of Ifaki's) name, of which he still had outstanding N1.935 million - that is at the time the 14-page summary list that I will publish shortly was compiled. Also listed are prominent people such as Oni's Deputy Dr. Tae Lawal of Ado (for N25 million), Senator Femi Kila of Efon (for N10 million), Rt. Rev. S.O. Oke of Ekiti West (N9.973 million), Hon. Bisi Kolawole of Efon (for N7.89 million), Chief Elemure Ogunyemi of Ikole (for N7.82 million), former Finance Commissioner Tunji Adeniyi of Ikole (for N7.36 million), Hon. Femi Bamisile of Omuo (for N6.89 million), former Military Governor Air Vice Marshall Earnest Adeleye of Efon (for N6.66 million), former Deputy Governor Surveyor Abiodun Aluko of Ikere (for N5.42 million), Dr. Jide Josiah of Ekiti West (for N4.98 million), Sir Remi Omotosho of Ikole (for N4.86 million), Senator Chief Akinyede I.O of Orun (for N3.835 million), Engr Bisi Aje of Iloro (for N3.86 million), Dr. Gboyega Isijola of Ekiti S/W for N3.805 million, Micro-Credit Agency Manager himself Barrister B.I. Ogunsemi of Ikere (for N3.76 million), former Commissioner Prince Tunji Olatunde of Gbonyin (for N3.58 million), former Health Commissioner Dr. Femi Thomas of Ijero (for N3.265 million), Odunayo Otegbero of Efon (for N3.245 million), Hon. Obafemi Adewale of Ijurin (for N3.16 million), Gbenga Arolasafe of Ekiti-West (for N3.11 million), PDP Chief Bola Olu-Ojo of Ado (for N2.5 million), Hon (Mrs.) Raji Rasaki for N2.145 million, Prince Abiodun Bamiteko (N2 million), Fed. Minister Olubolade of Ipoti (for N1.9 million), former Federal Minister Prof. & Mrs. Babalola Borisade of Ido-Osi (for N1.815), Dr. Afolabi Popoola of Ido-Osi (for N1.8 million), Dayo Adetunbi of Ido-Osi (for N1.68 million), one Tunde Ojo of Ido-Osi (for N1.9 millon), Chief S.K. Babalola of Ijero (for N1.08 million), Ekiti SIEC Chairman Maj.-Gen. S.K. Oni of Ijero (for N0.8 million), with all of these people and many more having varying level of outstanding repayment monies due listed against past deadlines. Another list (in the Appendix of the Audit report) has one Engr Segun Oni of Ifaki mentoring N2.2 million on behalf of 15 people, and having N2.2 million outstanding. Who the Engr. A.O. Oni or Engr Segun Oni is/are will have to be responded to by anybody whose names come close to those! :-)............
By the way, NO ONE has accused any one of fraud in this program. Rather what is simply being asked is that if you INDEED guaranteed (as mentor) some peoples' loan in this program, and since the time for recovery is past, it is incumbent that you make good the amount that you guaranteed, or there will be a vigorous attempt at recovery from you by the present Fayemi administration that is looking for money with all eyes and ears to make the greatest impact possible in the shortest possible time. How they RECOVER from the beneficiaries will be their business. Furthermore, we want to be sure that the mentors themselves did not end up as the primary beneficiaries - which would be a fraudulent abuse of process - and that fictitious names were not entered as beneficiaries or even as mentors. Original signed documents - which must have been available to the auditors - will reveal this upon further investigation.
For me personally, this will be a test of this new Administration's readiness to see that the finances of our Ekiti State are managed right and those responsible are held accountable. Luckily no one can accuse the new administration of witch-hunting, since this audit was done by the 'ancien regime."
UNQUOTE
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