N18bn Loan: Apply Rules Governing Loan Procurement – Aregbesola Charges CBN
Apr 15th, 2010 | By Bankole Alao David | Category: Front Page Story
Action Congress (AC) governorship candidate in Osun State, Engineer Rauf Aregbesola has called on the Central Bank of Nigeria (CBN) to apply the rules governing procurement of loans from banks by states and local governments over the bid of the embattled Governor Olagunsoye Oyinlola of the state to secure a controversial loan of N18.3 billion from consortium of banks.
In a statement signed by one of his media aides, Mr Gbenga Fayemiwo, the AC candidate noted that the CBN should show interest in how Oyinlola administration had managed or mis-managed past revenue surpluses before it can qualify to collect another loan from any commercial banks.
Oyinlola, had, last week, written a letter to the state House of Assembly, notifying it of the intention of his administration to secure the controversial N18.3 billion loan with a view to executing or completing some projects in the state.
Fayemiwo, however said that following the controversies surrounding the bid to secure the loan, the state government under Oyinlola has not been able to give satisfactory answers to posers raised in the controversies.
He described the purported loan as another corruption and bad governance on the part of the Peoples Democratic Party (PDP)-led administration in the state, saying that the government had mis-managed over N300 billion revenue from the federation account since its inception with nothing to show for it.
The projects attached to the N18.3 billion loan intended to be secured by Oyinlola, Fayemiwo said, were at best, white elephant and false parading.
According to him, the banks where Oyinlola intended to secure the loan should realise that apart from heaping a burden of debt on the future generation of the people of the state, granting such huge amount of N18.3 billion loan to Oyinlola in the twilight of his administration, was tantamount to funding and financing corruption in public office.
He recalled how Oyinlola’s administration expended N2.4 billion public fund on the 10-kilometre per local government area “Honeycomb project”, saying that the administration could not deliver 25 per cent of the 90 kilometre-road, just as he stated that such administration could no longer be trusted with the economic future of the people.
Fayemiwo said: “As the banker of bankers and the lender of last resort, the CBN must show interest in how then Oyinlola’s administration had managed or mis-managed past revenue surpluses before it can qualify to collect any loan from commercial banks. Also, the projects attached to the mega-billion loan bid are at the best, white elephant and false parading.
“It is trite, at this stage, to make it clear to all banks involved in the criminal negotiation for this huge loan to know that it is against the dictates of moral banking to grant loan to an institution known for corruption and mis-management of public funds. It is on record that the Oyinlola administration has been found wanton in transparency, frugal spending of public funds and commitment to public good in several cases since May 29, 2003 when it came to power. There is no other name for corruption and bad governance. Those who wittingly or unwittingly support, subscribe or associate with the scam will carry the burden of vicarious liability.
“Several scandals dog the footsteps of Governor Oyinlola; from the identity card which he awarded at N3,500.00 each to his relation to the yet-to-be-resolved Tractor-gate scam, his administration oozes with putrid odour of sleaze and fraud.
While his predecessor, Chief Adebisi Akande travelled overseas thrice throughout his tenure, Oyinlola has gone abroad for close to 200 times with nothing to show for it. Oyinlola collects US$450 per night as estacode per night of his globe-trotting and the minimum time he spends abroad monthly on every trip is one week.
“A man who has demonstrated disregard for the welfare of his own people should not be granted loans to further lubricate his penchant and appetite for mis-use of public funds” Fayemiwo stated.
He then called on civil society groups in the state and beyond to start preparing to engage those he called post-independence slave traders publicly, with a view to stopping their evil trade before it is too late.
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We all know that if the CBN borrow the criminal the money, the future of Osun State is in danger if we dont stop them.
Nice talk wise one. May you live long for Osun state. May Almighty Allah give you the wisdom to rule us in our dear state.
if 100bn is gven 2 oyinlola n his aids is bonus 4rm bank or it may be easther gift
PLS WHT IS D FINAL JUDGEMENT OF PETITION FILE AGAINST SPEAKER OF DIS STATE TODAY IN IBADAN@ALL
we are waiting 4 d breaking news of adejale belili ona ifun of osun state or it is nt wel 4 A.C if so link it out@osundefender
it is me xana 4rm Ejigbo in osun state, no 1 dare 2 touch me or play spiritual means against me. I hv consult my oracle almost uncountable times ab0t d issue of osun state over governorship electn in april 14 2007 n all is well n u A.C member should always prayerful and steadfast of wht i heard last nyt ab0t d five panel of retria,l there some misunderstanding btw them. So pls n pls be prayerful!!!
The Tribunal members should not allowed themselves to be used. This case is very very clear and any attempt to bring confusion into the matter will spell doom for the Nigerian judiciary and democracy. Oyinlola is just looking for a way of covering up all his atrocities during the last 7 years. He needs a lot of money to keep him relevant in the ‘do-or-die’ democratic system we have in Nigeria at present. May God Almighty quickly intervene and rescue us from the hands of these thieves, armed killers and senseless PDP people.
we hv already win the case and nothing else.up AC,AREGBESOLA WILL ALL FOLLOW U TO ABERE.GOD WILL PUT OYIN INTO A SHAME IN THIS STATE,NOTHING FOR U AGAIN.let start praying for aregbe.victory is sure.
I think, CBN must do something on this. Oyinlola will not go free
The present circumstance requires more that awareness creation on the pages of news paper. Can men and women of good will come to our rescue by taking this case to the court of law. Agagu did the same in Ondo state and it was the court that save the state from the pit of hell that he planned.
A.c members in osun and the good people of osun should pray dat c.b.n doesn’t listen 2 oyinlole because d man want 2 create a lots of problems 4 Aregbesola administration.Almighty Allah will not allow him of his bad attempt.The matter should take 2 d court of law.The earlier d better.Oyinlola and other p.d.p members have known what is going 2 happen,let’s continue pray 4 Aregbesola.We shall win.