By Victor Ogunje in Ado Ekiti
Ekiti State Governor, Mr Ayodele Fayose, has explained why his government is probing the financial transactions entered into by the administration of his predecessor, Dr. Kayode Fayemi.
Fayose said apart from the N25 billion bond Fayemi accessed from the capital market, the administration also took N31 billion commercial loans which the Securities and Exchange Commission (SEC) now wants the state government to take responsibility for.
He stated this in Ado-Ekiti Monday night while featuring in an interview programme on state radio and television.
Fayose, through his deputy, Dr Kolapo Olusolaâ€Ž, had on Monday morning
inaugurated a Judicial Commission of Enquiry to probe the finances of the state under Fayemi from October 2010 to October 2014.
Fayose said while the bond was meant for projects such as civic centre, state pavilion, new Governor’s Office and new Government House, most of the projects were never completed, adding that the N31 billion commercial loans were also wasted and the state committed to servicing the loans with about N1.1 billion monthly until 2036.