Exclusive!! Aregbesola Takes $692m (N110 billion) Loan From Cyprus The Osun State Governor, Mr Rauf Aregbesola has obtained a fresh $692 million loan (N110 billion) from the Innerlex Financing Group, Cyprus, listing projects already paid for with loans and bonds as justifications for the $692 million loan. The loan was applied for from Innerlex Financing Group, Cyprus on June 7, 2013 “with a tenor of 10 years at a concessionary interest rate to be agreed…” The loan document was signed on behalf of Osun state government by the Finance commissioner, Wale Bolorunduro. Sources said apart from the fact that the huge amount (N110 billon) will sentence the state to final bankruptcy, all projects listed in the document to be financed with the loan had been paid for with othet loans from the Capital market, First bank etc. “Indeed, construction of local government roads was listed too in the document even after each of the 30 local governments had been forced to borrow about N1billion each from Zenith Bank for the same projects,” a source said. In a letter requesting for the loan, which was signed by the State Commissioner for Finance, projects such as construction of Oshogbo township roads, construction of 310km road across the local government areas in the State, dualisation of Oshogbo -Dagbolu International Market -Ikirun Junction road and Ikirun – Ila Kwara Boundary road were listed to be financed with the loan. Other projects include rehabilitation of Gbongan – Sekona – Akoda road, rehabilitation of Ijebu Jesa – Iloko – Iwaraja, Ijebu Ijesa – Ijeda – Iloko, Ilesha – Erinmo and Igbajo – Iresi roads. It should be recalled that the Bankers Forum in the State had in February, this year met in Osogbo where it was declared that no more loans will be granted to the Osun State government. The Forum further resolved that “any money that comes from any where to any of the banks should be seized and converted to loan repayment.” Aregbesola had admitted borrowing N41 billion from capital market, but failed to disclose the State’s indebtedness yo First Bank; Zenith Bank; Infrastructure Bank; Sterling Bank etc. The governor did not also mentioned the total amount he had forced each Local Councils in the state to borrow, which sources put at N100m billion per Local Government, and the over N250 billion that he used contractors to borrow on behalf of the state? Sources revealed that a sum of N60 billion bond was raised from the Capital market; N25 billion loan was taken from First Bank Plc; N2.5 billion from Sterling Bank (to be paid back with Sure-P funds at N100m per month till 2016); and about N5 billion from Zenith Bank
Posted on: Sun, 13 Apr 2014 15:54:32 +0000
Trending Topics
Recently Viewed Topics
© 2015