A report of a five-man panel set up by Ekiti State Governor, Ayo Fayose, to investigate the withdrawal of N852 million 2012 UBEC/SUBEB state counterpart fund has revealed that former Governor Kayode Fayemi did not embezzle the cash as alleged by his successor.
The panel in its report dated December 3, 2015 revealed that the cash was withdrawn from the account of the State Universal Basic Education Board (SUBEB) by Access Bank, Ado-Ekiti Branch, because “the last administration did not perfect the loan agreements with its failure to approve the agreed interest rate and providing Irrevocable Standing Payment Order (ISPO) for the loan.”