Politics

JUST IN: Oyetola Took Loan In Billions After Losing Election – Adeleke

Published

3 years ago

December 15, 2022

The Osun State Governor, Ademola Adeleke, has disclosed that his predecessor, Gboyega Oyetola, took N18 billion loan after he lost the July 16th, 2022 Osun governorship election.

This is as he also revealed that the state is indebted to the tune of N407.32 billion as of November 30th, 2022.

Adeleke disclosed this on Thursday during a meeting with Osun State Traditional Rulers at Osogbo, Osun State Capital.

According to him, my administration inherited eight outstanding loan facilities, apart from salaries and pension debts, from Governor Oyetola’s administration.

Adeleke explained that the repayment period for the loan facilities ranges from 16 months to about 28 years.

“My good people of Osun state, the total loan stock as of today is N331.32 Billion.

“If the N76 billion debt on salaries and pension are added, the state is indebted to the tune of N407.32 billion. The amount owed to contractors is yet to be determined.

“The only fund in government coffers, as of Monday 29th November, was for November 2022 Salary. Otherwise, the state treasury was empty.

“As your governor, I will ask questions on your behalf. And will demand answers,” Adeleke told the traditional rulers.

He added, “Governor Oyetola must explain how the N331 Billion borrowed in the name of Osun State was expended, with no obvious infrastructural development to justify this huge debt.

“Governor Oyetola must explain how the N18 Billion Bridge Loan taken after he lost the election on July 16, 2022, was expended.

“Governor Oyetola must also explain why Osun state is owing salaries and pension to the tune of N76 Billion after collecting a N50 Billion Salary Bail Out Loan from the Federal Government

“The creditors, especially the Commercial Banks must explain why various loans were given to an administration beyond its 4-year tenure. 28 years is equivalent to the tenure of at least four governors. A child that is born today would have earned a Ph.D. at 28 years of age. This is nothing but mortgaging the future of Osun State with nothing to show for it. This is definitely not acceptable.”

See the breakdown of the debt by Adeleke below:

1. Budget Support Facility:
• Outstanding Balance: N51.8 Billion

• Monthly repayment: N154.9m

• Repayable Period Outstanding:
335 months = 27 years 9 months

2. Salary Bail Out Loan:

• Outstanding Balance: N38.8 Billion

• Monthly Repayment: N232.77m

• Repayable Period Outstanding:

•167 Months = 13 years 9months

3. Restructured Commercial Bank Loans:

• Outstanding Balance: N158.77 Billion

• Monthly Repayment: N1.14 Billion

• Repayable Period Outstanding:
139 Months = 11years 6 months.

4. Excess Crude Account (ECA) Loan:
• Outstanding Balance: N14.48 Billion

• Monthly Repayment: N89.97m

• Repayable Period Outstanding:
161 Months = 13 years 4 months

5.CBN Infrastructure Loan:
• Outstanding Balance: N9.2 Billion

• Monthly Repayment: N44.98m

• Repayable Period Outstanding:

205 months = 17 years 1 month

6. FGN Intervention Loan:
• Outstanding Balance:
N1.7Billion

• Monthly Repayment:
N100m

• Repayable Period Outstanding:
17 months

7. FGN Bridge Finance Facility: N18.04 Billion

A large portion of this particular loan was taken after July 16th, 2022 election which Governor Oyetola lost.

No information on the Repayment terms.

Not one kobo of this loan was left in Government Coffers, when the Deputy Governor and I resumed work on Monday 29th November 2022. And no explanation on how the loan was expended.

8. Foreign loans: $86.2m
No information on the Repayment Terms.
PUNCH

Politics

Dino Melaye Reacts To Malami’s Arraignment For Money Laundering

Published

4 days ago

December 30, 2025

Editor

Ex-Kogi West senator, Dino Melaye, has reacted to the arraignment of a former Attorney General of the Federation, AGF, Abubakar Malami, before an Abuja Federal High Court.

Melaye wished Malami well as he began his trial for corruption.

Posting on X, the former lawmaker recalled how he was prosecuted by Malami over what he described as frivolous cases while he was the AGF.

He wrote: “Reminded me of how I was appearing in different courts when Malami as AGF was prosecuting me over frivolous cases including taking over one of the police cases against me. Wish him.well.”

Malami, his son Abdulaziz, and another individual are facing a 16-count charge of money laundering.

They were arraigned on allegations of unlawful acquisition and concealment of funds.

They all pleaded not guilty to the charges.

Politics

What PDP Said About Wike’s Media Parley

Published

4 days ago

December 29, 2025

Editor

The Peoples Democratic Party, PDP, has accused the Minister of the Federal Capital Territory, FCT, Nyesom Wike, of being a constant agent of provocation in the political space, alleging that he creates trouble to mask selfish intentions.

The party’s National Publicity Secretary, Ini Ememobong, stated this in a statement issued on Monday in response to Wike’s media parley with selected journalists in Port Harcourt, also held on Monday.

According to the PDP, remarks made by the minister on several occasions are proof that he falls short of being a locus classicus of anti-democratic adventurism.

The party said Wike’s conduct was not new, stressing that he has consistently acted as an agent provocateur in the political arena, stirring controversy to advance personal interests.

The PDP further stated that since Wike assumed office as Governor of Rivers State in 2015, he has remained a recurrent source of trouble within the party’s leadership.

“From the Sheriff era, where he was a forerunner in the Sheriff-for-National Chairman movement and later turned to fight and remove Sheriff; later he championed the Uche Secondus-for-National Chairman movement (in fact, he granted a very combustible interview that polarized the party just before the convention) and then was the same person fighting to remove Secondus.

“The same Wike led the movement to produce Dr. Iyorchia Ayu as National Chairman against the advice of many party leaders, and so soon thereafter, it was Wike again who led the Ayu-must-go struggle.

“By his end-of-year media chat, Minister Nyesom Wike has reiterated his support for, and in fact declared that he is the ‘number one supporter’ of the presumptive candidate of the All Progressives Congress in the 2027 Presidential election, while remaining a member of the Peoples Democratic Party, confirming the basis of his expulsion from the PDP, for anti-party activities,” the statement said.

Politics

JUST IN: INEC Excludes PDP From Ekiti Governorship Election

Published

4 days ago

December 29, 2025

Editor

The candidate of the Peoples Democratic Party, PDP, for the 2026 Ekiti governorship election, Dr Wole Oluyede, and his deputy were conspicuously absent as the Independent National Electoral Commission, INEC, released the provisional list of party candidates ahead of the election.

INEC on Monday posted the list of candidates from 12 political parties vying for the state’s top job at its office on New Iyin Road, Ado-Ekiti, Ekiti State.

The list shows that the All Progressives Congress, APC, is fielding the incumbent governor, Biodun Oyebanji, with Monisade Afuye as his running mate.

Other candidates include Opeyemi Falegan of the Accord Party, with Omoyemi Olaleye as deputy; Akande Oluwasegun of the African Action Congress, paired with Oluwasanmi Fajuyigbe; and Ayodeji Ojo of the Action Democratic Party, with Itunu Ibitoye as running mate.

Similarly, the African Democratic Congress is presenting Oluwadare Bejide and Paul Olowoyeye, while the Action Peoples Party has Bidemi Awogbemi and Akinyemi Adewumi on its ticket.

The PDP’s absence may not be unconnected with the leadership crisis currently rocking the party at the national level.