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

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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.

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

READ ALSO: Adeleke, Oyetola In Verbal War Over Alleged Looting Of Governor’s Lodge

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

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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.

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“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.

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“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.”

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READ ALSO: Why I Issued Executive Orders – Adeleke

See the breakdown of the debt by Adeleke below:

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

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• Monthly repayment: N154.9m

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

2. Salary Bail Out Loan:

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• Outstanding Balance: N38.8 Billion

• Monthly Repayment: N232.77m

• Repayable Period Outstanding:

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•167 Months = 13 years 9months

3. Restructured Commercial Bank Loans:

• Outstanding Balance: N158.77 Billion

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• Monthly Repayment: N1.14 Billion

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

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

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• Monthly Repayment: N89.97m

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

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

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• Monthly Repayment: N44.98m

• Repayable Period Outstanding:

205 months = 17 years 1 month

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

• Monthly Repayment:
N100m

• Repayable Period Outstanding:
17 months

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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.

READ ALSO: Tribunal: Oyetola Closes Case, Panel Admits Adeleke’s Results

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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

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Politics

Rivers: 70 CSOs Ask NASS To Summon Ibas To Give Account

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A coalition of 70 Civil Society Organisations, CSOs, on Monday, urged the National Assembly to summon the Sole Administrator of Rivers State, Vice Admiral Ibok Ete Ibas (retd), to give an account of his stewardship in Rivers State for the past six months.

The groups, under the auspices of the Nigeria Civil Society Situation Room, said the call had become necessary, considering that the mandate handed to Ibas after the suspension of Governor Siminalayi Fubara by President Bola Tinubu would expire by Thursday.

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“This is very important, especially when you consider the fact that funds belonging to Rivers State which were initially seized by the Federal Government, were released to the Sole Administrator after he was appointed. There is need for accountability,” the CSOs insisted.

More so, the Situation Room, in a statement it issued to commemorate the 2025 International Day of Democracy, said it was worried that the nation is still grappling with systemic corruption.

READ ALSO:Wike Gives Update On Rivers Emergency Rule Expires Date

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Today is not just a day of reflection on the state of democracy in Nigeria but on the state of the nation and provides an opportunity to identify areas where improvements are needed.

“Nigeria is at a crucial juncture in its democratic journey, having marked 26 years of democratic rule this year, since the return to civil rule in 1999.

“In July 2025, the Situation Room released a report on the ‘Current State of Democracy in Nigeria’ where it noted that as at 2025, democracy in Nigeria still remains fragile, marked by institutional weaknesses, electoral distrust, and public disillusionment.

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“Although some progress has been made, three fundamental principles that form the bedrock of democracy – cultural values, political leadership and the electoral process – are being confronted by systemic corruption, growing disillusionment and erosion of cultural values.

READ ALSO:Group Fumes As Rivers CJ Inaugurates LG Poll Tribunal

In addition, over the couple of months, we have seen systematic attempts to decimate political opposition and render our electoral process to be a choiceless ballot for the voters.

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“These tactics include state-sponsored infiltration and destruction of other political parties, harassment of journalists and punitive targeting of civil society organisations to make it difficult for them to freely operate and determination to undermine the independence and autonomy of the election management body.

“The current State of the Economy presents some paradox – while the Government lauds itself for bold reforms including the removal of fuel subsidies, which freed up funds for State allocations, infrastructure development, and fiscal restructuring, challenges persist.

“The country continues to struggle with inflation, a weakened currency, rising debt, and widespread poverty, posing serious threats to economic stability.

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READ ALSO:Police Recover Eight Explosives, 8000 Ammunition, Arrest 33 Suspects In Rivers

The failure of our democracy to deliver dividends to citizens, the failing public service delivery, lack of social amenities in standard healthcare and education, expanding impunity as well as indiscipline in public finance management and accountability emphasises the strong link between democracy and poverty.

“The 2023 general elections, despite technological upgrades like the BVAS, were marred by logistical failures, voter suppression, lack of transparency in the election results transmission and judicial controversies.

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“Concerns over judicial independence, suppression of dissent, and weakened democratic institutions remain prevalent.

“Situation Room continues to condemn the breach of the 1999 Constitution and the events that led to the declaration of the State of the Emergency in Rivers State.

“This is not good for our democracy; it shows Executive overreach and a troubling erosion of democratic norms despite calls from well-meaning Nigerians to stop the State of Emergency, ” the statement, which was jointly signed by the Convener of the CSOs, Yunusa Z. Ya’u, and two Co-Conveners, Franklin Oloniju and Mimidoo Achakpa, further read.

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INEC Has Not Confirmed ADC State Leaders – Party

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The African Democratic Congress (ADC) has dismissed a report claiming that the Independent National Electoral Commission (INEC) confirmed a list of its state chairmen across Nigeria.

In a statement on Sunday, the party’s National Publicity Secretary, Mallam Bolaji Abdullahi, described the circulating report titled “Coalition Update: INEC Confirms ADC State Chairmen Nationwide” as “fake news” aimed at creating confusion within the party.

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The Independent National Electoral Commission, to the best of our knowledge and verification, has issued no such confirmation, neither officially nor unofficially,” Abdullahi said.

READ ALSO:BREAKING: INEC Recognises David Mark-led ADC Leadership

He explained that choosing and approving state leaders is the party’s internal responsibility, not INEC’s.

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The process of constituting and ratifying state leadership within any political party lies squarely within the party’s constitutional prerogative. INEC only recognizes what the party submits through the appropriate channels after due process,” he added.

Abdullahi urged ADC members and the public to ignore the fake list and wait for official communication.

READ ALSO:ADC Will Take Over Aso Rock, Lagos Govt House In 2027 — Aregbesola

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We therefore urge our members and stakeholders to remain calm, vigilant, and guided by official communication from the national leadership of the ADC,” he said.

He reassured supporters that the ADC remains committed to discipline, structure, and internal democracy, adding that any genuine updates on party leadership will be shared through verified platforms.

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How Bello Deceitfully Assured Me Of Kogi Guber Ticket For 4 Years — Onoja

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Former deputy governor of Kogi State, Edward David Onoja, has revealed that his former principal, Yahaya Bello, assured him for four years that he would succeed him as governor, only to change his decision a day before the All Progressives Congress (APC) primary election.

Onoja made the disclosure during an interview on MIC ON Podcast published on Saturday night, where he recounted his political journey and his relationship with former Governor Bello.

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LEADERSHIP recalls that Onoja had served as Chief of State for about four years before becoming deputy governor under Bello until their tenure elapsed.

READ ALSO:Kogi Govt Reacts To Natasha’s Allegations Against Akpabio, Yahaya Bello, Gov Ododo

“For four years before 2023, he (Yahaya Bello) was the one who called me and said, ‘You will succeed me, get prepared.’ And of course, I planned, I worked, and when it was time, he gave all of us the opportunity (to contest),” Onoja said.

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According to him, about seven cabinet members at the time, including himself, picked up the All Progressives Congress (APC) nomination forms on Bello’s directive, but in the end, Bello’s support was with the current governor, Ahmed Usman Ododo.

At the end of the day, his heart and his choice was with the current governor, His Excellency, Alhaji Ahmed Usman Ododo,” he said.

READ ALSO:PHOTOS: Moment Supporters Throng Out To Welcome Natasha Akpoti-Uduaghan In Kogi

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Onoja revealed that Bello broke the news to him just a day before the party primaries, a decision he respected despite his disappointment.

When he broke the news to me a day before the primaries, I told him, ‘You are the boss, you are over me, what you see is what I see, so let’s go get the job done, but I hope you are not making a mistake.’ There were no issues, and then we went to the field and did our best for our candidate,” he stated.

Onoja, who is now a board member of the South-East Development Commission (SEDC), emphasised that despite the turn of events, he remained committed to ensuring victory for the party’s eventual candidate and winner of the last Kogi State governorship election, Ododo, who went on to succeed Bello.

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