Governor Ajimobi: How Akala blew N3b in one week, refunds N500m to EFCC

Oyo State Governor Abiola Ajimobi has explained how his predecessor, Adebayo Alao-Akala, allegedly blew N3 billion government fund within the last week of his administration in May 2011.

Ajimobi, who disclosed this in an interview with reporters in Ibadan, the state capital, also revealed how Alao-Akala’s predecessor, Senator Rashidi Ladoja, refunded N500 million to the Economic and Financial Crimes Commission (EFCC) in a move aimed at getting plea bargain.

The governor said Alao-Akala realised the N3billion from the sale of government quarters during his tenure, pointing out that he set aside the fund for payment of pensions before he squandered it in the last week of his administration.

Alao- Akala is the governorship candidate of the Labour Party (LP) and Ladoja the governorship candidate of Accord.

Ajimobi wondered how the two former governors considered it right for them to contest for the same position again, despite the moral burden on them.

He said the N500 million recovered from Ladoja is being used to build model schools across the state’s three senatorial districts.

“My predecessor sold several government quarters from which he realised about N3 billion. He first set it aside to pay pensioners but later blew it one week before we came in.”

The governor explained that rather than follow the same path, his administration partnered with UACN Properties, which has redeveloped 89 apartments to be sold at the value of over N5 billion. He explained that the government owns 45 percent of the investment.

According to him, the same landed property used for the apartments had been valued at only N120 million the sale of which he turned down because of the potential for huge profit, if better utilised. “This, to me, is good governance,” he said.

The governor was answering a question on how he hopes to cope with dwindling federal allocations and huge and increasing expenditure, if he returns as governor.

He said his administration would survive by building on the foundation it has laid in attracting investors to the city. Eight big industries have opened for business in the state in the last two years as marks of his efforts to attract investors.

Ajimobi emphasised that the state’s economy was improving daily, which will ultimately put government in a position to earn more revenue internally.