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FLASH: The Securities & Exchange Commission @SECNigeria will visit Ekiti State on Monday June 17, 2019 for a verification of projects exercise in conclusion of the N25bn Bond process approved for the State Govt in 2011.
BELOW ARE KEY THINGS YOU SHOULD KNOW AS A CITIZEN⬇
#Thread
BELOW ARE KEY THINGS YOU SHOULD KNOW AS A CITIZEN⬇
#Thread
WHAT IS SEC?
The Securities and Exchange Commission (SEC), Nigeria @SECNigeria is the apex regulatory institution of the Nigerian capital market supervised by the @FinMinNigeria.
It regulates/develop the capital market to protect investors & enhance its allocative efficiency.
The Securities and Exchange Commission (SEC), Nigeria @SECNigeria is the apex regulatory institution of the Nigerian capital market supervised by the @FinMinNigeria.
It regulates/develop the capital market to protect investors & enhance its allocative efficiency.
WHY ARE THEY COMING?
The N25bn bond had a prospectus registered with SEC before it was used to raise money from investors. It contains everything you need to know about the company issuing the bonds, what it will do with the money, and the terms of the investment.
The N25bn bond had a prospectus registered with SEC before it was used to raise money from investors. It contains everything you need to know about the company issuing the bonds, what it will do with the money, and the terms of the investment.
As a regulator, @SECNigeria will inspect the projects funded by the 25bn bond secured during Dr. Kayode Fayemi’s first term (2010-2014) in order to conclude the documentation required post-disbursement.
WHAT IS A BOND?
A bond is a fixed income instrument that represents a loan made by an investor to a borrower (corporate or governmental) to raise money for public works/projects like the construction & maintenance of roads, hospitals, schools, water & other infrastructure.
A bond is a fixed income instrument that represents a loan made by an investor to a borrower (corporate or governmental) to raise money for public works/projects like the construction & maintenance of roads, hospitals, schools, water & other infrastructure.
HOW MUCH BOND WAS TAKEN?
Due to economic realities & passion to develop Ekiti, N25bn bond was obtained in 2 tranches; N20bn in 2011 & N5bn in 2013. As at this time, @GEJonathan withheld the refund of N20bn FG owed Ekiti for executing FG projects until Fayose became Gov. in 2014
Due to economic realities & passion to develop Ekiti, N25bn bond was obtained in 2 tranches; N20bn in 2011 & N5bn in 2013. As at this time, @GEJonathan withheld the refund of N20bn FG owed Ekiti for executing FG projects until Fayose became Gov. in 2014
HOW MUCH WAS PAID BACK?
As at the end of his 1st tenure, Dr. Fayemi paid N14bn out of the N25bn bond.
Since 2014, N6bn was paid out of the remaining 11bn.
This means that the 1st tranche of N20bn has since been paid up in full while the 2nd tranche will be fully paid by 2020.
As at the end of his 1st tenure, Dr. Fayemi paid N14bn out of the N25bn bond.
Since 2014, N6bn was paid out of the remaining 11bn.
This means that the 1st tranche of N20bn has since been paid up in full while the 2nd tranche will be fully paid by 2020.
WHAT WAS THE BOND USED FOR?
The N25bn bond was channeled into infrastructure, finance, agriculture, education, health and other large-scale projects to create jobs, improve livelihood and standard of living, accelerate access to markets and enhance inclusive economic growth.
The N25bn bond was channeled into infrastructure, finance, agriculture, education, health and other large-scale projects to create jobs, improve livelihood and standard of living, accelerate access to markets and enhance inclusive economic growth.
ROAD CONSTRUCTION
11 intra-township & inter-township roads totaling over 170km were either reconstructed, dualised or expanded to improve social and economic activities. Some of these are:
☑Ewu Bridge
☑Ado-Ilawe-Igbaraodo-Ibuji
☑Ijan-Ise
☑Old Garage-Ojumose
☑Omisanjana⬇️
11 intra-township & inter-township roads totaling over 170km were either reconstructed, dualised or expanded to improve social and economic activities. Some of these are:
☑Ewu Bridge
☑Ado-Ilawe-Igbaraodo-Ibuji
☑Ijan-Ise
☑Old Garage-Ojumose
☑Omisanjana⬇️
THE CIVIC CENTER
This ongoing project was abandoned by the PDP Administration for 4yrs. However, Dr Fayemi has since remobilized contractors to complete the project for increased commercial & social activities.
WHAT TO EXPECT
✅Shopping Mall, Cinema, Museum, Library, Art Gallery
This ongoing project was abandoned by the PDP Administration for 4yrs. However, Dr Fayemi has since remobilized contractors to complete the project for increased commercial & social activities.
WHAT TO EXPECT
✅Shopping Mall, Cinema, Museum, Library, Art Gallery
IKOGOSI WARM SPRING & RESORT DEVELOPMENT
Due to its popularity, Dr Fayemi increased the tourism potentials of the State by reviving & enhancing the Resort. As at 2014, it was 1 of the most attractive destination for relaxation & holidays in Nigeria until 2014 when Fayose arrived
Due to its popularity, Dr Fayemi increased the tourism potentials of the State by reviving & enhancing the Resort. As at 2014, it was 1 of the most attractive destination for relaxation & holidays in Nigeria until 2014 when Fayose arrived
For more on the precipitous destruction of Ikogosi Warm Spring & Resort by the Fayose-led administration, check my tweet below:
For more on Dr. Fayemi’s efforts to revive Ikogosi Warm Springs & Resort, check the tweet below:
EKITI PARAPO PAVILION
The 12,000-seater State Pavilion was built by Dr. Fayemi during his 1st tenure to host social, sporting, religious events as well as other outdoor occasions.
The Pavilion facilities were however damaged & equipment looted due to neglect by the PDP Govt
The 12,000-seater State Pavilion was built by Dr. Fayemi during his 1st tenure to host social, sporting, religious events as well as other outdoor occasions.
The Pavilion facilities were however damaged & equipment looted due to neglect by the PDP Govt
WATER PROJECTS
Water shortage & open defecation are major issues in Ekiti State. In order to address this, Dr Fayemi took the bond to also:
☑Expand Ado Water Works & Rehabilitate Ero Dam so as to enhance productivity & improve availability of water to residents in the State.
Water shortage & open defecation are major issues in Ekiti State. In order to address this, Dr Fayemi took the bond to also:
☑Expand Ado Water Works & Rehabilitate Ero Dam so as to enhance productivity & improve availability of water to residents in the State.
Unfortunately, the project was abandoned by Fayose. However, last year December, Dr. Fayemi, having paid Ekiti State’s counterpart funds, flagged off the rehabilitation of Ero Dam & replacement of transmission main pipelines.
This project is now being co-sponsored by the World Bank & Ekiti State Government to give a sigh of relief to the 9 local government areas supplied by the dam when uninterrupted potable water is made available to them.
The rehabilitation of Egbe Dam is expected to be completed before the last quarter of 2019. Egbe & Ero Water Supply Dams on completion will have a combined capacity to meet 85% of Water Supply requirements in Ekiti.
Dr. Fayemi has since flagged off 251km water pipeline extension & distribution network in Ado Ekiti. The project will give dividends of democracy to the populace and ensure good hygiene for the citizens through provision of potable water.
punchng.com/fayemi-begins-…
punchng.com/fayemi-begins-…
IRE BURNT BRICKS
The bond accelerated its resuscitation only for it to be abandoned later by Gov Fayose.
However, Dr. Fayemi has collaborated with its management to improve its productivity through tech & financial support to ensure it accelerates economic growth in the state.
The bond accelerated its resuscitation only for it to be abandoned later by Gov Fayose.
However, Dr. Fayemi has collaborated with its management to improve its productivity through tech & financial support to ensure it accelerates economic growth in the state.
EKITI STATE SCHOOL OF AGRICULTURE
This was built, fully equipped & ready to take off in 2014 to focus on mid-level manpower development in the Agric sector but was neglected by the immediate past administration for 4yrs so much that the structures/tools were overgrown with weed.
This was built, fully equipped & ready to take off in 2014 to focus on mid-level manpower development in the Agric sector but was neglected by the immediate past administration for 4yrs so much that the structures/tools were overgrown with weed.
Resuscitation has commenced and the School will take in its first set of students in September 2019. When fully developed, it would provide capacity building for unemployed youths in the value chain.
thenationonlineng.net/fayemi-ekiti-c…
thenationonlineng.net/fayemi-ekiti-c…
CONSTRUCTION OF LAGOS LIAISON OFFICE
This was constructed to serve as a reference point for indigenes and potential investors seeking information on business opportunities, investment areas and other programmes of the State Government.
This was constructed to serve as a reference point for indigenes and potential investors seeking information on business opportunities, investment areas and other programmes of the State Government.
Dr. Fayemi's policy direction is to make poverty history in Ekiti and functional education, infrastructure, industrial development & social investments are central to this. Agribusiness is another focus for Ekiti youths and farmers.
WAS THERE ANY VERIFICATION DURING THE LAST ADMINISTRATION?
This exercise should have been concluded between 2014-2018 but the administration of Fayose refused to cooperate with the regulator to conclude the verification process since he abandoned most of these laudable projects.
This exercise should have been concluded between 2014-2018 but the administration of Fayose refused to cooperate with the regulator to conclude the verification process since he abandoned most of these laudable projects.
WHAT SHOULD WE EXPECT?
On the re-election of Dr. Fayemi for a second term, the SEC will now conclude the verification and documentation process required in its oversight functions of ensuring that the funds were utilized as proposed.
On the re-election of Dr. Fayemi for a second term, the SEC will now conclude the verification and documentation process required in its oversight functions of ensuring that the funds were utilized as proposed.
Many of the abandoned projects are now reactivated and should be available for public use by Ekiti residents in Dr Fayemi’s 2nd term as he promised during the campaigns.
