Group denounces Saraki involvement in the N35 billion loan

The Kwara Consultative Stakeholders Forum, which sued the state governor, Abdulrazak AbdulRahman, and others over the proposed N35 billion bond/loan, has denied any involvement in the litigation with former governor of the state, Dr Abubakar Bukola Saraki.

In a statement issued by its chairman, Alhaji Ayodele Olaegbe, the group stated that tying Saraki to the group is not only ridiculous and humiliating, but also another unsuccessful attempt by government propaganda apparatus to divert public attention away from the bond’s impropriety.

Olaegbe stated that the group had no ties to the former Senate President or any other individual or political interest, either directly or indirectly.

“The case reference number CAC/IT/NO 141207, at the federal high court in Abuja, is based on our suspicion and conviction that a situation where a state appoints a Special Purpose Vehicle, SPV, to float a private bond is a strategy to avoid public scrutiny and suggests that the likely investors aren’t inclined to be those who are statutorily bound to comply with the issuance of the private bond,” the statement read in part.

“We also feel the bond/loan was passed hastily by the State House of Assembly and did not follow established legislative approval procedures.

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“Once a bond is issued to carry out governance owing to a shortage of cash, citizens must be present to participate in the process through public hearings.

“More importantly, this government has yet to explain to kwarans how it wants to balance the disbursement of cash and repayment mechanism without causing more hardship to the people.”