Tongues Wag Over How Bindow Spent N54 Billion Loans In Five Months

Share this story.

From Tom Garba, Yola
Claims and counter claims are currently being traded by opposing camps over how Adamawa State Governor, Jibrilla Bindow, has spent about N54 Billion loaned to the state in five months, allegedly with little to show for it.
The Dream Daily investigations in Adamawa State revealed that even before his cabinet was formed, Bindow went cap in hand with letters begging the Adamawa State House of Assembly to approve various loans for him, which today stand at more than N54 billion, allegedly without cabinet extract to back them up.
Sources at the Adamawa State House of Assembly said the lawmakers approved these huge loans despite the unconstitutional lack of cabinet extract supporting the loans, which were obtained from various commercial banks, including the Central Bank of Nigeria (CBN).
In one of the letters, Bindow wrote to the Assembly on August 1, 2015 requesting the House approval for loans of N8.2B, N12B and N7.2 b. On the same date, the governor again wrote another letter for N12 billion virement to pay leave and transport grant. In September 2015, the governor also obtained a N9.3 billion bailout from the CBN.
On September 1, 2015 the governor again wrote three other letters, allegedly without cabinet extract, seeking the House approval for another set of loans ranging from N18.2 billion, N9 billion and N21 billion virement to pay 10% counterpart funding for the World Bank roads project in the state.
Alleging that most of the loans were illegally obtained, a member of the Adamawa State House of Assembly, Hon. Abdulrahman Isa, petitioned the Economic and Financial Crimes Commission (EFCC) over the developments.
In the petition, Isa, who represents Mubi State Constituency where the governor hails from, said he could no longer keep quiet as Bindow allegedly runs the state aground and divert funds to private pockets using such fronts as Bindow Housing project.
Chief Whip of the House, Hassan Barguma, confirmed the loans approvals to The Dream Daily. Barguman, who represents Hong Constituency, said all the loans requests that came to the House from the Governor were granted approval in June, August, September, October, November and lastly a December 7, N21b budget virement.

Share this story.


Be the first to comment

Leave a Reply

Your email address will not be published.