The committee, in its three-point recommendation, found no fault with the Fayemi administration in handling the funds but instead urged the state to liaise with UBEC on ways to make it easier to access its funds.

“In view of the present financial situation of the state, the state government should specifically request/appeal to UBEC to set aside the payment of 2012 Counterpart Fund to enable Ekiti SUBEB to move forward in project implementation,” the panel recommended.

“The state government should seek for a special favour from UBEC and source for the 2013 Counterpart Fund of the sum of N1,030,797,297.30 so that SUBEB can access the FGN/UBEC matching grants for the period.

“The state government should henceforth perfect all loan agreements with regard to the implementation of UBEC/SUBEB projects,” the report also advised.

Despite that, Fayose’s government is about to begin another investigation on the same matter, notwithstanding several lawsuits instituted by Fayemi to stop the move.

The minister has also sued some state government officials for defamation, the action believed to have instigated the new probe.

The media aide to Fayemi, Olayinka Oyebode, said that the state government “was bent on going ahead with a fresh probe apparently because the initial report failed to meet its expectations.”

He argued that Fayose’s government failed to uphold the truth even after the report was submitted.

Reacting to the report, the Special Assistant to the Ekiti State Governor on Public Communication and New Media, Lere Olayinka, said those bringing out the committee’s report should have waited to present it at the sitting of the judicial panel of inquiry.

“There is a difference between a committee set up by an office and a judicial panel of inquiry set up at the instance of the Ekiti State House of Assembly which is empowered by law to do so with a view to investigate the allegations against the former governor,” he said in a statement.

“Besides, the judicial panel of inquiry is not only probing the funds of SUBEB alone, but it is carrying out a holistic investigation of the last administration.”

Olayinka also referred to a letter from UBEC alleging that the withdrawal of the funds from the bank was fraudulent.

“Sequel to the project monitoring exercise conducted in your state, it was discovered that your board had withdrawn the sum of N852, 935, 713.92 being 2012 state counterpart fund lodged on November 25 2013 which qualified your board to access 2012 UBE matching grant of 852, 936, 713.92,” the letter dated April 15, 2015 and signed by the Executive Secretary, Dikko Suleiman, read.

“The action constitutes a serious financial crime and also violates section 11(2) of UBE Act 2004.”
The commission thereafter urged Ekiti State to refund the sum or face the wrath of the Economic and Financial Crimes Commission, EFCC.

The letter also conveyed the state’s suspension from the UBE funding scheme.

Olayinka added that only the judicial panel would determine the true status of the funds and not any other committee report.

The new panel of inquiry is led by a former acting chief judge, Silas Oyewole, and it is expected to commence sitting soon at the Magistrate’s Section of the State Judiciary Complex.