A Civil Society Organization (CSO) in Osun State under the aegis of
Civil Societies Coalition for the Emancipation of Osun State (CSCEOS)
on Sunday, asked the State governor, Mr. Rauf Adesoji Aregbesola to
stop deceiving the good people of the State over the controversy
surrounding the recent claimed of the Model Schools built through the
Sukuk Bond by Money lendersOsun SUKUK Company), describing Aregbesola
as a serial and pathological liar on the governance of the State over
the years.
The group however, alleged that Mr. Aregbesola has concluded
arrangement to commercialize the education sector with the
introduction of fees regime under the guise of developmental and
taxation levies in the State, thereby rejecting the commercialization
of the education sector of the State and advised Aregbesola to tender
resignation letter as he lacked capacities to govern the State again.
Speaking, through a Signed statement by the CSCEOS’ Chairman, Comrade
Adeniyi, Alimi Sulaiman, maintained that the model schools built by
the controversial loan from the Sukuk Bond was owned by the Sukuk
Company until the proceeds of the loan was fully redeemed in line with
the agreement of the State government, insisted that the Company has
every right to take over the schools in question so as to generate
their proceeds back to its cover, challenging Mr. Aregbesola to come
out openly and tell the truth on the subject matter.
Comrade Sulaiman recalled that the State government under the watch of
Aregbesola on the October, 2013 sought the loan of N11.4 billion from
Sukuk Loan Company with the aim of using the loan to build 27 Model
Schools in 23 High, Middle and Elementary Schools at the rate of
N450million, N150million and N160million respectively in the State.
He added that Mr. Aregbesola promised to build twenty-seven (27) model
schools across the State with the free interest loan of N11.4billion
from Sukuk Loan Company in 2013 which the State would be paying back
N25.52 billion in year 2020 and the Federal Government through the
Universal Basic Education Commission (UBEC) released sum of
N13.9billion to Aregbesola for the same purpose of constructing the
school classrooms which the citizens of the State at home and abroad,
have been asking about the where about of the N13.9billion of UBEC
funds.
CSCEOS boss therefore declared that it was part of the agreement with
the State government that SUKUK Loan Company should take over the
model schools buildings whenever the State defaulted in payment of the
net proceeds, adding that Aregbesola has shortchanged the good people
of the State on the construction of the schools for his own benefit.
Quoting the review of Document on Osun Sukuk Loan, “Osun SUKUK is
Ijarah(lease) which is the most common issuance type of project
finance or acquisition of new assets. It is leasing structure with a
right available to the lessee to purchase the asset at the end of the
lease period(Similar to Finance) the rental rates in return on Ijarah
SUKUK can be fixed or floating. The Ijarah SUKUK provided an
efficient medium to long-term mode of financing and it is tirade in
the secondary market.
“Osun State Government incorporated a Company named Osun SUKUK Company
with an authorized share capital of 1million divided into 1million
ordinary shares of N1.00 each as a Special Purpose Vehicle(SPV) to act
solely for the purpose of participating in the transaction and the
issuance of the Bond is Osun SUKUK Company while Osun State is the
originator”.
“A Sinking Fund shall be created for the purpose of payment of rental
charges and the principal at maturity. It shall be funded from the
Originator (Osun State Government) statutory allocation by way of an
irrevocable standing order (ISPO) and shall be managed by the Trustees
(Osun SUKUK Company).Additionally, Osun State Debt Management Office
shall as appropriate, pay out of the Consolidated Debts Service
Account of the State into the Sinking Fund any outstanding payment
obligations due to the SUKUK holders. The Originator (Osun State
Government )therefore shall compulsorily pay into the fund monthly
deduction of N164,934,256 from August 2013 to July 2014 and
N305,678,787 from August 2014 to July 2020”,Sulaiman added.
Signed:
COMRADE ADENIYI, ALIMI SULAIMAN
CHAIRMAN, CIVIL SOCIETIES COALITION FOR THE EMANCIPATION OF OSUN STATE (CSCEO)
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