THE OGUN STATE GOVERNMENT HAS REFUTED THE CLAIMS BY BOND INVESTMENTS AND HOLDINGS LIMITED THAT THE STATE GOVERNMENT OWES IT $11,740,362.00 DOLLARS AS CONSULTANCY FEES, ON EXTERNAL DEBT AND MULTILATERAL LOANS, SAYING THAT GOVERNMENT HAS NO LEGAL CONTRACT WITH THE FIRM.

A STATEMENT BY THE STATE COMMISSIONER FOR FINANCE, MR. WALE OSHINOWO SAYS BOND INVESTMENTS AND HOLDINGS LIMITED IN 2009 ENTERED INTO AN 80-DAY AGREEMENT WITH THE STATE GOVERNMENT AS CONSULTANTS ON PARIS CLUB REFUND, WHICH ENDED IN 2010 BY EXPIRATION OF TIME AND OPERATION OF LAW, ADDING THAT THE FIRM DID NOTHING WITHIN THE DURATION OF THE CONTRACT.

OSHINOWO EMPHASISED THAT CLAUSE 2.1 OF THE AGREEMENT BETWEEN OGUN STATE GOVERNMENT AND BOND INVESTMENTS AND HOLDINGS LIMITED, DATED 23RD DECEMBER 2019, STIPULATED CLEARLY 80 WORKING DAYS AND COULD BE TERMINATED AT THE INSTANCE OF EITHER OF THE PARTIES NOTING THAT A LETTER FROM THE STATE GOVERNMENT TITLED – RE: NOTICE OF TERMINATION OF CONTRACT, REF. NO. DMU/012/122 DATED 15TH NOVEMBER 2011, INDEED TERMINATED THE CONTRACT.

THE FINANCE COMMISSIONER SAID IT IS SHOCKING THAT THE COMPANY WHICH ACCEPTED THE TERMINATION OF THE CONTRACT WITHOUT A WHIMPER KEPT SILENT UNTIL 2017 WHEN THE FEDERAL GOVERNMENT BEGAN THE RELEASE OF THE PARIS CLUB REFUND, SAYING THIS LAYS BARE THE OPPORTUNISTIC INTENTION OF THE PROMOTERS OF THE FIRM TO REAP WHERE THEY DID NOT SOW.

OSHINOWO EXPLAINED FURTHER THAT PARIS CLUB REFUND WAS RELEASED TO STATES, UNDER STRINGENT CONDITIONS AND ITS USE CLOSELY MONITORED BY THE FEDERAL GOVERNMENT SUCH THAT STATES THAT DEVIATED WERE INVESTIGATED BY EFCC AND SANCTIONED.

HE ADDS BOND INVESTMENTS AND HOLDING LIMITED DID NOT FACILITATE THE REFUND OF ANY EXTERNAL DEBT IN RESPECT OF PARIS CLUB DEBT AND ANY MULTILATERAL LOAN TO OGUN STATE.

AS THE NEW GOVERNMENT COMES ON BOARD ON MAY 29, 2019, THE STATEMENT URGED THE PUBLIC TO DISCARD THE CLAIMS BY BOND INVESTMENT AND HOLDINGS LIMITED AND CALLED FOR PUBLIC VIGILANCE AS THE STATE DOES NOT OWE ANT FIRM A SERVICE DEBT.