Nigeria: Osun PDP and the Limits of Denial

19 September 2012

As much as we had decided to ignore these disparagers, their absurdities and unending and unfounded allegations, this is considered necessary given that the issue of the N18.38 billion term loan facility, obtained from United Bank for Africa (UBA) Plc by the administration of Prince Olagunsoye Oyinlola, raised in the publication, is of course in the public domain. We therefore have to set the records straight on the issue to avoid misinformation, capable of diverting the attention of the citizens of the state from the lessons that need to be learnt on why usurpers should not be allowed to run the economy of a state.

PDP's claim of disbursing only the sum of N10 billion from the N18.3 billion term loan obtained by Oyinlola administration is gratifying as it further raises some questions on the genuineness of the intention of the Oyinlola administration on the facility amount. This is so considering the fact that the monthly repayment obligation of more than six hundred million (N619,294,837.82) on the facility was calculated by the bank based on the whole facility amount (irrespective of the undisbursed portion).

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