Oluboh:
Someone dropped this, and it actually clears the air a great deal. ���

There is no balance that would be returned to CBN.

"it is a face saving statement from EFCC".

For the benefit of those that would want to know let me try to state some fact about the whole saga...

Unlike what EFCC claimed, the loan wasn't from Sterling Bank but a bailout loan from CBN (not a single commercial bank in Nigeria will give an entity a loan @ 9% interest).

As we all know CBN does not give loan directly, they usually use DMBs for such facilities, and Sterling Bank was chosen for this particular facility in 2019 with the following details;

1. CBN request SB to give KGSG 20billion and monitor utilisation, meaning all the loan will be disbursed from SB.

SB opens 3 accounts not necessarily at the same time.

SB disbursed 20B loan into the 1st account opened for KGSG.

KGSG instructs SB to open a "Bailout Salary Account" and the 20B is moved into this.

KGSG profiled the salary account on Remita platform, it's payment gateway.

KGSG proceeded to disburse the funds from the salary account directly into beneficiaries account in various banks.

For the second account opened by SB, as is the procedure in similar transactions, CBN paid 20B into this account as a kind of collateral should the state become insolvent or unable to pay for whatever reason.

The 3rd account SB opened was for managing the loan facility repayment, as is the practice in banking industry.

Facts That Checks

A) Before EFCC rushed to court when they got "inside info" they neither contacted KGSG or SB for proper information gathering or investigation .

b) EFCC only approached the bank, SB and KGSG only after the court judgment.

c) EFCC requested for and got all the payments reports that shows complete details of payment made from the funding account to beneficiaries accounts including details of the beneficiaries and time stamped from Remita platform.

d) All these reports can easily be verified through either the beneficiaries or through the various beneficiary banks.

e) Of course verification by EFCC confirms that the said 20B was judiciously utilised as agreed.

Lastly the 20B paid to SB as collateral (now 19.3B) would be returned to CBN in tranches dictated by the loan facility repayment by KGSG until the loan is liquidated.

I hope my clarification above would help in whatever measures clear some grey areas.

It's obvious that EFCC only succeded in exposing their inefficiencies and lack of due diligence.

Thief

kings4sera:
Oluboh your name looks like an Ayere Ijumu Name.
Koni da fun e
God will pinish you for supporting thieving Yahaya Bello.They initially claimed it was false so why return money that doesn't exist?

Werey ni ogbeni Oluboh yen. Elerribu gbaa ni. Maybe he's one of the cohorts of Yahaya bello. Unfortunately, people are wiser than he thinks. Here's not a kindergarten where such story would be digested hook, like and sinker

Paid article by yeye bello camp

Eriokanmi:
Epistles without sense. Did you read the judgement of court? Was it EFCC who gave the order or the court? You must be part of the corrupt fellows in this country trying to save the face of your cohort. Why not go to the media and spew this trash? Here's not the best medium to cajole people. Oniranu

Don't always do this.

If you don't understand, ask questions. If you have an alternative opinion, state it. Must you be crude?

The EFCC obviously goofed by running to court with a low understanding of the transaction dynamics. The account in question was an internal account which was to serve as a collateral by the CBN to Sterling. The collateral account balance reduces as milestones are met till it is cleared out.

If you have not worked with internal bank accounts before, you might simply not understand.

[quote author=Oluboh post=106789013]Someone dropped this, and it actually clears the air a great deal. ���

There is no balance that would be returned to CBN.

"it is a face saving statement from EFCC".

For the benefit of those that would want to know let me try to state some fact about the whole saga...

Unlike what EFCC claimed, the loan wasn't from Sterling Bank but a bailout loan from CBN (not a single commercial bank in Nigeria will give an entity a loan @ 9% interest).

As we all know CBN does not give loan directly, they usually use DMBs for such facilities, and Sterling Bank was chosen for this particular facility in 2019 with the following details;

1. CBN request SB to give KGSG 20billion and monitor utilisation, meaning all the loan will be disbursed from SB.

Rubbish! For not empathizing with the suffering people of Kogi and attempting to defend this f.ool of a young governor, you won't escape curses from mouths of spirits of the dead and suffering Kogites due to the torture.

truthCoder:


Don't always do this.

If you don't understand, ask questions. If you have an alternative opinion, state it. Must you be crude?

The EFCC obviously goofed by running to court with a low understanding of the transaction dynamics. The account in question was an internal account which was to serve as a collateral by the CBN to Sterling. The collateral account balance reduces as milestones are met till it is cleared out.

If you have not worked with internal bank accounts before, you might simply not understand.

I've been following the case from day one. I din't just hear about it today. Of course efcc prosecutes cases by charging the accused to court after investigations. Why I'm happy...the money is going back to the source. Its very wrong to put that kind of money in an account to generate interests when beneficiaries are dying with many commiting suicide. Its even in the news today of kogi civil servants dying this way.
Our constitution needs to be amended such that, a serving governor or political office holders can be jailed. That immunity clause needs to be removed

Thesame way they rush to media to post Boys tryna survive, give them some card board bearing names and shits

just to prove to their ogas that they working

happiness32:
So EFCC rushed to media to drop a different case

Achisunny:
What stop him from paying the workers, yahoo GYB. Civil servant bailouts is now going back to CBN without it purpose.

He was collecting interest on the money.

People are been paid 25% salary in Kogi state, and there is a bailout fund wallowing in an account somewhere.

This Yahaya bello deserve to be shot dead.

Labour is dead in Nigeria

truthCoder:


Don't always do this.

If you don't understand, ask questions. If you have an alternative opinion, state it. Must you be crude?

The EFCC obviously goofed by running to court with a low understanding of the transaction dynamics. The account in question was an internal account which was to serve as a collateral by the CBN to Sterling. The collateral account balance reduces as milestones are met till it is cleared out.

If you have not worked with internal bank accounts before, you might simply not understand.

Who are the people that got paid since you know all this. In Kogi state, the civil servants are receiving 25% of their salary

Awon scammers. Yahaya Bello's boys will come on this topic to misinform the gullible ones.

[s]

Oluboh:
Someone dropped this, and it actually clears the air a great deal. ���

There is no balance that would be returned to CBN.

"it is a face saving statement from EFCC".

For the benefit of those that would want to know let me try to state some fact about the whole saga...

Unlike what EFCC claimed, the loan wasn't from Sterling Bank but a bailout loan from CBN (not a single commercial bank in Nigeria will give an entity a loan @ 9% interest).

As we all know CBN does not give loan directly, they usually use DMBs for such facilities, and Sterling Bank was chosen for this particular facility in 2019 with the following details;

1. CBN request SB to give KGSG 20billion and monitor utilisation, meaning all the loan will be disbursed from SB.

SB opens 3 accounts not necessarily at the same time.

SB disbursed 20B loan into the 1st account opened for KGSG.

KGSG instructs SB to open a "Bailout Salary Account" and the 20B is moved into this.

KGSG profiled the salary account on Remita platform, it's payment gateway.

KGSG proceeded to disburse the funds from the salary account directly into beneficiaries account in various banks.

For the second account opened by SB, as is the procedure in similar transactions, CBN paid 20B into this account as a kind of collateral should the state become insolvent or unable to pay for whatever reason.

The 3rd account SB opened was for managing the loan facility repayment, as is the practice in banking industry.

Facts That Checks

A) Before EFCC rushed to court when they got "inside info" they neither contacted KGSG or SB for proper information gathering or investigation .

b) EFCC only approached the bank, SB and KGSG only after the court judgment.

c) EFCC requested for and got all the payments reports that shows complete details of payment made from the funding account to beneficiaries accounts including details of the beneficiaries and time stamped from Remita platform.

d) All these reports can easily be verified through either the beneficiaries or through the various beneficiary banks.

e) Of course verification by EFCC confirms that the said 20B was judiciously utilised as agreed.

Lastly the 20B paid to SB as collateral (now 19.3B) would be returned to CBN in tranches dictated by the loan facility repayment by KGSG until the loan is liquidated.

I hope my clarification above would help in whatever measures clear some grey areas.

It's obvious that EFCC only succeded in exposing their inefficiencies and lack of due diligence.

[/s]


May God run your life the way Yeye Bello is running Kogi state.
Rubbish.
How much did you collect to come and defend that Bello here?

That man would never smell Aso Rock.

DubaiLandLord:
Who are the people that got paid since you know all this. In Kogi state, the civil servants are receiving 25% of their salary

Lets do some small accounting.

Kogi spends around 44bn annually on salaries out of total recurrent costs of around 67bn. Most of the salaries go to teachers. Capital expenditure is just 24bn for the whole year.

Kogi makes an average of 60bn from the federation and 15bn internally. The rest comes from loans, some pittance from some grants and the capital development fund.

In summary, Kogi is drowning. Total of all bankable inflows can barely cover recurrent expenditure, talkless of building roads.

If all salary arrears are to be paid, the whole FAAC and IGR won't even be enough.

The only miracle would be if IGR can grow.

But Kogi is a civil servant state with everyone just resuming to work to mark register. So everything there na cruise.

Omicron007:
[s][/s]


May God run your life the way Yeye Bello is running Kogi state.
Rubbish.
How much did you collect to come and defend that Bello here?

That man would never smell Aso Rock.

is this the best you can come up with? Why must everything be so mediocre for una?

Someone gave a detail of the transactions and you cannot come up with a sane rebuttal than this bark?

If your intelligence no carry wetin he write, sebi you go just STFU and move...

truthCoder:


Don't always do this.

If you don't understand, ask questions. If you have an alternative opinion, state it. Must you be crude?

The EFCC obviously goofed by running to court with a low understanding of the transaction dynamics. The account in question was an internal account which was to serve as a collateral by the CBN to Sterling. The collateral account balance reduces as milestones are met till it is cleared out.

If you have not worked with internal bank accounts before, you might simply not understand.

Transaction Dynamics?? This was an emergency loan which was meant for immediate salary payment to workers and you're here saying "Transaction Dynamics". May that your mouth rot!

truthCoder:


Lets do some small accounting.

Kogi spends around 44bn annually on salaries out of total recurrent costs of around 67bn. Most of the salaries go to teachers. Capital expenditure is just 24bn for the whole year.

Kogi makes an average of 60bn from the federation and 15bn internally. The rest comes from loans, some pittance from some grants and the capital development fund.

In summary, Kogi is drowning. Total of all bankable inflows can barely cover recurrent expenditure, talkless of building roads.

If all salary arrears are to be paid, the whole FAAC and IGR won't even be enough.

The only miracle would be if IGR can grow.

But Kogi is a civil servant state with everyone just resuming to work to mark register. So everything there na cruise.

How were the paying the salaries before?
Didn’t yaya build a useless estate for Buhari in Kogi state? Where did he see the money if the state is drowning?

funshint:
Transaction Dynamics?? This was an emergency loan which was meant for immediate salary payment for workers and you're here saying "Transaction Dynamics". May that your mouth rot!

you that your parents should have donated you to a dog food processing plant instead of wasting nature's resource to breed a dullard, if you have not heard 'transaction dynamics' before, ask the few educated minions in your lineage to educate you and stop showcasing your dumb foolery here for all to see....or use google.

I am not responsible for educating the product of male alcohol intoxication and a loose female pant.

[s]

truthCoder:


is this the best you can come up with? Why must everything be so mediocre for una?

Someone gave a detail of the transactions and you cannot come up with a sane rebuttal than this bark?

If your intelligence no carry wetin he write, sebi you go just STFU and move...

[/s]


Mr. Intelligent with an IQ that of Einstein and Musk combined, just STFU and get off my mention. We are talking about a botched corruption case that has seen many civil servants in the state being denied their renumenration, you are here forming intelligence.
I don't give a flying fvck about the explanations.
How does it put the money back into the account of the deserving earner?

Baba, just get out and go and use your intelligence in helping Sophia the robot to get a baby other than spewing trash on Nairaland.

maynia:


How were the paying the salaries before?
Didn’t yaya build a useless estate for Buhari in Kogi state? Where did he see the money if the state is drowning?

Good question.

Salaries were being paid from borrowings. The governor is not working hard at all. Kogi state should be one of the best states for manufacturing since it is closer to FCT and also connects with the major highways in the country.

The governor should have built an investor friendly environment.

The first project this man commissioned after he was sworn in as governor was a new personal house built with state fund. That was the day I knew Yahyah Bello was a useless man. Nothing good comes out from Buhari/CPC camp of APC. If you remember the politics that happened that time, Faleke was supposed to have been sworn in as governor. This man is unfit to be a class captain talkless of a governor. Bastard!

Omicron007:
[s][/s]


Mr. Intelligent with an IQ that of Einstein and Musk combined, just STFU and get off my mention. We are talking about a botched corruption case that has seen many civil servants in the state being denied their renumenration, you are here forming intelligence.
I don't give a flying fvck about the explanations.
How does it put the money back into the account of the deserving earner?

Baba, just get out and go and use your intelligence in helping Sophia the robot to get a baby other than spewing trash on Nairaland.

I will just advise you to research properly on issues before commenting in future lest you sound like a semi-literate orangutang.

Kogi state is only solvent on their manufactured accounting forecasts. There is no money in Kogi. If Kogi is to be able to pay staff adequately, the government need to come up with new ideas to generate income.

[s]

truthCoder:


I will just advise you to research properly on issues before commenting in future lest you sound like a semi-literate orangutang.

Kogi state is only solvent on their manufactured accounting forecasts. There is no money in Kogi. If Kogi is to be able to pay staff adequately, the government need to come up with new ideas to generate income.

[/s]





Trash.
Bleep off.
Yeye Bello is a failure in Kogi. That's all. Forget your statistics and index.

Omicron007:
[s][/s]





Trash.
Bleep off.
Yeye Bello is a failure in Kogi. That's all. Forget your statistics and index.

another wasted school fees and naming ceremony food.

truthCoder:


I will just advise you to research properly on issues before commenting in future lest you sound like a semi-literate orangutang.

Kogi state is only solvent on their manufactured accounting forecasts. There is no money in Kogi. If Kogi is to be able to pay staff adequately, the government need to come up with new ideas to generate income.

Mumu...let me rub you in the mud small ..no state in Nigeria is poor. Before Umahi came to power, Ebonyi was always ranked as one of the poorest state in Nigeria and still one of the least earners from federal allocation. But despite all these Umahi is blazing the trail of development in Nigeria at the moment. In short is not about the amount of money a state gets from the federal allocation that matters or their IGR but how much can be retained for state development after most of these gluttonous governors have ploughed their hands into the state's coffers. Besides you're monkey

funshint:
Mumu...let me rub you in the mud small ..no state in Nigeria is poor. Before Umahi came to power, Ebonyi was always ranked as one of the poorest state in Nigeria and still one of the least earners from federal allocation. But despite all these Umahi is blazing the trail of development in Nigeria at the moment. In short is not about the amount of money a state gets from the federal allocation that matters or their IGR but how much can be retained for state development after most of these gluttonous governors have ploughed their hands into the state's coffers. Besides you remain a monkey

So in your own educated surmise, all states in Nigeria are solvent abi but they are mostly being run by wicked humans who just don't want to pay salaries?

Kindly educate me with statistics to prove your hypothesis.

Share verifiable data to back your claims.

Thank you

Another paid/cover face article!!

Omicron007:
[s][/s]





Trash.
Bleep off.
Yeye Bello is a failure in Kogi. That's all. Forget your statistics and index.

The truth with all these useless Bello defenders is they themselves are not even been paid properly...they just give them change from time to time and also give them one sienna bus to be riding up and down and atimes with no money to even fuel it for a very long time....most of them are nonentity and so would do anything for crumbs thrown at them....very pathetic lots....!!!

truthCoder:


So in your own educated surmise, all states in Nigeria are solvent abi but they are mostly being run by wicked humans who just don't want to pay salaries?

Kindly educate me with statistics to prove your hypothesis.

Share verifiable data to back your claims.

Thank you

Yes, Yahyah Bello is a very wicked human being. It's an insult to categorize him as human. He should be competing for kingship with wolves.

funshint:

Yes, Yahyah Bello is a very wicked human being. It's an insult to categorize him as human. He should be competing for kingship with wolves.

I am still waiting for the statistics or data to support your thesis that all states are solvent

Valkrie:


The truth with all these useless Bello defenders is they themselves are not even been paid properly...they just give them change from time to time and also give them one sienna bus to be riding up and down and atimes with no money to even fuel it for a very long time....most of them are nonentity and so would do anything for crumbs thrown at them....very pathetic lots....!!!

Don't mind them. They are plenty on NL here. Defending failure and mediocrity. Coming up with baseless and rubbish statistics.

Oluboh:
Someone dropped this, and it actually clears the air a great deal. ���

There is no balance that would be returned to CBN.

"it is a face saving statement from EFCC".

For the benefit of those that would want to know let me try to state some fact about the whole saga...

Unlike what EFCC claimed, the loan wasn't from Sterling Bank but a bailout loan from CBN (not a single commercial bank in Nigeria will give an entity a loan @ 9% interest).

As we all know CBN does not give loan directly, they usually use DMBs for such facilities, and Sterling Bank was chosen for this particular facility in 2019 with the following details;

1. CBN request SB to give KGSG 20billion and monitor utilisation, meaning all the loan will be disbursed from SB.

SB opens 3 accounts not necessarily at the same time.

SB disbursed 20B loan into the 1st account opened for KGSG.

KGSG instructs SB to open a "Bailout Salary Account" and the 20B is moved into this.

KGSG profiled the salary account on Remita platform, it's payment gateway.

KGSG proceeded to disburse the funds from the salary account directly into beneficiaries account in various banks.

For the second account opened by SB, as is the procedure in similar transactions, CBN paid 20B into this account as a kind of collateral should the state become insolvent or unable to pay for whatever reason.

The 3rd account SB opened was for managing the loan facility repayment, as is the practice in banking industry.

Facts That Checks

A) Before EFCC rushed to court when they got "inside info" they neither contacted KGSG or SB for proper information gathering or investigation .

b) EFCC only approached the bank, SB and KGSG only after the court judgment.

c) EFCC requested for and got all the payments reports that shows complete details of payment made from the funding account to beneficiaries accounts including details of the beneficiaries and time stamped from Remita platform.

d) All these reports can easily be verified through either the beneficiaries or through the various beneficiary banks.

e) Of course verification by EFCC confirms that the said 20B was judiciously utilised as agreed.

Lastly the 20B paid to SB as collateral (now 19.3B) would be returned to CBN in tranches dictated by the loan facility repayment by KGSG until the loan is liquidated.

I hope my clarification above would help in whatever measures clear some grey areas.

It's obvious that EFCC only succeded in exposing their inefficiencies and lack of due diligence.

You're either a paid pen or the pseudonym for Kingsley Fanwo.

My mother and many who retired before her since 2010 have not been paid gratuity while the scam of a governor came and reduced their monthly pension to 25%-30%...
GYB has never paid above 30% unlike his predecessors who paid accurately.

KSGS thrives on propaganda, lies, half truth and innuendoes!

truthCoder:


I am still waiting for the statistics or data to support your thesis that all states are solvent

Penrobber