Ekiti State Governor Ayodele Fayose yesterday alleged that the Economic and Financial Crimes Commission (EFCC) has blocked the personal account, which he operates with Zenith Bank Plc.

The governor, who spoke to reporters in Ado-Ekiti at the premises of the bank, said he had information that the accounts of some of his associates were also affected.

While condemning the action, Fayose said under the constitution of the Federal Republic of Nigeria, especially th‎e provisions of Section 308, which stated that he enjoys immunity and wondered why his personal properties should become the target of Federal Government and its agencies under the guise of fighting corruption.

“Section 308 of the 1999 constitution gives me immunity just like the President. I wouldn’t know why these people are intolerant of others and in haste. Let them wait till 2018 when I will end my tenure for them to do their investigation.

In different development, the Bank of Industry (BoI) yesterday explained that investigation by the EFCC over allegations of misapplied cement funds had since been resolved.

According to the bank’s management, parties to the transaction have addressed the concerns raised with new terms reached on how to manage the fund, which has grown from N9 billion in 2011 to N13.2 billion as at last week Friday.

Indeed, BoI was appointed in 2009 to manage the fund that accrued from levies on imported cement for the development of Nigeria’s cement industry.
“As and when the funds were released since its inception, BOI granted loans to entrepreneurs in the cement value chain, specifically for investment in risk assets in the cement industry’s value-chain. Between 2011 and 2015, the Federal Government transferred N9.6 billion to BoI based on earlier scheme as approved by the Federal Government.

“When the Cement Technology Institute of Nigeria (CTIN) was later established, BoI was in 2013 asked to transfer the fund to CTIN’s account with a private commercial bank; a directive that was not carried out by the then management of the bank.”

“In late 2015 the CTIN petitioned the Presidency following which an investigative panel was established. However, BoI management had since resolved the matter amicably with CTIN since late February 2016 during which it was agreed that an interest rate of eight per cent should be applied to the fund retroactively to previous releases based on which the fund grew to N12.3 billion as at December 2015.

“The management of the bank had since February 2016 met and agreed with the chairman of board of the CTIN and President of Dangote Group, Alhaji Aliko Dangote on further utilisation of the fund, based on agreement by the two parties-BoI and CTIN.”

“Going forward, effective from last Friday 17th February, 2016 BoI and CTIN agreed that the bank should invest the sum that has now risen to N13.3 billion in the money market on behalf of the institute at an interest rate of nine per cent,” the bank explained.

BoI maintained that the fund was not misapplied as stated in the said petition. The bank has furnished EFCC with all documents relevant to the fund since its inception in 2009 and documentary evidences that show that the matter had been resolved between it and CTIN since late February, 2016 when it was agreed that was better for the fund to be managed by a Federal Government owned bank rather than privately-owned commercial banks.