Newsry news
22nd November, 2023
Unresolved Financial Concerns Haunt Ondo Finance Commissioner.
By Allen Sowore, Esq.
On November 20, 2023, Mr. Wale Akinterinwa, the Ondo State Commissioner for Finance, added yet another layer to the many lingering questions surrounding his management of state finances. Newly discovered documents revealed that the Akeredolu-led government had, over the last 9 months, spent a staggering N8,169,005,150.58 on “contingency,” a stark contrast to the approved N1,069,000,000.00 in the 2023 budget ratified by the Ondo State House of Assembly.
In a series of financial discrepancies, back in May 2020, consultants engaged by the Ondo State Board of Internal Revenue unearthed a clandestine account during a comprehensive audit of government finances. This account, harbouring over N4.3 billion, had been clandestinely maintained for over a decade. The discovered funds were found fixed in a Zenith Bank account at the Alagbaka branch in Akure, the state capital.
However, just before the conclusion of investigations by the State House of Assembly Committee on Finance, the funds were dispersed into various accounts as follows: Providus Bank (Account: 1300167925, N1bn), Zenith Bank (Account: 1011087392, N1bn, N300,000,000, N600,000,000, and N100,000,000), Wema Bank (Account: 0122786341, N2bn), and First Bank (Account: 2029142288, N250,000,000).
Similarly, in 2022, one of the most significant revelations came from the former Rivers State Governor and current Minister of the Federal Capital Territory (FCT), Nyesom Wike. He outlined how President Muhammadu Buhari approved the payment of long overdue funds owed to oil-producing states since 1999.
Ondo State stands among the nine states that have benefited from the 13% derivation. According to available data released by the Federation Account Department within the Office of the Accountant General of the Federation, Ondo received a total of N27.8 billion between October 2, 2021, and January 11, 2022.
The Commissioner for Finance plays a central role in all these state transactions and is a key member of the State Palliative Committee responsible for allocating the recent N8,169,005,150.58 expenditure on “contingency,” as revealed by the governor’s son, Babajide Akeredolu.
The rushed and feeble defense offered by both Babajide Akeredolu and the Chief Press Secretary, Richard Olabode, claiming that the bulk of the money constituted federal government palliative funds, fails under scrutiny because the same government had earlier said that it has received only N2 billion naira from the Federal Government as palliative fund. These explanations only serve to attempt salvaging the waning reputation of Arakunrin in the twilight of his eight-year term.
From a legal standpoint, the crux of criminal responsibility lies individually. Ultimately, the Commissioner for Finance stands as the primary individual accountable for the financial transactions spanning the past seven years.
With campaign posters of Mr. Akinterinwa for Governor flooding various new media platforms, while I hold no objections to his ambitious pursuit of becoming the next Governor of Ondo State, his pivotal test in succeeding his current boss, Arakunrin Akeredolu, lies in his accountability for the monumental financial irregularities under his leadership. Failure to address these concerns may render his ambition as wavering as a mirage on a heat-rippled road ahead.
