Oshiomole applied for a N15.37billion loan (Eco bank and
Fidelity bank) on December 9, 2014 via the Debt management
office that the Jonathan administration gave power to review and
control borrowing by state governors.
18 months before his handing over to another Governor?
After review, it was found that the loan will increase Edo’s
indebtedness by 38% and unsustainable at 18% interest rate. He
was advised to either drop the idea or reduce toa more
Not happy with the advice, he went to NOI ‘s office for further
discussion. He told NOI Edo state was expecting a world bank
budget support loan that got delayed. He wanted to take loan from
local banks and then repay with world bank loan.
NOI told him World bank will never allow you pay another loan with
its loan. And that she thinks it is better for EDO STATE not to
borrow from local banks at 18% interest rate and 23 month tenure
when in a matter of months you’ll be getting loan from world bank
at 5 years grace period, 25 years tenure and 1.25%.
But of course you know he needs the money more than Edo state.
If you get to know what most of these rogues do to the future of
their states behind closed doors, you’ll want to cry.
“The governor insisted that he needed the loan and that was why he
visoted me personally. When I told him that professionally, I had no
grounds to go against the Debt management office
recommendation, the governor took it personally and left my office
“Then began a series of headline-grabbing attacks spear-headed
by Gov Adams Oshiomole against me and federal government,
which escalated when I left office in 2015.