Osun State chapter of the Peoples Democratic Party, PDP, has asked the state governor, Mr Rauf Aregbesola, to explain why he signed off public school buildings to “Islamic money lenders.”
The party, in a statement issued by its spokesman, Prince Diran Odeyemi yesterday, said it was alarmed to read a direct claim over public school buildings in the state made by shadowy holders of the N11.4billion Islamic bond taken a few years ago by the Aregbesola administration.
According to Prince Odeyemi, “We read the advertorial in The Guardian and The Nation of Wednesday, 30 March, 2016 bearing the logo and name of Osun Sukuk Company Plc. We note that the rating agency said it had down-graded the state’s rating because of the parlous state of its economy just as they made open their decision to seize and sell school buildings should the state fail to pay back the bond sum of N11.4 billion at 17.5 % fixed return.”
He continued, “Specifically, we note in paragraph two of the advertorial that ‘”The Sukuk holders will have ownership of the school buildings acquired with the Sukuk proceeds until the issue is fully redeemed; therefore, the Sukuk holders will have recourse to the property in the unlikely event of default.
“Having seen the above and the disclosure that billions of Osun state money are monthly going into a “ sinking fund” to repay the loan, we hasten to ask Mr Aregbesola to disclose the whole truth about this deal and others that are hidden from the public.
“We will want to know too how money lenders under whatever guise are taking over assets of the people of Osun state and the benefits the state has derived from the so called Islamic bond,” Odeyemi concluded.

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