The Osun Transparency Alliance, a civil society coalition, has issued an ultimatum to former Governor Gboyega Oyetola, demanding answers regarding the alleged sale of state-owned Omoluabi Mortgage Bank.
According to a statement released on Friday, the coalition alleges that Oyetola sold the bank to Citi Trust and an individual named Adekunle Adewole without proper transparency or accountability.
The statement raises the following questions:
* Why did Oyetola sell Omoluabi Mortgage Bank to Citi Trust?
* Who are the owners of Citi Trust and who are they representing?
* Why did Oyetola sell another portion of state shares to Adekunle Adewole?
* Who does Adekunle Adewole represent?
The coalition demands that Oyetola provide clear explanations within a specified timeframe. Failure to do so will result in a petition being filed with the Economic and Financial Crimes Commission (EFCC).
The statement highlights the historical significance of Omoluabi Mortgage Bank, established in 1993 as a symbol of the state’s financial identity. However, it claims that the 2019 deal involving Citi Trust and Adekunle Adewole has compromised the state’s majority stake in the bank.
The coalition questions the value and whereabouts of the state’s shares sold during the transaction, citing information from a former commissioner of finance that the Aregbesola administration had invested N2 billion in the bank prior to Oyetola’s tenure.
The statement expresses concern over the disproportionate representation of private entities in the bank’s ownership structure, including Adekunle Adewole’s 7.39% stake. The coalition demands an explanation of how Adewole acquired this stake.
The coalition concludes by emphasizing the need for transparency and accountability, and warns that the alleged sale of Omoluabi Mortgage Bank may have irreversible consequences for the state. They demand a petition to the EFCC if their demands are not met. CONTINUE READING
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