‘N240bn bond deal’: Civil group alleges Ondo govt of financial secrecy

A Civil Society Organisation, the Ondo Redemption Front (ORF), on Thursday, accused the Ondo State Government of lack of transparency over a controversial ₦240 billion bond, alleging that its terms, utilisation, and current status remain concealed from the public.

Raising concerns over what it described as financial secrecy in Governor Lucky Aiyedatiwa’s administration, the ORF claimed that the organisation is in possession of documents suggesting that certain government officials receive ₦12 billion monthly kickbacks from the bond.

Addressing journalists in Akure, the state capital, during a press briefing tagged “Accountability in the Sunshine State,” the ORF Chairman, Ayodeji Ologun, alleged that documents in the group’s possession indicate that some individuals within the state government have been receiving ₦12 billion monthly kickbacks from the bond proceeds.

Ologun, flanked by the group’s Co-Chairman, Kayode Mogbojuri, and Secretary, Adedotun Ajulo, challenged Governor Aiyedatiwa and his Commissioner for Finance to provide explanations, threatening that if the group would not hesitate to publish its evidence if the government failed to respond.

The ORF chairman stated that the integrity of the state is on the line over the development; hence, the Ondo State House of Assembly must initiate a prompt and transparent investigation, warning that “silence will only confirm suspicion.”

He said: “Take, for instance, the matter of the N240 billion bond issuance and the allegations of N12 billion monthly kickbacks. These are not ordinary whispers in the marketplace; these are damning claims that go to the heart of probity in public office.

“Though the government continues to wave them aside as mere allegations, what remains undebatable is the fact that public visibility into its current price or yield is blurry.

“There is no public visibility on this issue of bond. Bond should be something everyone can see and assess. The credibility of the issuance of a bond is its visibility.

“We have it on a very strong note that there have been monthly kickbacks of N12 billion being generated from this bond going to private pockets of one or two persons.

“We have alleged, and we are ready to prove. These are sensitive issues, and we have thrown them outside there; let them deny it. We are waiting for them.

“We have even tried to reach out to some persons in government on this issue of N240 billion, and there is nothing of the sort on the state’s website or on the Nigeria Stock Exchange in that regard, whereas we have documents.

“Under Aiyedatiwa, Ondo’s infrastructure programme has become political theatre, designed for ribbon-cutting ceremonies and photo opportunities, not genuine impact on the lives of the people.

“Worse still, instead of focusing on governance, Governor Aiyedatiwa busies himself with political shadowboxing, manufacturing enmity with other top political office holders, jettisoning governance for political rivalry even within his political home or party.”

But in a swift reaction, the Ondo State Commissioner for Information and Orientation, Idowu Ajanaku, dismissed ORF allegations, describing the group as a “faceless group” spreading unfounded allegations.

Also, a group within the state, the Ondo Good Governance Alliance (OGGA), in a statement signed by its Chairman, Samuel Adegbite, defended Aiyedatiwa’s administration, insisting that all state financial records remain open, audited, and verifiable.

“The people of Ondo overwhelmingly voted Governor Aiyedatiwa with 72% of the ballots in November 2024. In less than six months, his performance is already visible. Ondo is not stagnant; Ondo is moving forward,” Adegbite stated.

But the group insisted that nothing is working in the state, criticised Governor Aiyedatiwa’s approach to governance, noting that infrastructure and healthcare in the state are deteriorating, while policy implementation has become inconsistent and weak.

Ologun, however, commended President Bola Tinubu for his recent directive that state governors must be held accountable for development, given the huge resources available to them.

He stressed that Ondo people are expecting transformative leadership from the allocations received so far and said “Aiyedatiwa must be reminded that leadership is not an inheritance nor an accident; it is a sacred trust.

“The people of Ondo did not grant him a comfortable win to preside over stagnation—they entrusted him with their hopes for transformation,” Ologun said.

“President Tinubu’s call for accountability is not a reprimand; it is a lifeline. If Aiyedatiwa refuses to seize it, history will record him not as a leader but as an interlude, a man who inherited power by accident and squandered opportunity by choice.

“It is time for direction, vision, and seriousness. Ondo State deserves better than this rudderless experiment.”

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