Adebayo Adenrele
A former Chairman of the Ekiti State Microcredit and Enterprise Development Agency, Akogun Abayomi Olumide popularly known as Lustay, has clarified that he was sacked by Governor Biodun Oyebanji for supporting a governorship aspirant, Kayode Ojo, ahead of the 2026 gubernatorial election.
Speaking with journalists on Sunday evening, Lustay claimed that his sack was politically motivated and hinged on his refusal to align with Oyebanji, which practically did not give him free hand to operate.
He alleged that the governor did not give him listening ears when he detected some fraudulent activities within the agency, which has wrecked its operation financially.
NEWSTODAYNG recalled that Oyebanji, on Saturday night announced his sack as the Chairman of the agency for gross misconduct and dereliction of duty.
Meanwhile, Lustay said that the crisis began after the state government reportedly released ₦500 million to BOSAC Microfinance, a Lagos-based firm newly registered in Ekiti, without involving his agency.
He insisted that he had neither control over agency funds nor government property, as no allocation was made to the agency under his watch.
He further revealed that while in office, the agency had only ₦3 million in its account as against the N193m announced by the past leadership and was given just ₦150,000 in six months, forcing him to run activities from his personal funds.
He stressed that it was his intention to resign from his position on Monday, adding that his sack by the State Governor was not shocking.
Lustay urged the residents of Ekiti State to ignore the claims of the state government, saying he remains committed to his political conviction, adding that Ojo’s candidacy represents hope for Ekiti people.
His words, “Let me start from the Central Bank. During my investigation, CBN said we should recover funds amounting to ₦1.6 billion. They directed us to go ahead with the recovery.
“But along the line, we met bottlenecks. Politicians were interfering, saying the money was not disbursed by us. Because of these obstacles, we decided to stop and recommended that those who issued the money should be responsible for the recovery.
“So, in view of that, we continued with our own mandate. Later, we read in the news that the state government released ₦500 million to BOSAC Microfinance, a company that had just opened in Ekiti. We wanted to understand the modus operandi and how they intended to disburse the funds.
“We discovered it was meant to be a counterpart arrangement—BOSAC was supposed to contribute 125% of the ₦500 million. But their own contribution was not forthcoming. Our board even held a virtual meeting with BOSAC, but they told us the MOU signed with the state did not include our agency.
“That means we were completely sidelined. People outside were asking me, as the chairman of the microfinance agency, about the disbursement. I told them we had no hand in it. That was the beginning of the loggerhead.
“At that point, I even considered resigning but board members persuaded me to be patient. We wanted to see the governor and report the situation, but there was no access.
“So I concluded there were shady dealings within the agency which were not known to me as chairman. The public was not benefiting from the disbursement. That’s why I stopped going to the office and made my intention to resign clear. I even prepared my resignation letter to be submitted on Monday.
“However, on Saturday night, I heard on the radio that I had been relieved of my position for “gross misconduct and dereliction of duty.” They asked me to hand over properties in my care. But I had no office property, I didn’t sign cheques, I didn’t disburse money, and no funds were allocated to the agency. So, I don’t know what I was supposed to surrender, my personal vehicle, my house, or my wife’s car?
“I believe politics is a matter of choice, not force. As a citizen, I have the right to support anyone I choose. But because I supported Kaoyode Ojo, I was victimized.
“I am supporting Kayode Ojo because I no longer have confidence in Oyebanji’s leadership. Kaoyode Ojo is an industrialist, a man of impeccable character, who has managed businesses and created jobs for many people. That’s why I supported him.
” They didn’t give me funds or support. When we assumed office, the agency was already moribund. We met only ₦3 million in the account. For almost six months, no grant was given to us until just two months ago when they released ₦150,000″.
