Bode Mustapha

A consulting firm has given the Ogun State Government a seven-day ultimatum to pay 15 per cent of its share to the firm for facilitating the payment of external debt claims to the state in respect of Paris Club Debt and multilateral loans by the Federal Government.

The firm, Bond Investment and Holdings Limited, owned by Chief Bode Mustapha, accused the state government of a breach of agreement on consultancy fee running to $11,740,362.00.

It threatened the state government with a court action if it failed to pay within seven days.

Counsel for the firm, Bolaji Ayorinde, SAN, in a letter to the government dated Friday, May 10, 2019, said, “Our client by virtue of agreement dated 23rd day of December, 2009 was appointed as Consultant to the Ogun State Government with respect to Ogun State External Debt reconciliation.

“Premised upon the above, our client has made monetary demands in the sum of N6,038,624,816.67 on the Ogun State Government and this demand has culminated in pending arbitration proceedings between our client and the Ogun State Government.”

The letter further read, “The receipt of the said payment is directly connected to our client’s work with the Debt Management Office of the Federal Government of Nigeria and this fact was specifically acknowledged in your letter of 1st November 2016 to the DMO.

“In accordance with the clause 3.1 of the agreement dated the 23rd day of December, 2009, our client is entitled to 15 per cent of any payment made by the Federal Government of Nigeria to Ogun State after reconciliation.

“We hereby require that you pay to our client the sum of $11,740,362.00 payable in refund currency being 15 per cent of the said sum of $78,269,08.70 within seven days upon receipt of this letter.”

Efforts to confirm the receipt of the letter by the government failed as the commissioner for finance, Adewale Oshinowo, could not be reached as of the time of filing this report.

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