Campaign debts: Failed candidates in hiding

51
INEC General elections
A voter casting his.ballot during general elections in Nigeria

Less than six weeks after the conclusion of the 2019 general elections, bank accounts of some candidates who contested in the polls are in the red, with creditors and vendors breathing down their necks, demanding repayment.
Sunday Telegraph learnt that paucity of funds is major headache of most of the defeated candidates and sides in the election, especially those from the fringe parties who participated in the exercise for the very first time.

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Campaign debts: Candidates go into hiding

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Campaign debts: Candidates go into hiding

…struggle to repay loans, service charges

…I regret contesting in the election –House of Reps candidate

 

 

Less than six weeks after the conclusion of the 2019 general elections, bank accounts of some candidates who contested in the polls are in the red, with creditors and vendors breathing down their necks, demanding repayment.
Sunday Telegraph learnt that paucity of funds is major headache of most of the defeated candidates and sides in the election, especially those from the fringe parties who participated in the exercise for the very first time.

Speaking, a Federal House of Representatives candidate in Ogun State, whose party became popular just a few months to the elections, confided in our Correspondent, on the condition of anonymity, that he is facing a tough time from those he is owing money before and during the elections, adding that he has been off the communication radar from them for a while.

While stating that he gave all he had to the elections, especially financially, owing to beliefs that his party may benefit from the perceived crisis within the Peoples Democratic Party (PDP) and All Progressives Congress (APC) in Ogun State, he confessed that he is currently struggling to service the debts owed and also fulfil his daily obligations on the domestic front.

He said: “My brother, things are at an all-time low for me and my family. Can you believe that I am hiding from those I owe? I didn’t get any major support from anyone; I funded my elections, no assistance from anyone.

“But what actually wrecked me was the postponement of the election from February 16 to February 23. I had to source for some loans and here I am, struggling to repay the loans. The creditors are on my neck, sincerely, I regret ever contesting this election because this is my first time.”
The Reps candidate, who is a lawyer and businessman, explained that he overshot his budget for the election, but could not back out even when the financial demands were high on him.

When asked how he intends to pay back the loans, he said he has commenced the repayments in bits, adding: “I was able to pay some of the vendors last week, but the big ones will be settled in a couple of days when things look up for me.

NEWS

Campaign debts: Candidates go into hiding

Published

on

By

 

Campaign debts: Candidates go into hiding

…struggle to repay loans, service charges

…I regret contesting in the election –House of Reps candidate

 

 

Less than six weeks after the conclusion of the 2019 general elections, bank accounts of some candidates who contested in the polls are in the red, with creditors and vendors breathing down their necks, demanding repayment.
Sunday Telegraph learnt that paucity of funds is major headache of most of the defeated candidates and sides in the election, especially those from the fringe parties who participated in the exercise for the very first time.

Speaking, a Federal House of Representatives candidate in Ogun State, whose party became popular just a few months to the elections, confided in our Correspondent, on the condition of anonymity, that he is facing a tough time from those he is owing money before and during the elections, adding that he has been off the communication radar from them for a while.

While stating that he gave all he had to the elections, especially financially, owing to beliefs that his party may benefit from the perceived crisis within the Peoples Democratic Party (PDP) and All Progressives Congress (APC) in Ogun State, he confessed that he is currently struggling to service the debts owed and also fulfil his daily obligations on the domestic front.

He said: “My brother, things are at an all-time low for me and my family. Can you believe that I am hiding from those I owe? I didn’t get any major support from anyone; I funded my elections, no assistance from anyone.

“But what actually wrecked me was the postponement of the election from February 16 to February 23. I had to source for some loans and here I am, struggling to repay the loans. The creditors are on my neck, sincerely, I regret ever contesting this election because this is my first time.”
The Reps candidate, who is a lawyer and businessman, explained that he overshot his budget for the election, but could not back out even when the financial demands were high on him.

When asked how he intends to pay back the loans, he said he has commenced the repayments in bits, adding: “I was able to pay some of the vendors last week, but the big ones will be settled in a couple of days when things look up for me.

“I am moving to sell my shares and stocks at a very ridiculous price, but you know it takes time to process your shares and stocks certificate to sell, but until then, I will still be evading the calls until I get credited by my stockbroker.”
While claiming that he is not the only candidate in the situation, he stressed that some of his colleagues, especially those who ran for the first time, are in dire financial crisis.

“I am not the only one on the debt list, many of my colleagues that contested and lost are also bearing the burden. A friend of mine even sold his car before the election and he is still in debts as we speak. Just like me, he came out of the election poorer,” he noted.

Speaking with Sunday Telegraph, the Presidential candidate of KOWA party, Dr. Adesina Fagbenro-Byron, alluded to the development, stating that he still owes people who rendered one or two services for him in the course of the election, but stated his own debts were not outrageous.
He said: “I am in cash crunch after the election but I am not complaining to anybody. Yes, I still owe some people who rendered some services for us in the course of the election, but they are not things out of order. I was able to moderate what I put my hands into.

“The way we view politics in this part of the world leaves much to be desired. Once you express your intention for any elective office, people think you have a tankful of money in your backyard and they heap all their financial burdens on you, so sad.”

Fagbenro-Bryon, who was a former Governance Adviser and Head of Regional office at DFID Nigeria, stated that the only way out of the monetised political system of the country is for the people to hold their leaders accountable for how resources are managed.

NEWS

Campaign debts: Candidates go into hiding

Published

on

Campaign debts: Candidates go into hiding

…struggle to repay loans, service charges

…I regret contesting in the election –House of Reps candidate

 

 

Less than six weeks after the conclusion of the 2019 general elections, bank accounts of some candidates who contested in the polls are in the red, with creditors and vendors breathing down their necks, demanding repayment.
Sunday Telegraph learnt that paucity of funds is major headache of most of the defeated candidates and sides in the election, especially those from the fringe parties who participated in the exercise for the very first time.

Speaking, a Federal House of Representatives candidate in Ogun State, whose party became popular just a few months to the elections, confided in our Correspondent, on the condition of anonymity, that he is facing a tough time from those he is owing money before and during the elections, adding that he has been off the communication radar from them for a while.

While stating that he gave all he had to the elections, especially financially, owing to beliefs that his party may benefit from the perceived crisis within the Peoples Democratic Party (PDP) and All Progressives Congress (APC) in Ogun State, he confessed that he is currently struggling to service the debts owed and also fulfil his daily obligations on the domestic front.

He said: “My brother, things are at an all-time low for me and my family. Can you believe that I am hiding from those I owe? I didn’t get any major support from anyone; I funded my elections, no assistance from anyone.

“But what actually wrecked me was the postponement of the election from February 16 to February 23. I had to source for some loans and here I am, struggling to repay the loans. The creditors are on my neck, sincerely, I regret ever contesting this election because this is my first time.”
The Reps candidate, who is a lawyer and businessman, explained that he overshot his budget for the election, but could not back out even when the financial demands were high on him.

When asked how he intends to pay back the loans, he said he has commenced the repayments in bits, adding: “I was able to pay some of the vendors last week, but the big ones will be settled in a couple of days when things look up for me.

“I am moving to sell my shares and stocks at a very ridiculous price, but you know it takes time to process your shares and stocks certificate to sell, but until then, I will still be evading the calls until I get credited by my stockbroker.”
While claiming that he is not the only candidate in the situation, he stressed that some of his colleagues, especially those who ran for the first time, are in dire financial crisis.

“I am not the only one on the debt list, many of my colleagues that contested and lost are also bearing the burden. A friend of mine even sold his car before the election and he is still in debts as we speak. Just like me, he came out of the election poorer,” he noted.

Speaking with Sunday Telegraph, the Presidential candidate of KOWA party, Dr. Adesina Fagbenro-Byron, alluded to the development, stating that he still owes people who rendered one or two services for him in the course of the election, but stated his own debts were not outrageous.
He said: “I am in cash crunch after the election but I am not complaining to anybody. Yes, I still owe some people who rendered some services for us in the course of the election, but they are not things out of order. I was able to moderate what I put my hands into.

“The way we view politics in this part of the world leaves much to be desired. Once you express your intention for any elective office, people think you have a tankful of money in your backyard and they heap all their financial burdens on you, so sad.”

Fagbenro-Bryon, who was a former Governance Adviser and Head of Regional office at DFID Nigeria, stated that the only way out of the monetised political system of the country is for the people to hold their leaders accountable for how resources are managed.

“For as long as we continue to encourage poverty, it will always lead to corruption. Some people perpetuate poverty; things are deliberately skewed in this country to keep people poor because it’s advantageous for the ruling class. When the people are sufficiently tired they will look up to people like us,” he said.
No fewer than 73 presidential candidates, including the incumbent, President Muhammadu Buhari, contested the 2019 general elections. Also, 1,904 candidates contested for senatorial elections, 4,680 candidates vied for the House of Representatives elections.
According to the Electoral Act (as amended), a presidential candidate should not expend more than N1billion on election campaigns.
A governorship candidate is allowed to spend a maximum of N200million, while a senatorial candidate must not spend more than N40million.

*Sunday Telegraph

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