Adesakin disclosed this before the panel of enquiry set up by Governor Rauf Aregbesola to probe the N18.38 billion loan obtained by the Olagunsoye Oyinlola administration.
Chairman of the panel, Prof. Femi Odekunle, on Saturday, said the enquiry was not a witch-hunt but a fact-finding mission.
The controversial loan obtained from the United Bank for Africa less than a year to the end of Oyinlola’s tenure was condemned by opposition parties, including the Aregbesola’s Action Congress of Nigeria.
It will be recalled that the ACN and other opposition parties faulted the loan obtained mid 2010 on the grounds that it had no moratorium and that the 36-month repayment period was too short.
The loan, which has been refinanced by the Aregbesola administration through First Bank, now has a moratorium of one year and a repayment period of six years.
Adesakin, who testified on oath before the six-member panel of enquiry, disclosed that he supplied only 58 of the 400 tricycles.
Explaining that he was duped by the Chinese firm he contracted to supply the tricycle, the 78-year-old said he had instituted suits in China and Nigeria against the company.
Adesakin had collected N89.6 million of the N94.7 million contract worth even as he expressed readiness to cooperate with the panel to retrieve the money for the unsupplied tricycles.
An indigene of Ife, Adesakin urged the panel to exercise patience with him, stressing that he was ready to refund the money for the remaining 349 units of tricycles or supply the items.
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