Fayose is being investigated based on allegations he received the amount through the then Minister of State for Defence, Senator Musiliu Obanikoro.
The funds were said to be part of the N4.7bn allegedly handed to Obanikoro by the then National Security Adviser, Col. Sambo Dasuki (retd.).
Fayose honoured an invitation by the commission on Tuesday after losing his immunity from prosecution and arrest.
Concise News understands that Fayose was asked to write a statement explaining how he spent the money, which he allegedly received during the build-up to the 2014 governorship election in Ekiti.
But it was learned that Fayose denied ever collecting such money.
“We have treated Fayose with respect since he arrived in our office. We asked him about the money he received from Obanikoro and when he would return it but he is denying everything,” the Punch quoted a source as saying.
“He said in his statement on oath that he never received any money despite the overwhelming evidence. The man is refusing to cooperate despite the overwhelming evidence we have.”
However, Fayose’s lawyer, Mike Ozekhome (SAN), said the former governor would not compromise himself in the name of administrative bail.
The senior lawyer said Fayose’s accounts had already been frozen by the commission and was already in court over the matter.
“If they offer him an administrative bail with no strings attached, which is not a Greek gift, then he should take it,” he said.
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