Nigeria School News

FUTA VC, Bursar Given One Week To Account For Missing N20m IGR Or Face EFCC

The Vice Chancellor or the Federal University of Technology Akure (FUTA) and the Bursar have been given one week to produce documents showing the whereabouts of N20million of Internally Generated Revenue accrued by the Institution in 2015, this is coming after the Bursar pleads with the House of Representatives Committee on Public Accounts investigating the matter for “grace period”.


FUTA: The main gate of the Federal University of Technology Akure (FUTA) is seen in this photo: premiumtimes nigeria photo
FUTA: The main gate of the Federal University of Technology Akure (FUTA) is seen in this photo: premiumtimes nigeria photo

The House of Reps Committee has been deliberating on a query issued against the management of the institution by the office of the Auditor General to the Federation, (AuGF) in 2015, the Auditor General says the University improperly transferred the said N20 million, as its whereabouts was not adequately captured when its accounts were audited.

The VC, Prof Funwasope, when asked to answer the query,  said his Bursar could provide explanations, but he could vividly remember that the money was transferred to the Treasury Single Account (TSA).

Mr E.A Oresegun, the Bursar, while addressing the committee alluded to the infraction, saying that “when it was discovered, it was immediately reconciled”.

But the Chairman of the committee, Hon Kingsley Chinda, (PDP, Rivers), quickly demanded for evidence of the reconciliation and insisted that “such a reconciliation ought to have been submitted to the auditors”.

Also, a member of the Committee, Hon Rimande Shawhulu, (PDP, Taraba), asked the Bursar: “you mean there’s no evidence of reconciliation, even your little child would naturally ask for such an evidence”, he added that the committee should uphold the query in the absence of any proof of reconciliation by saying: “Chairman, in my opinion, I think the query of the AuGF should be upheld.”

At this point the Bursar quickly appealed for time saying, “if we are given a grace period we can provide all the evidence of how the reconciliation was carried out”.

The Chairman of the Committee, however, in his ruling said: “the query of the AuGF is hereby upheld but we demand you make available all relevant information concerning how you carried out the reconciliation”.

“Let me also warn that if you concoct any of the information we’ll immediately hand over the matter to the Economic and Financial Crimes Commission, EFCC,” he added.

The management has one week to turn in all relevant documents proving the said reconciliation with the auditors.

 

Funmilola Bolaji is a researcher and writer, a National Certificate of Education (NCE) holder with other Certificate training; she writes for several blogs including campusbiz. You might want to reach her through funmilola@campusbiz.com.ng for campusbiz.com.ng related inquiries.

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