Millions Looted From Treasury Of Yaba College of Technology

Accusations of rampant large scale stealing, double deals, nepotism, the ‘cooking of the books,’ money laundering, collusion, and illegal splitting of contracts, are among just some of the financial hi-jinx, and the subject of a scathing, and shocking, 11 page petition from a high ranking official inside the Yaba College of Technology. Mr. Olu Ibirogba, the Bursar and Chief Financial Officer of the Yaba College of Technology in Lagos, has raised the alarm, and names names, over what he described as “monumental fraud,” on the college’s treasury by the institution’s rector, Dr. Mrs. Margaret Kudirat Ladipo.
The large scale stealing at the institution has gone on for four years, and the report says, has run into tens of millions of naira.
The eleven page petition obtained by SaharaReporters is titled, “Alarm Bells on Corruption: Serial Financial Irregularity and Managerial Vendetta,” takes special aim at Mrs. Margaret Kudirat Ladipo, the Rector of YABA College of Technology (YCT.) The petition which was written and signed by Mr. Olu Ibirogba was also addressed to the Honourable Minister of Education, and copies were sent to President Goodluck Jonathan, his Chief of Staff, and to the Yaba College Chairman. The petition directly accused Mrs. Margaret Kudirat Ladipo of “incidental, serial and systematic rip-off of the common wealth of the institution.”
Among the litany of financial atrocities said to have been committed against the institution allegedly by the rector include: weakening of internal controls and collusion with the Head of internal Audit and some other key officers; flagrant breaches and total disregard for Extant Financial Regulation, including, but not limited to, the awarding of contracts without following due process, awarding of contracts without financial availability; insider dealing (abuse of office), inflation of expenses, and the ‘splitting’ of contracts. Raising further eyebrows in addition to items already listed were the awarding of contracts to syndicates and staff cronies, favoritism, even nepotism in the appointment and placement of staff, an outright demand for, and the receipts of bribes, regular deception by approving authority, as well as money laundering.
Ibirogba stated that, “Further to the official intimation from my lawyers, Tayo Oyetibo & Company, I am constrained to write to inform you and appeal for your intervention on the financial hemorrhage unleashed on Yaba College of Technology (YCT) by the incumbent Rector, Dr. Mrs. Margaret Kudirat Ladipo, as well as an unceasing witch hunt, intimidation and harassment on the school staff, of those perceived to be inclined to financial discipline, who operate by existing rules and moderation.”
According to Ibirogba, who says he fears for his own safety, he added, “after the award of the construction of the 7 storey building, financed by the Tertiary Education Trust Fund (TET Fund project,) to Forstech Nigeria Limited, for the sum of N654.54 million, the Managing Director (NH)) of the Company (Engr. Wale Oduwole,) had submitted an application for an Advance Payment Guarantee (APG,) for a little over N98 million which could not be processed for payment, on the discovery that the APG was obtained from Zenith Bank Plc, while the company wanted the College to pay the said value of the APG into her own account. That account, I learned, is with United Bank for Africa Plc (UBA Plc). The Bursary Unit of the College observed that payment of the mobilization fee of N98million to any other bank, than the APG issuing bank, would invalidate the APG.
The company wanted the College to house the payment at UBA so that Lapido could affect the first transaction in the series of her committed cash donations. This amount totaled over N70m to the College Management. When the approved APG could not be processed further on account of this obstacle, (despite several entreaties on the Bursar,) a payment certificate was prepared and used to achieve this objective.
“In the month of October 2010, there were several telephone discussions between, and among, the following officers to confirm the release and collection of the first transaction of N25m to the College Management which was not receipted officially till date.
It is here where Ibirogba names additional names, and puts the transaction information on recrd: MD Forstech Nig. Ltd, Engr. Wale Oduwoie, 08034832594,Mr.B.A.Matimidiwo,08034018892/08020727966, Mr. Muyiwa Doherty, 08033128567.”
Mr. Ibirogba however noted that, it has always been the practice of the College to pay “financial honorarium” to staff that was engaged in activities impacting positively on the Rector’s affairs. To this end, he added, professional and management staff involved in the supervision of TET Fund project were being considered for this ex-gratis payment in the latter part of year 2010, adding that of the N11.4million already earmarked for payment. The computation was done by the Secretary, Local Implementation Committee translated to N8 million for the Local Implementation Committee members, and the balance of N3.4 million was for the Rector (excluding her initial portion of N1 million).
Explaining further in his petition, the bursar wrote that “Dr. Morufu Adebakin, the then Director, Yaba College of Technology, now Deputy Rector (Administration) was mandated to bring a consultant to receive the honorarium for eventual distribution to beneficiaries. I was pressured to accept this proposition when it was highlighted that the (then) recently introduced cashless policy by the Central Bank of Nigeria (CBN,) would make it difficult, or impossible, for the college cashier to handle the collection and distribution, and did so with fear.
“Therefore, Messrs Distinction Designers were brought in to warehouse and distribute the honorarium. The appointed consultants were paid and by telephone discussions, it was confirmed by the Director, YCT Consults (Dr. Morufu Adebakin) with telephone number 08023020827 and the user of telephone number 08033795513, within the months of October 2010 and January 2011, that the consultants had remitted the amount due to Dr. M.A. Adebakin, and that he had also delivered the said N11.4 million to the Rector, Dr. Mrs. Margaret Kudirat Ladipo.
“There, the money got stuck,” Ibirogba wrote, “and (it) was not released to the proposed staff beneficiaries. In January 2011, when another set of papers was issued for the payment of the same staff honorarium, these papers were sent to the College Bursar by the Rector for “advice in line with College existing practice.”
The Bursar reminded the Rector that the said money had earlier been collected through the consultants nominated by Dr. Morufu Adebakin, and reportedly delivered to her. The story ended there, and staff beneficiaries could not be paid.
“As a way to improve on the internally generated revenue of the institution, the bursar stated that during the period of March to May 2012, and thereafter, there were several advisory letters, written by him to the Rector as the Accounting Officer. (This was) to authorize an investigation into the financial affairs of YCT Consults Ltd, in compliance with the provisions of Extant Rules, which Ladipo declined, saying that preliminary assessments by the Bursary Unit revealed a lot of infractions including, but not limited to, uncontrolled and unauthorized credit sales, direct expenditure from takings, and many other integrity issues.
“In support of the above, during the same period of March to May 2012, there were several telephone calls by the then Director of YCT Consults Ltd (now Deputy Rector, Administration) Dr. Morufu Adebakin, with telephone number 08023020827, to the then Deputy Rector of Administration, Dr. Mrs. Henrietta Akubuiro, with telephone number 08033013451. The theme of the conversation was a serious request by Dr. Morufu Adebakin, to Dr. Mrs. Henrietta Akubuiro, to appeal to the Bursar to stop his further request for an investigation, “as several millions of naira were requested by and given to the Rector (Dr. Mrs. Margaret Kudirat Ladipo,) from the YCT Consults operation” by him (Dr. Morufu Adebakin).
“This may explain (partly) why proceeds from the sale of blocks and paints were not banked intact, as expected, and in line with the universal practice, adopted by the College, which were applied to other ventures, including the running of YCT Guest House before it was leased.”
“Dr. Mrs. Akubuiro, the then Deputy Rector Administration,” Ibirogba wrote, had approached him, showing several calls from Dr. Adebakin, and had expressed her dilemma as an honest employee, a Christian, and a member of management in what was an uncomfortable circumstance.”
In perhaps the most scathing section of his petition to the Nigerian President, Ibirogba said, “A forensic examination of the accounts of YCT Consults for the years 2011 and 2012, receipts of call logs, and voice data logs of the aforementioned officers, will make the deceptive house built with spittle, collapse irredeemably.”
The petitioner while explaining further noted that in February 2012, when the College decided to engage another firm of external auditors, three proposals from three different firms presented by the Rector for consideration included: Expanded Management Committee, and 2 other firms, Messrs Biyi Adeniran & Company, and 1. 0. Atunbi & Company.
What raised suspicion was that both companies shared the same address: 150 lkorodu Road, Onipanu, Lagos.
Ibirogba added that there were two circulars applicable in the appointment of external auditors, a circular with the reference number 1212/2008/CONFIVOL.1/1 and dated 28′ Oct., 2008 from the Office of the Auditor General for the Federation (AGF) which states in paragraph C that, quotations based on the scale of fees issued by ICAN should be obtained from at least three audit firms, from the list of accredited firms issued by AGF as part of final selection process.
“Circular reference no. AGF/01/1/5.3/1/111/57 with the date of 11th March, 2009 from the Office of Secretary to the Government of the Federation, paragraph C on procurement methods, and threshold of application for non-consultant services of N2.5 million, and above, but less than N100 million, requires National Competitive Bidding. This process is achieved through an advertisement in at least two national newspapers, including the Federal Government journal. The provisions of the two circulars which are complementary, and not contradictory, were never complied with as highlighted,” Ibirogba wrote.
“For firms whose annual audit fees are below N2.5m, quotations should be obtained from at least 3 (different) firms registered with the Office of the Auditor General for the Federation (AGF), a quotation was invited and received, from only one firm which was Thomas Oyewumi and Co.
“Secondly, only one firm i.e. Thomas Oyewumi & Co was registered with the Office of the Auditor General for the Federation (AGF,) yet the firm only registered in the year 2012, possibly because of a YCT job promised by the Rector.”
This is a clear case of single source tendering, Ibirogba wrote inhis petition. Considering the amount of Audit fee of above N10 million the College was paying before and with the engagement of Thomas Oyewumi & Co, competitive tendering ought to have been used.
The Offices of the Honourable Minister of Education, and that of the Auditor General for the Federation (AGF,) “were misinformed,” Ibirogba is suggesting, into approving that appointment, and (of) clearing the fees of the external auditors. Section 16 (subsections 21 & 22) of the Procurement Act 2007 states concurrent approval by any Tenders Board shall not absolve the accounting officer from accountability for anything done in contravention of this Act, or the regulation laid down hereunder.”
The detailed petition sent to the Education Minister, and the Presidency contains a long list of alleged financial recklessness, including an utter disregard of civil Service rules. Ibirogba points to what he calls a cover-up, nepotism, contract splitting, and stated that by a conservative estimate of the loss of funds on the colleges’ Treasury, from year 2010 to date, would certainly NOT BE LESS than N800 million perpetrated by the rector and her cohorts.
While calling for a thorough and unbiased Federal investigation by incorruptible and knowledgeable professionals to reveal the level of theft at the school, Ibirogba believes Yaba Tech has slipped in the last four years. He said the reputable institution is bathing in a “cesspool of corruption and decadence.” In his own words, the petitioner outlined the allegations.
AUDIT FEES AND CASH DONATION
The petition stated that after the conclusion of the audit of year 2011 accounts and submission of reports, the balance of the auditor’s fee, from his total bill of N12.6 million was paid. Between December 2012 and January 2013, there were telephone discussions between the Rector (Dr. Mrs. Margaret Kudirat Ladipo) and the Bursar with telephone numbers 08033226104/0706401666 and08033795513. During these conversations, the Rector mandated the Bursar to request for a cash donation of between N4.5m and N5m from the external auditors. The Rector was politely informed by the Bursar to effect the negotiations and collection personally which she eventually did. Voice data calls for the period indicated above should be obtained for confirmation.
YCT CONSULT LTD AS CONSULTANT AND CONTRACTOR
The petitioner observed that the process for appointing consultants for capital projects was neither competitive nor transparent, and the resultant bills were always above the Rector’s approval limit. Moreover, YCT Consult Ltd, the Colleges business company was in some cases serving as consultant and contractor concurrently. I advised against it, this is because unfair advantage has been conferred on the consultant / company which may contravene the letters and spirit of the procurement Act 2007. The Rector did not view this pleasantly.
REFUND OF ESTACODE AND OTHER ALLOWANCES
In late 2009 and early 2010, Dr. (Mrs.) M.K. Ladipo was billed to attend a leadership course in Israel and collaborative meetings with officers of Uclan in the United Kingdom (Uclan has collaboration with Yabatech). Dr. A.M. Olaseni, the then Deputy Rector Academics was also expected to attend one of the programmes. Neither of them attended the programme. Informally, I advised the duo to refund the money earlier collected. The then Deputy Rector Academics, Dr. A.M. Olaseni refunded his own early, but the Rector, Dr. Mrs. M.K. Ladipo did not refund the collected allowances in the sum of N1.8m. After about 11 months, precisely in November 2010, I sent the Rector a handwritten advisory in a sealed envelope to return the unapplied estacode and other allowances to the College’s chest. She waited for another six months i.e. May 2011 before returning the money to the College coffer, but not without telling me and many other officers of the College that I had forced her to return the money she had used for public relations. Many other instances abound thereafter where she would either not return the money n-&.ant for journeys not undertaken or refund such money a long time after collecting same. I am aware that Office of Accountant General had directed College Management to issue warning letter to Engr A. I. Abiodun in the year 2008 when it discovered a long time lag between the collection and refund of not utilized estacode allowance.
EMPLOYMENT WITHOUT CONSIDERATION OF DUE PROCESS INCLUDING FINANCES
From year 2010 to date, the college has been engaging new employees without following due process of getting approval of the Office of the Head of Service, Budget office of the Federation and the Federal Character Commission. Necessary advertisements in Newspapers were also not done. When advert was placed in the newspapers in the year 2012, some staff children and those connected were given employment letters, even though the process had not been completed. Some of these irregularities were highlighted in my memos for which the Rector never hid her anger. Never the less, employments were done on a yearly basis.
AWARD OF CONTRACTS TO BUSINESS SYNDICATES
On 22nd August, 2012 LPO for the supply of 33,000 litres of diesel was issued to Farotimi & brothers Ind. Ltd; of the three quotations considered viz: Farotimi Brothers, M.B. Olawumi Enterprises, Femson Nig. Enterprises; Farotimi & brothers as well as M.B. Olawumi Ent. Carried 2 identical mobile telephone numbers 08033501996 and 08087839077. On the bases of these invoices, Farotimi brothers Ltd. had been awarded several contracts including diesel supply running into multiple millions of naira in the past four years. On 4th May, 2011, Job order no. V/01/11 for the supply of student’s examination dockets was issued to Messer’s Faith Biz. Machines for N544, 635.00. The company’s fixed telephone number of 01-4811131 was being shared with another company, Samtech Systems that equally participated in the bidding process. The address on the Samtech Systems proforma invoice was No. 18, Oremeji Street, lkeja while Faith Business Machine had its address at 2A, Francis Oremeji Street, off Simbiat Abiola way lkeja. How a company located on 2A, Francis Oremeji Street, off Simbiat Abiola way lkeja and another located on No. 18, Oremeji Street, lkeja come to share the same fixed telephone line of 01-4811131 may need revisiting and reconsideration. Three months earlier i.e. February 2011, Job Order No 11/01,111 for N2.3m had been awarded to Faith Biz Machines on the recommendation of the Director C1TM, Dr. I.K. Oyeyinka. On the strength of permanent information on these defective quotations and invoices. Again on the 4th May, 2011; Nabob Investment Ltd., a company reportedly introduced to the College through Mr. P.B. Kayode, was awarded Job Order No. V/02/11 for supply of 1.5 HP air conditioner to the College store for the sum of N1.12m.
From the quotations submitted by the three companies considered for the contract i.e. Nabob Investment Ltd, Golden Dave Investment Ltd and Bimagold Investment Ltd. All the three companies used the same address of No. 6, Queens Street, Alagomeji, Yaba, Lagos. Additionally, Nabob Investment Company ltd and Golden Dave Investment Ltd bore the same fixed telephone line with number 01- 7735058. Nabob investment Company ltd has been awarded several cumulative millions of naira worth of contracts in the last four years including supply of drugs to the Medical Centre. On the 12th April, 2012, in consideration of processes for the award of supply contract to Samtech Systems Ventures, one of the companies reportedly introduced to the College by the Rector, it was discovered that the company’s address of No. 2,0remeji Street, off Simbiat Abiola Road, lkeja is the same used for bidding for the same contract by another company;
Skyview Systems Ventures. It is also of interest to note that the two companies share a fixed telephone line number 01-4811131. It will be recalled that contracts in several millions of naira had been awarded by the College in the last four years to the trio of Samtech Systems Ventures, Faith Business Machines and Skyview Systems using the same telephone number 01 4811131. On e March, 2012, Job order No 111/05712 for site clearing at Epe Campus for N2.3m was issued to Messer B-Distinct Imaginations Company, an architectural firm on the appraisal and recommendation of only one officer, Arch. Oladimeji Hannah 0.S. who incidentally was the same officer who confirmed satisfactory completion of the job for payment to be affected.
The process was repeated in October 2012 for another contract by the same officer, and approved by the Rector. When the Bursar recommended purchase of diesel, on credit, from one of the College’s suppliers, at a clear economic advantage (at N175 per litre, instead of N180 recommended by the Chief Internal Auditor,) an avalanche of accusations poured in from the Rector, and the entire administrative machinery was brought to bear on the Bursar! On 5th September, 2012, Job Order No. IX/03/12 for the supply of pumping machine
was issued to B.B.Moshood Enterprise for the sum of N991, 200.00. Of the three quotations submitted and considered by the Current Dean, Students Affairs, Mr. T.O. Raheem viz: Messer’s Moshood Enterprise, Olatunbosun Tiling and Plumbing Ent. And Ridwon Rashid Plumbing Works; the quotations from Olatunbosun Tiling and Plumbing Enterprise had neither a business address, nor telephone number, yet the contract was awarded and processed. On 11th March, 2011, Messrs Roziek Stationery Supply Company was awarded Job Order No. 111/19/11 for the supply of computer papers and ribbons for N779, 782.50 to the college’s store. No physical or business address was indicated on the company’s proforma invoice and neither the quotations nor the letter of award were delivered by post.
In a separate examination on one financial institution in the mix of his allegations, Ibirogba asked a series of pointed questions.
ZENITH BANK
Zenith Bank has the highest number of college accounts and has been doing business with Yabatech for a reasonably long time. I was a member of the committee that facilitated the donation of a 3 story edifice by the bank in the year 2007. I was also instrumental in persuading the bank to donate one unit of 650KVA generator to the College in the year 2010 which the bank did. These are part of the bank’s Corporate Social Responsibility (CSR). About mid-year 2013, Dr. Mrs. Margaret Kudirat Ladipo organized a meeting with the bank officials and concluded the bank will solely collect all the fees accruing to the College from students and candidates contrary to the College’s existing practice. Also contrary to the statutory and specific responsibility placed on the Rector in the guideline for management of Federal Polytechnics (paragraph 07, the last sentence) “as the accounting officer of the polytechnic, he must ensure sound financial management and should be advised by the Bursar on all financial matters”. In this particular instance, just like many others, input of the Bursar or his nominated representative was carefully and deliberately avoided. During the previous years, the maximum commission payable to any participating bank per student or candidate was N500.00 and the number of participating banks used to range from 3-5. The charge per transaction (for each candidate or student) going by the normal or usual agreement between banks and inter switch (which is not different in this circumstance) is N150.00 while the charge by Zenith Bank is N150.00 (including fair profit). It is also noteworthy to observe that on 8″ January, 2013; the Director CITM, Dr. I.K. Oyeyinka had noted in his memo to the Rector that it would not be in the best interest of the College to subscribe to the package being promoted by Zenith Bank. Therefore, in whose interest was Zenith bank solely appointed? Why was the bank’s commission increased from N300 to N700 and who gets the difference of N400 per candidate? Please see copies of my memos referenced annex 15. Also attached and referenced annex 16 are copies of bank drafts in the sum of N250, 000.00, N195, 000.00 and N180, 000.00; representing returns remitted to Dr. Mrs. Margaret Kudirat Ladipo through Mr. Adekunle Adams for the months of March, April and May 2010, before she opted for direct cash collection from Zenith Bank personally and at periodic intervals.
AFFAIRS OF YOMFASH LIMITED
Among many others, the company was awarded contract to print scratch cards for the checking of results for the post UTME candidates on 13th September; 2010 for the sum of N1.7 million. Subsequent contracts to the same company in the following month of the same year were frustrated when the integrity of the process was compromised through the duplication of PINS by the contractor. On 27th September 2010 and 5th October 2010, Mr. P.B. Kayode, a College staff wrote requests for I.O.U. of N4300, 000.00 and another N4500, 000.00 (both totalling N4800, 000.00) evidently on the authority of the Rector to finance the contract. This is one of the many “sins” of a non-cooperating Bursar.
SUNDRY UNRETIREDI.O.U’s
Above is exclusive of 41 million, taken by Mr. Adekunle Adams, the College Public Relations Officer on 1 November, 2011 of which only N4200,000 has been repaid till date. NB: when 1.0.U’s are repaid or redeemed, originals are returned to the borrower in exchange and as an evidence for the money repaid. In this case, all the original I.O.U. letters relating to the above list are still very much with the College Bursar.
APPOINTMENT OF CHIEF ACCOUNTANTS IN THE BURSARY UNIT
In response to the College’s advertisement for staff vacancies as Chief Accountants, the following candidates who were not shortlisted by the Bursar as the head of the unit on account of not meeting the advertised criteria were eventually appointed; Mr. Hassan Kolawole, not shortlisted because he applied for the post of Bursar which was not advertised. Mr. AmooKolawole, not shortlisted because he had a pass grade in his HND while the minimum advertised grade was upper credit. My advisory letters highlighting these irregularities and advising that the exercise be put on hold in consideration of lack of vacancies as the officers who were billed to retire are no longer retiring as a result of increase in retirement age, need to consider qualified internal candidates whenever the exercise will be done in future. All these were ignored. It is noteworthy to observe that while unneeded staffs are being employed through compromised process, even at the exclusion of qualified internal candidates, many professional staff of the Bursary Unit are currently being transferred and redeployed to where they were neither requested for, nor have the staff concerned indicated interest. Examples include but not limited to Messrs B. A. Adedeji, B.A.Ajinde, Charles Akharayi, Akinboro Kamal, Mrs. Dada, etc.
PETITIONS BY PROXIES
In August 2012, at a meeting the Rector Dr. Mrs. Kudirat M. Ladipo, the Registrar B. C. Amapakabo and the Bursar Olu lbirogba were invited by and in her office in Abuja, the immediate past Honourable Minister of Education Prof. Rukayat Rufai disclosed that she had received sundry petitions from the students against the renewal of second term of the Registrar, the Bursar and the then two Deputy Rectors, Dr. A. M. Olaseni and Dr. Mrs. H. N. Akubuiro and would have acceded to the petitioners request but for the intervention of the country’s first lady, Madam Dame Jonathan! It was disclosed at the meeting that Yabatech Rector was responsible for the writing and distribution (up to the Presidency) of the petitions which she could not and did not deny. Apart from the three aforementioned Principal Officers from Yaba College, Dr. Mrs. JamiIla Suara (then director in the ministry) now Permanent Secretary in the Office of Head of Service of the Federation, Prof. Sagir Abbas, Special Assistant to the Honourable Minister of Education were present at the meeting. In April this year (2013), scores of negative publications, purportedly written by the Students body, surfaced and were pasted all over available spaces in Yaba College.
Sundry negative comments and damaging but spurious allegations were freely made against some Principal Officers other than the current Rector Or. M. X. Ladipo (She was generously praised). Apart from the fact that the letter head purportedly emanating from the students body was faked, the most interesting aspect was that the College security unit with its ubiquitous presence was prevented from disallowing the pasting and was warned not to remove the pasted publications. During the convocation week of October 2013, another round of negative publications appeared and were freely distributed in the convocation arena of Yaba College of Technology. These publications, purportedly (as usual) from the Students, contained appeals to the College authorities not to promote the Public Relations Officer Mr. Adekunle Adams, who it appears , has fallen Out of favour with the Rector-Dr. Mrs. Ladipo.
INTERNAL AUDIT AND INTERNAL CONTROL
As enshrined in the Revised Financial Regulation 2009, the main purpose of Internal Audit is to enforce the internal control system, and recommend periodic improvement as may be observed from time to time. This would facilitate error detection, prevention, fraud and waste of public funds. What applies in YabaCollege? Head of Internal Audit who has been appointed since June 2007, upon her return from training in Auditing Fundamentals in the year 2011, the Chief Internal Auditor wrote “Mr.Chigbu explained the purpose of setting up an Internal Audit Department in an organization”. On March 5th, 2013; when consideration was being given for the award of contract for the production and supply of customized lanyards and holders by Victa Technologies Ltd., of the 3 quotations received, the ones from Entop Nig. Ltd. and Paramount Health Care Services Ltd bore the same address of 62 Seriki-Aro Avenue, Ikeja and same mobile telephone numbers of 08024308447. Though this passed through Internal Audit twice, nothing was found amiss with it. Towards the end of November 2012, quotation for supply of A4 photocopy paper by Al) Nigerian LTD, vetted by Internal Audit at ’1600 per realm was marked up to N750 per realm by the same Unit in a matter of days, translating to increase in cost from N.9 million to N1.2 million.
On 17th April 2013, invoice for supply of 2 units of blackberry bold 5 to 2 of the College Principal Officers by Bolsgate Ventures carries no date yet clearance was given by internal audit unit twice before it was paid. In the year 2010, 6 units of soundproof generators ranging from 27 KVA to 65 KvA were procured at about the same price and therefore could not pass the fair value measurement, and yet they were all passed by the internal Audit Unit. None of the quarterly Internal Audit reports in the last 7 to 8 years have addressed material non-compliance, exceptional and internal control issues.
Through it all, Ibiroga concludes with hope to a satisfactory conclusion to what he calls “Looting on a massive scale.”
CONCLUSION AND PRAYER
Deliberately, I have refrained, to a very large extent from dwelling on the issues addressed in the report of the council committee on corruption investigation since their report will be subjected to judicial review; where however, this is impracticable, a new dimension not previously addressed has been brought in to the picture. My aim is to give total view of what has been happening in the financial affairs of Yaba College Technology on behalf of the Nigerian people. It is my prayer that relevant authorities of Government will constitute a team of knowledgeable, impartial, incorruptible professionals and seasoned administrators to examine all the issues raised in the preceding paragraphs exhaustively and transparently, so that appropriate action can be taken by the Government.
I am willing and available to provide further clarifications, if and when invited, as well as more instances. When contacted, the institution’s rector, Dr. Mrs. Margaret Kudirat Ladipo, told reporters that she was in the airport traveling as such would not discuss any issue. But after several hours, the institution’s public relations officer (PRO), who simply identified himself as Adams told our correspondent on phone that her boss told him about the issue but has no knowledge of all the allegations. The institution’s image maker however insisted to see the petition before any reaction.
SAHARAREPORTERS