News
Reply to LAUTECH ASUU: University Accounts And Forensic Audit: Setting The Records Straight.
REACTION: For ease of reference, I want to draw the attention of ASUU to page 72 and 73 Visitation Panel’s report:
The Panel observed that the University opened ninety-seven different bank accounts in almost all the commercial banks in the country. Some of the banks have closed shop, due to either restructuring, merger or outright de-listment by the Central Bank of Nigeria. The Panel felt concerned about the monies in some of the banks that are no longer active and the possibility of the recovery in future. The banks include but not limited to, Intercontinental Bank, Oceanic Bank, Afribank and Enterprise Bank, just to mention a few. The implication of having funds in any of the banks that are in this category is that some of them might not be in a position to make good to the University, such sums of money standing to the credit of the Institution, if and when a demand is made for them).
ISSUE : Our Union is disturbed but not surprised, about this deliberate misinformation and manipulation of facts about issues on ground. While ASUU is NOT a mouthpiece for the University administration, it is strange that the governments which put LAUTECH administration in place cannot demand accountability from the same appointees. The prefer to confuse issues by putting blames on the door-step of the workers of the University and putting the lives and careers of about 30,000 students in jeopardy. The operation of the accounts solely lies with the University administration and it must be held responsible for any infractions thereof.
REACTION : See page 39 Visitation Panel report for ease of reference: At the inaugural meeting of the Panel, the above documents were requested from the Bursar, who in turn made a qualified promise to make them available – the qualification being to the effect that not all of the documents/records could be made available as the (Bursary) was still working on them. The Panel was told that the arrears of work was as a result of the non-computerization of the Bursary Department’s operations, and that there were lots of arrears when the Bursar assumed the acting headship of the Bursary in 2013.
The findings in summary confirmed that the Panel got only the audited accounts for 2010/11 and 2011/12, while the ones for 2012/13, 9 months ended 2013, 2014 and 2015 were still being prepared, as at the time of the inaugural meeting. There was no Bank Reconciliation for the period and there was no standard Fixed Assets Register in place for the University since its inception, as well as an Accounting manual.
With the above situation being that which the Panel met on ground, the Panel was able to formulate an issue to be resolved for the University, which is “ineffective, inefficient and untimely record keeping of the accounting operations, resulting in inability to authenticate the accuracy and completeness of the accounting records of the University).
ISSUE : The wage bill of LAUTECH is about N365 million per month; this amounts to N4.38 billion per year. Therefore for 2011-2016, the total wage bill expected as subvention from the owner governments stood at N26.28 billion. This amount does not include allowances, gratuities and pensions that accrued. It is also necessary to note that the University administration used Internally Generated Revenue (IGR) and reserves to offset salaries for 18 months.
The IGR is derived essentially from fees paid by different categories of students. Therefore, it is appalling that the Commissioner for Education who is also a University Professor will be peddling lies alleging that N13.63 billion will pay EVEN salaries of members of staff for 6 years! During this period (2011-2016).
REACTION: I never talked about using subventions for payment of salaries, and you did not refute the fact that the owner states paid the said amount, I wonder why ASUU will abandon the truth on the table of exigencies, to have said I lied is indecorous, cantankerous and perfidious).
ISSUE: There was no release of capital grant and overheads to LAUTECH. Regarding capital development, infrastructure, acquisition of equipment and staff training, LAUTECH has barely managed to be credible as a university through ASUU-inspired Federal Government intervention programmes such as TetFund and NEEDs Assessment. It is particularly regrettable that the level of indebtedness of the owner states to the University succinctly captured by the Olanipekun Visitation Panel is being down-played by the Commissioner just to pursue the shadow they call “forensic audit”.
The locus of financial policy and the repository of the financial documents of LAUTECH are the University Council and administration which are the appropriate organs to be asked to account. Our Union, ASUU, should not be dragged into the encumbrances surrounding the financial auditing by KPMG and this should not be linked with non-payment of salaries.
Our union wants to point out the unexplained and unacceptable silence of the University administration on the claims highlighted above; a pointer to either the acceptance or connivance with the owner state governments to destroy LAUTECH.
REACTION: (While on Fresh FM radio, Ibadan, I asked, the ASUU and SSANU presidents, are you aware that Oyo-State Government has paid the 25 % subvention for January and February to LAUTECH? The SSANU president said, it’s a lie and I told him that, you should have used the world “I am not aware, I said asked your Bursar).
For your information the sum of 147.9 Million Naira for the month of January and February has been credited to LAUTECH by Oyo-State Government.
Furthermore, the ASUU President, asked me whether I am aware that Council tenure has expired, I ignored the question because I knew it was not true, when I asked him to confirm the expiration of council is July, he said Union will respond.
So the response, is to disparage the truth?
The position of Government is to solve the issue of LAUTECH permanently, this campaign of calumny will soon fizzle away.
LAUTECH will rise again.
Stronger and better.
But Forensic Audit must be done.
Long live ASUU. Long Live Oyo and Osun States.
Professor J. A. Olowofela.
Commissioner for Education, Science & Technology, Oyo State.
The Minister-designate for Power, Joseph Olasunkanmi Tegbe, has firmly clarified that he never promised to fix Nigeria’s national electricity grid within three months, describing such claims circulating in sections of the media as a misrepresentation of his Senate screening remarks.
A statement issued after his appearance before the Senate stressed that Tegbe was deliberate and cautious in his presentation, avoiding unrealistic timelines while outlining a structured reform pathway for the power sector.
According to the clarification, Tegbe explained that while Nigerians can expect early signs of progress, particularly in grid stabilisation within his first 100 days in office, comprehensive reforms will be guided strictly by technical assessments, stakeholder consultations, and sector realities.
He noted that critical challenges such as gas supply constraints, metering gaps, infrastructure decay, and commercial inefficiencies require coordinated interventions that cannot be resolved through arbitrary timelines.
“My commitment to this distinguished chamber and to Nigerians is clear: we will deliver visible and measurable improvement in the power sector,” Tegbe stated during the screening.
He assured that his focus would include stabilising the national grid, modernising transmission and distribution infrastructure, strengthening commercial frameworks, and enforcing accountability across the electricity value chain.
On tariff policy, the minister-designate reaffirmed that reforms would be carefully designed to balance sustainability with social protection, ensuring that vulnerable households are shielded while also restoring investor confidence in the sector.
The statement further emphasised that Tegbe’s approach reflects discipline, technical understanding, and a reform-minded agenda aimed at delivering lasting solutions rather than short-term political promises.
It added that he remains open to responsible media engagement and constructive clarification where necessary, noting that accurate reporting is essential to public understanding of ongoing efforts to reposition Nigeria’s power sector.
Tegbe reaffirmed his readiness to lead a transparent, results-driven reform process anchored on accountability, realism, and measurable progress.
A grand cultural renaissance celebrating the enduring legacy of legendary Yoruba war hero and statesman, Ogedengbe Agbogungboro, will take centre stage as the 2026 edition of Ogedengbe Fiesta holds from July 29 to 31 across Osun State and Ekiti State.
The three-day heritage festival, unveiled by organisers on Wednesday, is themed, “Ogedengbe Agbogungboro Legacy: Leadership, Security, and Statecraft for Modern Governance in Nigeria.”
The event is designed to preserve Yoruba cultural heritage, deepen historical consciousness, promote tourism and stimulate national conversations on leadership, peacebuilding and governance.
According to the organisers, the fiesta will commence with traditional homage at Atorin and heritage excursions to notable Kiriji War historical sites in Imesi-Ile, where participants will relive significant moments in Yoruba military and political history.
The programme will also feature guided visits to the historic Ogedengbe Cave, Ibu Latoosa Site and the Yoruba Peace Treaty Grove, all regarded as symbolic monuments of Yoruba resilience, diplomacy and unity.
As part of activities lined up for the celebration, participants will tour the gardens of renowned legal icon and elder statesman, Afe Babalola, in Okemesi-Ekiti.
The organisers further disclosed that a Legacy Awards and Hall of Fame Investiture ceremony would hold in Ilesa to honour individuals who have contributed immensely to the promotion of Yoruba culture, leadership and community development.
A distinguished personality lecture in honour of Aare Afe Babalola, SAN, OFR, CON, and Arole Fabunmi of Okemesi-Ekiti is also expected to headline the event, with scholars, traditional rulers, cultural enthusiasts and public intellectuals billed to discuss pathways to strengthening governance and security through indigenous values and historical lessons.
The organisers noted that all activities would commence daily by 11am, adding that the festival would serve as a rallying point for lovers of Yoruba culture, history and tourism across Nigeria and beyond.
They described the fiesta as not only a celebration of the heroic exploits of Ogedengbe Agbogungboro, but also a strategic platform to inspire a new generation of leaders through the ideals of courage, unity, patriotism and visionary leadership.
The Federal Government on Tuesday ruled out any plan to reinstate fuel subsidy despite worsening economic hardship and mounting public pressure.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated this in Paris, France, during a meeting with global investors alongside President Bola Tinubu.
Oyedele said the government would also not introduce price controls, stressing that market forces remain the preferred mechanism for determining petrol prices.
“We will not bring back fuel subsidy because it creates distortions for the economy, and we won’t introduce price control because we believe in the market,” he said.
The minister argued that the subsidy regime had long undermined economic efficiency, adding that emerging global energy shifts, including developments in Iran, present fresh investment opportunities for Nigeria.
The removal of petrol subsidy in May 2023 triggered a steep rise in inflation, worsening the country’s cost-of-living crisis.
Nigeria’s headline inflation climbed from 22.41 per cent in May 2023 to 34.19 per cent by June 2024 — its highest level in nearly two decades — driven by surging fuel, food, and transportation costs.
Food inflation further accelerated, exceeding 39 per cent by October 2024, while transport fares soared by nearly 300 per cent, compounded by currency devaluation.
Despite the economic strain, Tinubu defended the policy, saying it had stabilised the foreign exchange market.
“Subsidy that was a burden to the entire country was removed, and ever since we have achieved FX stability,” the President said, according to his Special Assistant on Social Media, Dada Olusegun.
In a related statement, the President’s Special Adviser on Information and Strategy, Bayo Onanuga, said the administration’s reforms were aimed at eliminating structural distortions, strengthening macroeconomic stability, and laying the foundation for inclusive growth.
He added that the government remained committed to fiscal discipline and transparency.
Highlighting economic progress, Oyedele disclosed that Nigeria recorded an 11.2 per cent growth in Gross Domestic Product in dollar terms in 2025, describing it as a major step towards the country’s ambition of building a $1tn economy by 2030.
He also pledged that the government would begin publishing quarterly financial reports to enhance accountability and public trust.
Also speaking, the Director-General of the Debt Management Office, Patience Oniha, assured investors of Nigeria’s commitment to prudent borrowing and sustainable debt management.
The Federal Government has continued to defend its reform agenda despite growing public discontent, insisting that the long-term gains will outweigh the current economic pains.
-
Politics2 days ago2027: Oyo APC Set for Credible Direct Primaries, Says Alake Adeyemo
-
Politics13 hours ago2027: APC Perfects Consensus Strategy for Oyo
-
News1 week agoTCN plans power outage in Ibadan over substation maintenance
-
News5 days agoTegbe clarifies: No 3-month promise on power grid, outlines realistic reform timeline