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Revealed! How LAUTECH ASUU prevents forensic audit.

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THE owner states of Ladoke Akintola University of Technology, LAUTECH, Oyo and Osun have insisted that the Academic Staff Union of Universities (ASUU) of the institution was preventing the forensic audit of the university.

The leadership of the Union on several fora, repeatedly claimed is not opposed to the exercise as being peddled in some quarters.

ASUU statement reads : “While our union is not opposed to the exercise, it should not be used as an excuse to justify holding on to salaries of our members for eight months. Let the government fulfill its obligation as even recommended by its own visitation panel, then whatever auditing exercise they want to carry out can continue.

“Our union is a law-abiding one, and will not stand on the way of accountability and transparency but will not allow our members to be subjected to humiliation of economic deprivation and starvation for an “offence” they never committed. To us, the ploy by government to paint ASUU as standing in the way of auditing exercise is a cheap blackmail which cannot stand in the face of the logic of the present realities”.

However, in a sharp contrast, the Oyo state government corroborating its Osun state counterpart through the state commissioner for Education, Science and Technology, Prof. Adeniyi Olowofela has disclosed that the auditing firm, KPMG have been prevented from doing the job by the union.

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Speaking on a television programme, on Monday, in Lagos, while quoting the letter sent to the visitors by the auditing firm, expressing difficulties encountered, Olowofela said: “However, on the 30th May, 2017, in the process of compiling the information requirements submitted by KPMG, the bursar of the University informed the KPMG team that members of the Union came into the offices and forcefully ejected the bursary staff providing support for the data gathering and collation”.

” What should be the concern of the Union is what can hasten the opportunity for welfare of the staff and government said this one will hasten the opportunity, let us complete in time.

“As I am talking to you, despite the nebulous accounting procedure that is in the institution, Oyo state government has also given the institution more than N140m in the last two weeks in support”, the commissioner continued.

Olowofela, who is also an ASUU member stressed that the governments of Oyo and Osun have contributed the sum of N13.6b via subvention into LAUTECH between 2011 and 2016, but the impression being created to the members of the public is that government is not doing anything.

He, also hinted that the institution’s account was last audited in 2012, warning ASUU against blackmailing the state government for its decision to audit the institution’s account.

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“Government has begun a process to solve the problem once and for all. KPMG has been given three weeks’ mandate to complete its assignment but members of the union are preventing the audit firm from carrying out the assignment.

“It is correct that it is the governing council that should be facing this problem, but government has taken the bull by the horn and that is why we are doing what we need to do to solve the problem. The blackmail will not work.

“The process of solving LAUTECH problem permanently has commenced. The Chief Wole Olanipekun report directed the owner state governments to carry out a forensic audit of the institution because the accounting system is nebulous and porous. The truth is that the accounting process there is not what we are proud for. We give money carefully.

“The panel report revealed that the institution operated 97 accounts. It also revealed that as at 2011/2012 session, there was about N400 million hanging that cannot be accounted for. Since 2012, the account of the institution has not been audited. So, the position of the two state governments is that the audit firm completes its assignment then we will do whatever we need to do. There is a lot of fund trapped that could not be accounted for.

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“The position should be clear. The position of ASUU should be about the welfare of members of the union. Up till today, ASUU has not presented any document to government stating what it is agitating for. ASUU has been moving from one radio, television to another, involving in itinerant propaganda”, the commissioner said.

Olowofela, however called on the students to appeal to the Union members to cooperate with the auditing firm.

 

 

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Senate Approves Tinubu’s $500m Loan for Power Sector Boost

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The Nigerian Senate has approved President Bola Tinubu’s $500 million loan request intended to bolster the operations of the Bureau of Public Enterprises (BPE) to enhance the financial and technical performance of electricity distribution companies, ultimately benefiting citizens.

The endorsement, announced on Tuesday, follows a thorough examination of the report presented by Senator Aliyu Wamakko, who heads the Senate Committee on Local and Foreign Debts overseeing the 2022 – 2024 External Borrowing (Rolling) Plan specifically for the Bureau of Public Enterprises (BPE).

During the presentation of the report, Senator Haruna Manu, serving as the Vice Chairman of the Committee, emphasised the importance for the Senate to duly receive and deliberate upon the report of the Committee on Local and Foreign Debts concerning the 2022 – 2024 External Borrowing (Rolling) Plan for the Bureau of Public Enterprises (BPE).

The $500 million loan constitutes a portion of the $7.94 billion loan originally requested by President Bola Tinubu on November 1st, 2023, within the framework of the 2022-2024 external borrowing plan. In addition to the $500 million, President Tinubu also sought approval for a €100 million loan.

However, during a special plenary session on December 30, the Senate greenlit the borrowing of $7.4 billion after careful consideration of the report furnished by the Committee on Local and Foreign Debt.

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Melinda Gates Resigns from Gates Foundation, Set to Receive $12.5 Billion

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In this file photo taken on September 26, 2018, Bill Gates and his ex-wife, Melinda Gates, introduce the goalkeepers event at the Lincoln Center in New York. Ludovic MARIN / AFP

Melinda French Gates announced Monday she was leaving the philanthropy mega foundation she established with her ex-husband, Microsoft co-founder Bill Gates.

The resignation, which becomes effective on June 7, will leave Bill Gates as the sole chair of one of the world’s most influential and powerful non-governmental organizations.

“After careful thought and reflection, I have decided to resign from my role as co-chair of the Bill & Melinda Gates Foundation,” Melinda French Gates wrote in a statement posted on social media.

The statement gave no reason for her departure, but noted that “under the terms of my agreement with Bill, in leaving the foundation, I will have an additional $12.5 billion to commit to my work on behalf of women and families.”

The couple married in 1994 but announced their divorce in 2021.

They had continued to co-chair the foundation which they established in 2001 with the vast wealth acquired through the success of Microsoft.

With a focus on child poverty and preventable diseases, the foundation has been heavily involved in fighting malaria and in providing toilets and sanitation in poorer parts of the world.

The foundation’s website says it has spent $53.8 billion since 2000, and claims the number of children around the world who die before their fifth birthday has halved in this time.

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Bill Gates thanked his ex-wife for her “critical contributions” to the organization.

“As a co-founder and co-chair Melinda has been instrumental in shaping our strategies and initiatives, significantly impacting global health and gender equality,” he said.

“I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work.”

The organization’s chief executive, Mark Suzman, said its name would change to simply the Gates Foundation — it has been known as The Bill & Melinda Gates Foundation.

“I truly admire Melinda, and the critical role she has played in starting the foundation and in setting our values, she has played an essential role in all that we’ve accomplished over the past 24 years,” he said in a video posted to social media.

“I will miss working with her and learning from her. I look forward to seeing her continued impact.”

 

 

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EFCC calls on banks’ compliance officers to uphold confidentiality

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The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged Compliance Officers of Banks nationwide to refrain from unauthorised disclosure of EFCC’s investigative activities and requests made to banks’ customers.

Speaking through the Acting Zonal Director of the Ibadan Zonal Command of the EFCC, ACE I Hauwa Garba Ringim, during a stakeholders’ meeting with Compliance Officers of Banks in Oyo State on Tuesday, Olukoyede emphasised the detrimental impact such disclosures have on the investigation of financial crimes and the timely filing of corruption cases in court.

Olukoyede expressed concern over the tacit support fraudsters receive from the Nigerian banking sector, highlighting the challenges it poses to the Commission.

He urged Compliance Officers to promptly respond to EFCC’s correspondence with certified true copies of relevant documents, as this facilitates swift investigation processes.

Also, Olukoyede addressed the illegal trading of naira with Point-of-sale (POS) operators, stressing the need to curtail such practices for the benefit of Nigerians.

In response to the chairman’s directives, Compliance Officers assured the EFCC of their unwavering support and commitment to enhancing collaboration between the Commission and banks for more effective anti-corruption efforts.

 

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