As far back as February 2017, the Visitation Panel that was set up by the two owner states had delivered its recommendations, where an external audit of the school’s financial and administrative activities, was prominently prescribed as the main course of action to set the school back on track, and to also prevent another breakdown like this ongoing one. Swiftly, the two owner states secured the services of the international and independent audit firm, KPMG, to commence the external audit and pave way for the reopening of a productive and transparently managed LAUTECH.

But, since this February, the audit, which shouldn’t take more than 3 weeks, has been unsuccessful till date, thanks solely to a lack of cooperation from the school management. Reportedly, as recent as just a week ago, the KPMG team were rebuffed and not given full cooperation by the LAUTECH management, and this is at the second time of asking. We are now edging into August, and so, to put its effect in proper perspective, this lack of cooperation has shut down the school for an extra one hundred and eighty (180) days, needlessly, and painfully too.

From clear cut fact-finding, the reason why the three (3) months of work of that Wole Olanipekun-led Visitation panel arrived at the feet of an external audit among other recommendations, was the level of financial impropriety and maladministration revealed in the process. A shocking highlight from that exposé was the fact that no audit, be it internal or external, has been performed on LAUTECH activities for the past 6 years, the school has been on autopilot into doom for a long time. The White Paper from the panel, which has since been made public, advised a more robust and complementary pattern of funding for the school, but, it also inferred strongly that no further funding should be provided until after an external audit is done to fix what’s clearly broken within the system.

In other words, while a more collaborative funding of LAUTECH should be practically encouraged, (that is from a combination of government subvention, a broadened internal enterprises, a raised IGR, Grants, TETFund, etc), an audit MUST be done first, in order to prevent pouring scarcely sought resources into a bucket riddled with holes. Quite simple, right? Good.

But, the question now is even simpler. What is making the LAUTECH management not cooperate with this external audit? What is making them not give full access to KPMG to make them perform and complete this audit in record time? Who is afraid of the LAUTECH forensic audit???

While we nibble on these pertinent questions, this delay leaves only one scenario to the imagination of any keen mind, and this is that, the school management are dillydallying with the process of this KPMG audit simply because they know heads will roll if it is successfully done, and are therefore hell-bent to either frustrate it, or take time to “clean house” before it is allowed. No? Oh! If there lies nothing to hide, why grind their teeth against an external and transparent audit?

The reason why this is even more disheartening is the fact that the LAUTECH management have seemed to fed fat on our collective ignorance for long, probably even till now. At one point or the other, we’ve all pointed all accusing fingers at the two owner states citing funding shortages, unbeknownst to us that funding, wasn’t really the problem, both then, and now. In fact, despite the effect of a nationwide recession that barked and bit almost every sector, the owners coughed out 584 million naira earlier in the year to meet the school management at the centre, and thereby encouraging a forward-looking audit. Yet, nothing.

*Now, listen. This above, is why without an #AuditLAUTECH, any attempt to #FundLAUTECH, either directly or by ‘bambianllah’, will possess striking similitude to a sham.*

Should the two owner states insist on this audit before further financing is provided? I say absolutely yes! This is because the seemingly underhanded manner with which the school management had approached this important move, gives room for major doubts. At this point, both Oyo and Osun have the right to demand for checks and balances before issuing more cheques to make the school balanced. The LAUTECH management is demanding 1.9bn from the owners, and how sufficiently laughable that is, because really, what reasonable owner will sink additional N1.9bn into a fledging cause without a forensic audit?

In fact, it will be self-inflicting for the owner state governments to allow themselves get hoodwinked and blackmailed by the LAUTECH management into taking a course that will keep coming back to hurt us all, the school’s reputation and subsequent students, particularly. It’ll be nothing short of trying to cure a malignant cancer with a topical balm or ‘aboniki’.

In light of all these, won’t it therefore be wise and instructive, to sound a charge to every hurt LAUTECH student, parent, guardian and concerned heart out there, to recycle and rechannel our collective pains behind the right demand to #AuditLAUTECH and tax the school’s management to cooperate with the government and KPMG to rid LAUTECH of rot and pave way for a reopening?

Praise Ifedayo, a LAUTECH Alumnus and HR Assistant at Intel Nigeria, wrote from Lagos.

The post LAUTECH: Comrades, it’s more #AuditLautech than #FundLautech | Praise Ifedayo* first appeared on MegaIcon Magazine.

The post LAUTECH: Comrades, it’s more #AuditLautech than #FundLautech | Praise Ifedayo* appeared first on MegaIcon Magazine.

THE initiative conceived and conceptualized by Almuni Association of Ladoke Akintola University of Technology, LAUTECH, Ogbomoso dubbed #FundLAUTECH aimed at raising fund for the institution has generated a sum of N4 million (N4,091,089.15).

According to sources, the initiative which was activated 12 days ago has received donations from 74 people including the Ooni of Ile Ife Oba Adeyeye Ogunwusi, Ojaja II, Senator Rashidi Ladoja , former governor of Oyo state  and national leader of the Accord Party (AP) , and some members of the Oyo state House of Assembly among others.

Mega Icon Magazine reliably gathered that donations from the Ooni of Ife and Accord caucus in the House of Assembly are not included in the amount  as Ooni’s  cheque is yet to be presented , while the lawmakers are yet to present their donations as well.

Some Chieftains of the All Progressives Congress (APC) in Oyo and Osun states were alleged of shying away from identifying and supporting the #FundLAUTECH concept because of its political implications and relationship with their respective governors.

Interestingly, a social commentator, Mr. Biodun Ladepo who took to his Facebook page (Biodun Ishola Ladepo) few hours ago faulted initiative, just as he expressed fear, saying that the promoters will succeed in getting a huge amount of money from the Ooni. He added that they will succeed in foisting guilt and guilty conscience on many others who will donate to the cause.

Ladepo further warned perceived donors stressing that their donations will be an exercise in futility or at best, a bandage on an open and festering sore.

In his words: “If you are able to fund Lautech this year (and I seriously doubt that enough money can be raised through this effort), how are you going to fund Lautech next year and the years after?

“Since when has a university been sustained through ‘babiAllah-type of funding? If you call yourself enlightened and you know the government is refusing to pump more money into an institution that lacks accountability, you should know the solution is not duping the generous individuals in our society into contributing money to the same unaccountable, bottomless pit of an institution.

“The Oyo State government claims Lautech has not accounted for the billions it has received during the past 15 -16 years…that the bursary cannot satisfy forensic auditors’ questions. And we want to keep pumping money there?

“This is one of the reasons I am opposed to wholesale subsidy of universities by government. If the school had to generate most of its funding, I bet the bursar and other administrators would be more transparent and more accountable”, he opined.

Refreshing your memory, the #FundLAUTECH initiative  was launched 12 days ago to raise N1b in 3 months with the aim of providing financial  assistance to the institution which is entangled in  financial crisis.

The post #FundLAUTECH hits N4m in 12 days. first appeared on MegaIcon Magazine.

The post #FundLAUTECH hits N4m in 12 days. appeared first on MegaIcon Magazine.