Last year, PREMIUM TIMES exposed how officials of the university took N198 million from the staff pension fund to buy luxury cars for top management staff
has threatened to take legal action against Nigeria’s foremost investigative newspaper, PREMIUM TIMES over a publication on the reappointment of Adebayo Ninalowo as the Pro-Chancellor of the institution despite his involvement in the controversial diversion of N198 million pension fund.
Sources in the university told this newspaper then that the management decided to use a large chunk of the money for things with completely no correlation with that for which it was withdrawn. Mr Adekoya claimed that N474 million was used for accreditation exercise and was from its 2018 budget. “In view of the pending accreditation exercise and the time constraint, the university sought and obtained the executive approval of the Pro-Chancellor and Chairman of the Governing Council for temporary borrowing of the sum of two hundred and fifteen million naira [N215,000,000.
“In view of the impending Accreditation Exercise and time constraint, the university sought and obtained the Executive Approval of the Pro-Chancellor and Chairman, Governing Council for temporary borrowing of the sum of Four Hundred and Seventy-Four Million naira from the university Pension Investment Fund in order to cover the expenses on the forthcoming accreditation exercise which would be paid back together with the interest which ought to accrue, immediately upon receipt of fund from the...
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