By: Sunday Ameh
A fresh audit has uncovered alleged financial irregularities totaling ₦387,510,000 at the Institute of Part-Time Studies (IPTS) of the Federal University Oye-Ekiti (FUOYE) during the tenure of the suspended Vice-Chancellor, Prof. Abayomi Sunday Fasina.
The 34-page report, prepared by a four-member panel set up by the university, reviewed financial activities at the IPTS between 2021 and 2024. The audit committee spent four weeks examining payment records, revenue entries, and expenditure data to determine the true financial position of the directorate.
Sharp Rise in Revenue, Missing Funds
The report revealed a steady rise in student enrollment over the three academic sessions reviewed — from 3,196 students in 2021/2022 to 5,501 students in 2023/2024.
During the period, the programme reportedly generated a total of ₦2.19 billion in revenue, while expenditure stood at ₦297.8 million.
Despite the impressive figures, auditors said they identified major discrepancies, including large sums not reflected in official accounting records. The unreported funds include:
₦278,808,000 — Administrative & Portal Maintenance Fees
₦38,684,000 — Screening Fees
₦24,322,000 — Handbook/Orientation Fees
₦45,696,000 — Medical Insurance Fees
In addition, ₦27,720,000 in outstanding student debts and ₦2,001,000 in under-reported school fees were discovered.
The committee stated that the financial reports submitted by the IPTS accountant did not reflect the “true and fair financial position” of the institute.
The auditors faulted poor record-keeping, lack of reconciliation between online payments and physical records, and a failure by bursary officials to ensure proper oversight.
They warned that the missing funds may have deprived the university of resources needed for infrastructure, staff welfare, and academic development.
The panel expressed concern that the omission of such amounts suggested either “deliberate concealment or gross negligence.”
Recommended Reforms
To restore transparency, the committee recommended:
Full reconciliation of all online payments through the Integrated Central Control (ICC)
Presentation of annual budgets to the IPTS Board
Strict adherence to federal financial regulations
Defined roles for bursary staff and stronger internal checks
Improved student record documentation and matriculation lists
Training and capacity-building for administrative and financial officers
Strict compliance with NUC guidelines
Petition to EFCC, ICPC
The findings come days after civil society group, Campus Concern Network (CCN), petitioned the EFCC and ICPC to investigate alleged large-scale financial mismanagement involving Prof. Fasina and other university officials.
The petition, copied to President Bola Tinubu and the Minister of Education, alleged unauthorised payments, duplicated vouchers, and diversion of public funds.
Prof. Fasina and the affected officials have not publicly responded to the latest audit report as of press time.
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