The missing N1, 763, 965,000 from accounts of the embattled University of Abuja has become a major source of worry to the Federal Government as it has ordered an immediate probe into the circumstances surrounding the disappearance of the said sum. In a similar move, the government has asked the schools Governing Council to work speedily towards the recovery of the N266 million trapped in failed banks and get back to the government as soonas possible.
These were the recommendations made by the panel set up to look into the affairs of the institution between 2004 and 2010. The Prof. D. A. Guobadia’s panel submitted its report to the government in June last year but the views of the administration on the submission of the panelists, have just been released. In the report, the government expresses its disappointment over the missing sum of money and other financial misappropriation that took place in the school within the said period. The report gave accurate details on how the university was made to lose various sums of money and how it is currently being confronted with the present problems. . The report stated: “The periodic reports of the internal auditors revealed a number of weaknesses and complete non-adherence to suggestive measures by the management of the university. “Panel observed that out of N10,681,315,000 cash generated by the University of Abuja in 2009/2010 financial year, only N8,917,730,000 was lodged in banks while the balance of N1,763,965,000 was not banked. “By December 2010, the amount had not been banked and no action had been taken to discipline those involved in the disappearance of the said amount”. The report further revealed that, “The visitor frowns at the inability of the management to exercise financial control over the institution and hereby directs the council to take immediate steps to recover all the money”. The panelists also observed that, “the frequency of individual cash advances for purchases was high, officers were granted multiple advances and many of them not retired. Thus, at the end of December 2010, the unretired advances stood at N210, 318, 712.00. Presently, many students are being put under pressure as they may waste all the years they have spent in the university as some department may be scrapped for not meeting up to accreditation standards. Already, some affected students have taken their plights to the federal government to do something about their situation.