Federal Government to investigate
missing N1.7 billion in UNIVERSITY OF ABUJA.

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 misappropriations 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.

Boko haram have kidnap the money

Wow!! That's Huge.