Audit Report Uncovers Missing ₦387million In Federal Varsity Under Suspended VC
Audit Report Uncovers Missing ₦387million In Federal Varsity Under Suspended VC
The 34-page audit report, prepared by a four-member committee established by the university management, examined the financial records of the IPTS from 2021 to 2024.
An audit report obtained by SaharaReporters has revealed alleged massive financial irregularities amounting to over ₦387 million in the operations of the Institute of Part-Time Studies (IPTS) at the Federal University Oye-Ekiti (FUOYE), during the tenure of the suspended Vice-Chancellor, Pro Abayomi Sunday Fasina.
The 34-page audit report, prepared by a four-member committee established by the university management, examined the financial records of the IPTS from 2021 to 2024.
The committee spent four weeks meticulously analysing the institution’s accounts, payment records, and expenditure reports to determine the true financial position of the institute.
The committee’s report revealed a steady increase in student enrollment over the three academic sessions under review, with 3,196 students in 2021/2022, 4,210 in 2022/2023, and 5,501 in 2023/2024, representing a 31.73% increase in 2022/2023 and a further 30.67% increase the following year.
Revenue generated during these periods was substantial, totaling ₦2,196,826,000.
The breakdown shows ₦846,753,500 in 2021/2022, ₦594,269,000 in 2022/2023, and ₦755,803,500 in 2023/2024.
Expenditures, however, were reported as ₦297,856,513.40 in total across the three sessions.
Fashina
Despite this impressive revenue, the committee uncovered alarming discrepancies in the financial documentation, including several large payments not captured in the official accountant’s report.
Missing Funds and Unreported Fees
The audit identified multiple instances where significant amounts of money paid by students were omitted from the accountant’s financial statements. These include: ₦278,808,000 in Administrative and Portal Maintenance Fees and ₦38,684,000 in Screening Fees.
While ₦24,322,000 in Handbook/Orientation Fees and ₦45,696,000 in Medical Insurance Fees
Altogether, these missing or unrecorded revenues amount to ₦387,510,000, raising serious questions about accountability and transparency in the management of funds at the Institute of Part-Time Studies.
Meanwhile, in the same documents obtained by SaharaReporters, the committee also discovered that ₦27,720,000 in outstanding student debt was not reported in the accountant’s submissions, and ₦2,001,000 in under-reported school fees from 2021/2022 further complicated the financial picture.
The report detailed systemic lapses in financial management, including poor record-keeping, failure to reconcile online payment data with official accounts, and lack of oversight by bursary officers.
The committee noted that the accountant’s reports failed to present a true and fair view of the institute’s finances, depriving management of critical insight into the actual revenues and expenditures.
The committee stated that the omission of such large sums from the university’s official records “prevented management from knowing the true financial position of IPTS with respect to revenues paid by students,” adding that “the failure to capture these fees raises concerns about deliberate concealment or gross negligence.”
The report also highlighted the absence of proper student records, incomplete matriculation lists, and lumped departmental data, which made it difficult for auditors to verify the number of students and validate financial figures.
The missing ₦387million, according to analysts familiar with the university’s financial structure, represents a serious breach of public trust and may have deprived the institution of funds necessary for development projects, staff welfare, and infrastructure improvement.
The committee concluded its report by expressing gratitude to the university management for the opportunity to serve, while stressing that immediate action must be taken to restore transparency and financial discipline within the Institute of Part-Time Studies.
However, the audit committee recommends financial overhaul and transparency measures for FUOYE’s Part-Time Studies Directorate
The Committee called for sweeping reforms in its financial operations, emphasizing transparency, accountability, and adherence to federal financial regulations.
According to the report, the accountant in charge of the Directorate is expected to access all online payment records domiciled with the Integrated Central Control (ICC) to ensure that accurate and comprehensive financial reports are presented.
The audit further advised that the Directorate should prepare and present its annual budget to the IPTS Board at the start of each academic session to enhance expenditure control and efficient resource utilization by the University Management.
The document also recommended that a copy of every approved budget be forwarded to relevant university departments for effective financial monitoring and compliance.
The accountant, it added, should prepare detailed reports analyzing payments for each fee component paid by students before presenting the overall summary.
In pursuit of improved financial management, the Bursary Department has been urged to design an operational manual for the Institute, aligning it with Federal Government Financial Regulations, Finance Circulars, and University Management policies.
Bursary staff assigned to the IPTS should also have clearly defined duties to promote efficiency, accountability, and transparency.
The audit emphasised the need for collaboration between auditors and bursary officers to ensure that all financial activities reflect the university’s goals of accountability and transparency.
It mandated that all expense documents be thoroughly checked by auditors before submission to the head office for final review and approval.
Beyond financial reforms, the report highlighted the importance of proper documentation of student records.
It advised that matriculation lists for all academic programmes across departments and centres be prepared and maintained, with copies sent to the Registry and Student Affairs Unit by the Administrative Secretary. All other relevant records are to be properly stored and maintained by the same office.
Additionally, the report called for continuous training of all technical and professional staff to enhance performance and productivity. It also encouraged segregation of duties and enforcement of checks and balances within each centre.
The audit added that maintenance of facilities must be prioritised to provide a clean and conducive learning environment.
It further warned that all part-time programmes must strictly comply with National Universities Commission (NUC) guidelines to avoid sanctions.
On October 30,2025, SaharaReporters reported that the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and other related offences Commission (ICPC) had been petitioned to investigate alleged large-scale corruption, financial mismanagement, and abuse of office at FUOYE, involving Fasina and top officials of the institution.
The petition was copied to President Bola Tinubu, the Minister of Education, and the Executive Secretary of the National Universities Commission (NUC).
It accused the university’s leadership of “mdeeply entrenched corrupt practices that undermine the integrity of our educational institutions and erode public trust in governance.
The petition was filed by the Campus Concern Network (CCN) and signed by its Convener, Comrade Kamal A. Odunjo-Saka,
The petition alleges that FUOYE has, under the leadership of Prof. Fasina, been “plagued by allegations of financial improprieties” involving unauthorised payments, duplicated vouchers, non-existent procurements, and the diversion of public funds.
