Yaba College Of Technology Bursar To Account For Missing N1.6b -Management

  

Sacked Bursar of Yaba College of Technology, YABATECH, Lagos, Mr. Olusegun Ibirogba and six others are to account for missing N1.6 billion allegedly stolen from the college coffers between 2008 and 2013.

 In a press release signed by the Head of Public Relations section of the polytechnic, Mr. Charles Oni, and made available to National Mirror, the money, according to a committee set up by the management to audit the Student Account Section of the institution based on audit query raised by Adebayo Arowolo & Co auditing firm, found out that about N1,682,806,539 was unaccounted for within the period.

 Chairman of the investigation committee, Mr. Joseph Akeju, explained that Ibirogba and his associates, Charles Akhariya, Mrs Onabanjo Olukorode, Azeez Ajewole, Michael Oyenola, Amu Foluke, Egbemi Chinwe and Florence Egbeni allegedly jointly carted away both the software and hard copies of records of payment and other records from the Student Account Section of the bursary.

“Although that made the assignment tedious, but because of the commitment of the committee members, we were able to collect data from the Registry on student enrolment, bank reconciliation reports, interview with both bursary and registry staff and we were able to get results.

 “Comparing the actual amount with the expected earnings between 2008 and 2009, the committee found that the variance in 2008 was N108, 393,665. The variance for 2009 was N119, 807,030 and the figures continued to increase to N656,376,570 in 2013,” he said. Akeju blamed the alleged theft of huge sums of money from the bursary during the period covered by the investigation when Ibirogba and Akharayi were bursar and head of student section respectively on “the throwing up of strangers into the bursary unit to boss their seniors and rampage the system,” a serious infringement of the system.

 Ibirogba who was brought in from the Federal Polytechnic, Ede, and became a bursar a few months before the incumbent Rector assumed office was allegedly given accelerated promotion, and allowed to bring into the system, six other accountants from his former institution. According to Akeju, Ibirogba allegedly used his hirelings to block the control system and circumvent the audit control mechanism, thereby allowing leakages in the revenue accruing to the college.

 “Normal account reconciliation became non-existent as the Student Accounts Section became a sacred cow where nobody dare ventured, contrary to Section 2501 and 2502 of the Financial Regulation of 2009.” Receiving the report, YABATECH Rector, Dr. Margaret Ladipo, expressed dismay at the level of fraud allegedly perpetuated by the sacked bursar and his collegues.

 Ladipo said all efforts would be made to retrieve every kobo stolen by the group through lawful means. “This is an eye opener that it was corruption that fought the college almost to a standstill these past few years.” It is pertinent to mention that Ibirogba who joined the college in 2006 was suspended in 2013 and was later sacked by the management of the college last year.