EFCC Arrests Varsity Staff Over Alleged Misappropriation Of N300m

The Economic and Financial Crimes Commission (EFCC) has arrested top management staff of the Federal University of Petroleum Resources, Effurun (FUPRE) for alleged misappropriation of N300 million. 

It was gathered that the staff allegedly diverted the N300 million meant for the National Economic Empowerment and Development Strategy (NEEDS) assessment fund granted the institution. 

Sources said rather than use the fund to finance building projects, it was diverted to other frivolous purposes.

According to the source, “The NEEDS Assessment Fund was intended for the building of structures in the university, but this was not done, instead, the officials painted old structures sponsored by the Tertiary Education Trust Fund (TETFUND) some years ago.

“On hearing that NEEDS assessment officials from Abuja would be visiting the institution to see the structures the funds were used for, the management hurriedly placed the NEEDS Logo and signboard on the projects to cover up its tracks.

“But unfortunately, the team discovered that the projects presented were sponsored by TETFUND some years ago, and thereafter it petitioned the EFCC.” 

It was gathered that two senior management staff were last week arrested and quizzed at EFCC’s Zonal Office in Port Harcourt, Rivers State. 

Effort to speak with the Vice Chancellor of the University, Prof. Akaechomen Aki Ibhabode was not successful, but some officials of the University confirmed that the EFCC invited top management of the school to Port Harcourt for questioning two times, but that invitation was not connected to a N300m fraud.

EFCC’s spokesman, Wilson Uwujaren, did not respond to calls or text messages sent to his phone yesterday when Latest Reality Metro sought his response on the matter.