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N156m fraud: EFCC Re-arraigns FUTA Vice Chancellor, Bursar

The Economic and Financial Crimes Commission, (EFCC) on Thursday, March 30, 2017 re-arraigned the duo of the Vice Chancellor of the Federal University of Technology, Akure, Professor Adebiyi G. Daramola and the Bursar, Emmanuel Ayodeji A. Oresegun before Justice W. R. Olamide of the Ondo State High Court 3, Akure, criminal division, on a 9-count charge bordering on obtaining money under false pretense, abuse of office, misappropriation of funds and conspiracy to steal to the tune of N156,984,455.33.

The accused persons however, pleaded not guilty to the charges preferred against them. In view of their plea, prosecution counsel, Dr Benedict Ubi prayed the court for a trial date.

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Counsels to the 1st and 2nd defendants, O. O. Ogunbade and Ibakun Fasami prayed the court to allow the defendants continue to enjoy the bail earlier granted them by Justice S. A. Bola on the 14th of February, 2017. EFCC Counsel did not oppose the sustenance of their bail but urged that all parties should allow the free flow of justice and maintain status quo.

Justice Olamide granted the prayers of the accused persons and adjourned the case till 3, 4, 10 and 11 of May, 2017 for hearing.

The VC and the Bursar’s journey to the dock followed a petition to EFCC sometime in 2016, alleging that the duo and the governing council of the University were entrenched in unmitigated corruption, fraud, mindless stealing of the funds of the Federal University of Technology, Akure, Ondo State.

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It was alleged that the VC misapplied funds, collects housing allowances whilst living in the government residential quarters, drew Furniture Allowance annually instead of once in 4 years as approved by income and wages Commission, uses public funds to finance private expenses, illegal payment of allowances to Council members of the University, gives self excessive cash advance, direct procurement of motor vehicles without approval/waiver from Bureau of Public Procurement, collecting bogus monthly imprest, transferred and placed N100,000,000.00 funds of the University in a fixed deposit account without due authorization.

They were originally arraigned on January 14, 2017 before Justice S.A. Bola, who was alleged by the petitioner, Joint Action Committee, FUTA, to be bias and in favour of the accused persons . The committee wrote a petition to the Chief Judge of Ondo State, after which, the case was transferred to Justice W. R. Olamide for a fresh arraignment.

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