LAUTECH: Audit report reveals 97 different bank accounts

73 views0

LAUTECH: Audit report reveals 97 different bank accounts

By

97 different bank accounts of the Ladoke Akintola University of Technology(LAUTECH) have been discovered by the Chief Wole Olanipekun audit panel, set up to audit the personnel and finances of the institution.According to the report of the panel, many of such banks holding the school’s finances had gone with restructuring, merger or outright delisting by the Central Bank of Nigeria, hence the need for the audit.Professor Niyi Olowofela, Oyo Commissioner of Education, Science and Technology, who made this disclosure, however, decried resistance of the audit by some members of the school community.“The Chief Wole Olanipekun visitation panel has submitted its report and the white paper has been submitted to the management of the institution for implementation. We expect the implementation to commence soon. However, we are aware that some people are moving surreptitiously to prevent the audit firm from doing their job. But the audit panel will do its job. It is what they have done that will guide us to take final decision on LAUTECH.“The government said you must have single account, but in that visitation panel report, it is disclosed that you have various accounts. If you have various accounts, you have not been accused of any financial impropriety, but we must know the truth, so that at the end of the day, we will know whether something is wrong with the management, administration or the accounting process.“We are not too comfortable with the accounting procedure of the institution. Part of the recommendations of the visitation panel was that the accounts of the school must be audited, as well as work force too. We also need to look at best practices on how to run this particular institution. The bursary departments still rely on analogue mode of operation, with its attendant challenges and risks.“The visitation panel observed that the university opened 97 different bank accounts in almost all the commercial banks in the country. Some of the banks have closed shop, due to restructuring, merger or outright delisting by the Central Bank of Nigeria“We must ascertain whether the government needs to jerk up the subvention or whether government needs to remove the subvention completely. We must know so that we will be acting based on facts. Once we know the correct financial situation of the institution, government will provide the needed support,” Olowofela said. 

Discover more from NewsBreakers

Subscribe to get the latest posts sent to your email.

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0
Previous
Next

Comments are closed.