The College of Education, Obudu, in Cross River State has suspended its bursar, Ushie Sixtus, for alleged theft of N125 million from the Government Integrated Financial Management Information System, GIFMIS, salary account of the college. PREMIUM TIMES gathered that the governing council of the college on September 29 ordered Mr. Sixtus to proceed on a three-month suspension to enable investigation of the fraud. GIFMIS is an IT-based system for budget management and accounting that is being used by the federal government to improve public expenditure management processes, and enhance greater accountability and transparency across its ministries and agencies. GIFMIS was designed to help the government plan and use its financial resources more efficiently and effectively. According to a source in the college who requested anonymity for fear of victimisation, the bursar connived with a staff of the Office of Accountant-General of the Federation to obtain the code needed to access the account. He then allegedly proceeded to transfer N125 million from the account into a microfinance bank in Obudu in four tranches as “Special overtime for staff”, “Overtime” and “Overhead capital grant”. A document in possession of PREMIUM TIMES shows two transfers of N19 million and N11 million on March 3 “for capital overhead grant”. A source at the institution also alleged that investigation into the fraud indicted the provost of the college, James Ejue. Mr. Ejue and the Registrar of the college, Magdalene Okoko; did not answer calls or respond to text messages sent to them. The bursar, Mr. Sixtus, who also declined comment on telephone, however said briefly that he was suspended “for no reason.” An acting bursar, Ogar Eje, was on Monday appointed for the institution.