oduademonest:
This is stupid, don't they have a CFO?

It seems no money was missing from their account, they are just jealous of the guy's flamboyant lifestyle.

I see him walking. All his enemies shall fall and scatter ijn. Anyone who doesn't want this guy to be as rich as their daddy G.O, fall! Fall!! Fall!!!

Seems strange. I would wonder a university of such repute conducting monthly reconciliation of monies in all accounts and if this is not the case, then a lot of people need to go for poor management of resources.

In this case, I can’t believe he diverted funds. Probably the VC and the Daniel skimmed on the contract via contract inflation and were generously rewarded.

dmakoy:
Findings showed that he actually didn't develop or owned the "CUSanwo" platform as www.sanwo.me website for e-payment was owned by another fellow, so he apparent just paid for some space to perpetuate his fraudulent act.

http://www.sanwo.me/index.php

The site is hosted by GoDaddy. But no Info. about the DNS or even the SSL certificate.

It is disturbing how a whole Covenant University could fall for this scam.

A lot of them who surround papa are thieves. One of the pastors is currently owing us some money used for the Canaan city project. It's been almost 2 years now.

Hopefully the news will get to papa soon.

Wallade:
I have a serious issue with the accounting and auditing departments of Covenant University management.

We're they not auditing and reconciling accounts within those years?

If you investigate properly, you will discover that this fraud involves a lot of management staff. I don't believe the VC.

Sadly, a lot of auditing and accounting staff are not able to pick these malfeasances especially in a computer based accounting system.

Auditing various ledgers and checking them against various source documents could have exposed this.

Mehn, look at how fresh the asshole looks!! Money wey no be ya own! He was flying chopper to and from! He casted himself I swear
There are people with coded billions and they get all forms of exotic cars and they are living large on a low! This niqqa diverted 180 million and he’s flying a chopper he even get the effrontery buy VC 11 million NAira worth of vehicle the fact sey VC no collect no mean sey VC no follow divert school funds! How can someone earning like 120k buy you a car of 11million nAira as a gift and he himself must be driving 22 million nAira vehicle and una no even question am!
I would say they should please tie the niqqa to a pole and let me run an Assegai through him!

Badt guy on Kali

dmakoy:
Findings showed that he actually didn't develop or owned the "CUSanwo" platform as www.sanwo.me website for e-payment was owned by another fellow, so he apparent just paid for some space to perpetuate his fraudulent act.

http://www.sanwo.me/index.php

The site is hosted by GoDaddy. But no Info. about the DNS or even the SSL certificate.

It is disturbing how a whole Covenant University could fall for this scam.

he is a real criminal. even big men dont use helicopter any how. He has poverty mentality

dmakoy:
Covenant University N180Million Fraud Case:

Recent reports have it that, there has been a whooping sum of N180Million fraud rocking Covenant University for a couple of months now, and EFCC is now involved in the case.

The NationOnline Report:

https://thenationonlineng.net/n180m-fraud-rocks-covenant-university/

https://twitter.com/independentngr/status/1129761071437422592?s=12

But here's more details about what apparently transpired:

Covenant University has remained the renowned awards-winning, best ICT-driven University both in Nigeria & West-Africa back to back to back within the last 10years; virtually almost all the official processes & activities within the university are executed/managed electronically via dedicated ICT platforms, and recently an electronic payment platform (called 'CUSanwo' i.e. 'CUPay') was put in place as an additional payment channel for students' school fees payment, and payment for services offered by the school such as CU Energy, CU Shopping Mall, etc.

The "CUSanwo" e-Payment platform was reported to be the University's Vice Chancellor's original research idea and concept. And soon became an adopted payment e-platform for the University, after one of the University IT/Technical support staff (by name Daniel Owolo) had convinced the VC that he could help me develop the payment platform. Afterwards, the VC packaged and presented project concept to the University's board, and approval was secured.

Going forward, The VC decided to work closely and hand-in-hand with Daniel (the "CUSanwo" developer), and sooner or later, CUSanwo became Promoted & choice platform for school fees payment.

Mr. Daniel decided to play a fast one on his Covenant University, his employer, by using the e-payment platform he developed to start diverting funds meant for CU into his own account.

And within a twinkle of an eye, his financial status and physical outlook changed: bought new exotic cars for himself and wife (also an AdminStaff of CovenantUniv), bought landed properties outside campus, bought new cars for campus "Uber" runs, chartered Choppers To-Fro Ota and Lagos, ... (even reportedly bought a N11Million worth Car as a gift to the VC, which was said to be rejected by the VC), ... etc.

Soon Daniel's office colleagues began to raise eyebrows, asking probing questions, ... yet, none could Xray him, despite not being able to imagine how a staff who roughly earns about N100k as an IT/Technical support staff, suddenly transformed financially overnight, ...

It was not until around the 2019 Presidential election period, that the University's Chancellor, Bishop David Oyedepo got to hear about the extravagant lifestyle of Daniel; The bishop was at his Polling Unit in Ado-ota to cast his vote, when the 'area boys' around started hailing him, with the hope that we would 'drop something for the boys', but when he wasn't yielding to their demands, they started grumbling, and exclaiming that, "was it not one of Oyedepo's boys that always give them cool cash, each time the guy flies to the area with his Chopper?, so why Oyedepo no wan 'settle' them na?"
This apparently caught Bishop's attention and that was how Daniel's name came up.

So without Daniel's knowledge, he was placed under surveillance and ... here you have it: N180Million of CU's money (mostly school fees) fraudulent diversion uncovered.

On the Bishop's order, he was apprehended by the internal security team of of the University, then grilled and with the hope of recovering as much as they can from him. He appeared to be cooperating with the securitu team, until suddenly a lawyer appeared claiming he was Daniel's attorney. And so the case became a state high court matter.

The matter was taken to court, only for Daniel & his lawyer to play another 'Dino Melaye's Strategy' on the court and the university. He claimed to be medically unwell, and as usual in Nigeria, the court granted him bail (but under police parole).

Amazingly, few days after Daniel was sighted moving around like a free man with nothing to fear: the police's position was that, the guy has been granted bail so since it's already a court matter, he can't be rearrested except he tries to "jump the bail"

So, the Bishop who may still be deep taken aback by this possibly 'all-time greatest' financial fraud within his camp, apparently had to resort to the EFFC to handle the matter. So Daniel is reportedly being held in EFCC's custody.

By the way, revelations coming out from the priliminary fact finding into the CUSanwo project and the N180million fraud case shows that:

The VC single-handedly conceived and executed the CUSanwo project hand-in-hand with Mr. Daniel alone, without following the University's official protocols for awarding and managing projects contracts (not even of such magnitude): usually, there are constituted university committees and panels, such as ICT/Software committee, etc. that review and examine every project proposals presented to the University; a project contract proposal defense panel (constituting of staff from all key and relevant departments and units of the university) is usually constituted to interrogate any contractor/vendor before any project contract is recommended and referred to the university management and then university board.

But in this CUSanwo case, the VC acted alone, in managing the project with Daniel.

Besides the fact the EFCC is now involved in Daniel's case, one of the many questions begging for answers among staff on the university campus remains: "How or Why would the VC single-handedly managed such huge project, without following due process or even ensuring proper controls are put in place?"

Why? How?

And how is it that no one was monitoring the finances and noticing the number of students paying fees does not translate to money in the school fees acct of the school..or inflow cash in that regard..
We're they all sleeping or were they under spell? That they couldn't figure this out untill this idiot guy defrauded the school? I hope he wasn't colluding with any other staff?

letout:


Hmm which firm?

Probably Micheal Obasuyi's 12 Billion Naira First Bank of Nigeria fraud.

bezimo:


And how is it that no one was monitoring the finances and noticing the number of students paying fees does not translate to money in the school fees acct of the school..or inflow cash in that regard..
We're they all sleeping or were they under spell? That they couldn't figure this out untill this idiot guy defrauded the school? I hope he wasn't colluding with any other staff?

It can be done without noticing.

Even in banks that have more sophisticated monitoring systems, people still do fraud without being caught.

There was a particular guy that included a line of code in the script for the accounting entries for a bill payment suspense account in a new generation bank such that for two hours a week, his account is credited instead of the suspense account. No one knew until the RICO saw from his facebook page that the guy has been clubbing weekly at Quilox. The RICO did an investigation and found out that the guy was living above his means and before long, they discovered what happened.

ivolt:
This fool had an opportunity that many will never have, yet he resorted to fraud.
Some brainless and lazy yahoo boys blame unemployment when they have no
useful skills.

wetin concern yahoo boys again

prince3009:
Daniel Olowo...


Na Dem! They can steal and engage in fraud and still brandish it with flamboyant lifestyle! The fool even had to be coming to work in a chopper! Instead of buying one small camry and humble yourself and throw most of your loot into stocks and investments, you were flying chopper and settling Area boys! Now they have exposed you!

That's how EFCC is catching them here in Abuja. They will come all the way from Ilorin or Ibadan in groups of five or six and when they scam one "maga" of small change like 1.5m or 2m, they will rent one small 4 bedroom bungalow and buy one Nigerian-used Benz and be throwing party with loud music in the estate with harlots!

The sane estate residents will then report them to EFCC and ICPC like i did to some of them recently!

Idiats!!

Pained fellow here

segunmelvin:
Pained fellow here

News of omoluabeasts paraded for yahoo+ have been constantly gracing front-page for weeks. So who is pained?

It's almost impossible for a Nigerian not to steal if the opportunity presents itself...

dmakoy:
Findings showed that he actually didn't develop or owned the "CUSanwo" platform as www.sanwo.me website for e-payment was owned by another fellow, so he apparent just paid for some space to perpetuate his fraudulent act.

http://www.sanwo.me/index.php

The site is hosted by GoDaddy. But no Info. about the DNS or even the SSL certificate.

It is disturbing how a whole Covenant University could fall for this scam.

what if I knew about this I could've moved funds since sites without SSL certificates are easy to hack

einsteine:


It can be done without noticing.

Even in banks that have more sophisticated monitoring systems, people still do fraud without being caught.

There was a particular guy that included a line of code in the script for the accounting entries for a bill payment suspense account in a new generation bank such that for two hours a week, his account is credited instead of the suspense account. No one knew until the RICO saw from his facebook page that the guy has been clubbing weekly at Quilox. The RICO did an investigation and found out that the guy was living above his means and before long, they discovered what happened.

Wow..just Wow!!

I keep wondering what their finance, internal and external auditors were doing that they did not uncover the fraud. The money seems material enough to me. From the basic analytics, revenue to number of students (both owing and paid up) should total up. Such a big mess.

As for the Daniel, who the Gods want to kill, they first make mad. That's why he couldn't stay hidden for long.

prince3009:


News of omoluabeasts paraded for yahoo+ have been constantly gracing front-page for weeks. So who is pained?

this one na mugun ooo.... what has yahoo got to do with this thread here

segunmelvin:
this one na mugun ooo.... what has yahoo got to do with this thread here

So diversion of funds meant for someone else into your own account is called what?

Anyway, e dey una blood hence you don't see it as a bad thing.

Tufiakwa!!

*spits

prince3009:


So diversion of funds meant for someone else into your own account is called what?

Anyway, e dey una blood hence you don't see it as a bad thing.

Tufiakwa!!

*spits

i just wonder why am even replying person die na yahoo... person run mad na yahoo anything that happens na yahoo.... don't come here to rant go to efcc or police station to report... yahoo yahoo is an advance fee fraud scam quite different from what this guy here did to his employer but no...... abi yahoo boy collect ur girl.... any one that doesn't agree with ur view is a yahoo boi.... dumb fella am i yahoo boi

Wallade:
I have a serious issue with the accounting and auditing departments of Covenant University management.

We're they not auditing and reconciling accounts within those years?

If you investigate properly, you will discover that this fraud involves a lot of management staff. I don't believe the VC.

If Na my own Pastor Wife Na Sack For Everybody.Her Trust Her.The best CEO I have ever seen.Join The CEO company With Mama Helen Ortisejafor,Chairman Eagle brand.

Lol. Money man charisma. Big man dey him body true true. Money fit am.

MartinsD12:

Guy get talent but sense no dey why live a lavish lifestyle he should have lay low while making his cool money but he even f up by dashing agberos money and even buying vc 11m car nawa for this guy, you made and ruined your self just like that damn, abeg nobody holy pass we all are sinners.

it's just the usual poverty mindset that is embedded in the gene of blacks.

In every 10 blacks that just hammered, 8 will show off.

ivolt:
This fool had an opportunity that many will never have, yet he resorted to fraud.
Some brainless and lazy yahoo boys blame unemployment when they have no
useful skills.

bros, it's not just him. Most the pastors surrounding papa are like that. The one in charge of the guest house and mall was also arrested for similar crime... That one even go buy filling station very close to the church. Almost Every rich men in Nigeria who stole to amass wealth go for either hotel or filing station (e.g Bankole of house of rep built a Massive hotel just opposite Obasanjos school Junction). I heard he(the pastor) is at kirikiri now. There is another guy too... In fact since the beginning of this year, they have been arresting most of these pastors.

How Can I be close to someone like papa an be thinking of stealing his money when the best thing I will do is innovate and collect the said money legitimately...

Quorax:
it's just the usual poverty mindset that is embedded in the gene of blacks.

In every 10 blacks that just hammered, 8 will show off.

That's why yahoo boys are getting caught too much show off, the guy f up, imagine someone his salary is 100k going to buy 11m car for the vc that employ him, if na me be the vc I go investigate am sharply

MartinsD12:

That's why yahoo boys are getting caught too much show off, the guy f up, imagine someone his salary is 100k going to buy 11m car for the vc that employ him, if na me be the vc I go investigate am sharply

VC may have thought we won a contract from norther source ni. U can't blame him

HigherEd:
Lol so it's this guy! No wonder.
I see Oyedepo shutting down the 'CUPay' platform immediately and forever. This is pure carelessness on the part of the VC and the management. So far, in the organization I work in, we make certain to bind all our tech consultants by the most stringent laws possible.

I hope the VC doesn't lose his seat for this.

1) The way the 'CUpay' platform was rushed into implementation without probably testing for loopholes or the input of cybersecurity experts was nah.

2) They should have started with utility payments rather than school fees and other heavy payments.

The Finance department should have detected the fraud earlier

einsteine:


It can be done without noticing.

Even in banks that have more sophisticated monitoring systems, people still do fraud without being caught.

There was a particular guy that included a line of code in the script for the accounting entries for a bill payment suspense account in a new generation bank such that for two hours a week, his account is credited instead of the suspense account. No one knew until the RICO saw from his facebook page that the guy has been clubbing weekly at Quilox. The RICO did an investigation and found out that the guy was living above his means and before long, they discovered what happened.

Doesn't matter. The accounts department were careless

dmakoy:

Findings showed that he actually didn't develop or owned the "CUSanwo" platform as www.sanwo.me website for e-payment was owned by another fellow, so he apparent just paid for some space to perpetuate his fraudulent act.

http://www.sanwo.me/index.php

The site is hosted by GoDaddy. But no Info. about the DNS or even the SSL certificate.

It is disturbing how a whole Covenant University could fall for this scam.

The level of trust they had in him caused it.