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UNILAG Ordered To Close All Its Accounts In Commercial Banks - Education - Nairaland

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UNILAG Ordered To Close All Its Accounts In Commercial Banks by Akporo1234: 9:16am On Sep 13

THE Visitation Panel to the University of Lagos, UNILAG, has ordered the management to close all its accounts in commercial banks.


The panel also said it discovered cases of financial abuses by top officials of the institution, noting that it found the university in continuous breach of the directive on Treasury Single Account, TSA, system.

The seven-member panel, led by Gen. Martin Agwai (retd), stated this in its report submitted to the Federal Government.



The panel, which was constituted on March 29, 2021, was mandated to probe the affairs of UNILAG between 2016 and 2020, gave the directive in its report to the Federal Government.

The report reads: “Unless with the written permission of the President, all the University of Lagos limited liability companies are not allowed to keep their accounts with commercial banks. They are supposed to keep their accounts only with the Central Bank, through the Treasury Single Account, TSA, system that is already in place.


“That any fund not transferred to TSA by the deadline given in the circular as of November 19, 2018, “shall be deemed as hidden and forfeited.

“The panel found the university in continuous breach of this directive and circular by maintaining accounts in commercial banks, without the requisite written permission of the President.


“The council should ensure that the university does not forfeit any of its funds by directing all the university limited liability companies to close all their accounts with commercial banks and embrace TSA, as directed by the Government.

“Council should ensure that competent persons who are verse in University’s administration and financial management be employed to manage the finances of the University.


“There are cases where the principal officers exceed approval limits by approving related and similar expenses that ordinarily should be a single piece of procurement.

“This could be interpreted as splitting of contracts or services for it to be within the limit of an officer and avoid rules governing big tender, breach of the Procurement and Fiscal Responsibilities Acts.”

READ ALSO: UNILAG International School’s Principal accuses VC of harassment
The panel recalled that Wale Babalakin’s council, at its meeting held on Thursday, November 14, 2019, approved the constitution of a sub-committee to review the 2020 budget estimate of the University of Lagos following the findings of the Chairman of Council that the budget estimates submitted to the National Assembly and the one presented to the Finance and General Purpose Committee was at variance and irreconcilable.

The panel, however, said their explanations were untenable as they were simply trying to justify reasons for contract splitting.

The Agwai panel, in its report, said: “There are cases where the principal officers exceed approval limits by approving related and similar expenses that ordinarily should be a single piece of procurement.

“This could be interpreted as splitting of contracts or services for it to be within the limit of an officer and avoid rules governing big tender, breach of the Procurement and Fiscal Responsibilities Acts.”

The Visitation panel said regarding approval limits and splitting of contracts and services, the Bursar and other parties that were interrogated, including the Head of Procurement, based their position on lack of funds to take on the whole contract sum at once and that on overpayments, they explained that the excess of amounts paid for services were additional cost on certified work that became inevitable despite expiration of the first contract agreement.


https://www.vanguardngr.com/2021/09/panel-orders-unilag-to-close-accounts-with-commercial-banks/amp/

1 Like

Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by Akporo1234: 9:16am On Sep 13
Siggy.ng will not kill us with update!!! shocked shocked

3 Likes 4 Shares

Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by expertman(m): 9:16am On Sep 13
Hmmmm seriously a whole lots of fraud is going on in our higher institutions .

But hope this is not a ploy by FG to Cage ASUU?


Awon ASUU oni sonu

3 Likes

Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by Ancecoker(m): 9:36am On Sep 13
Very well
Good plan grin

1 Like

Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by StrikeBack(m): 9:37am On Sep 13
Thieves everywhere

2 Likes

Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by Simplebeauty: 9:37am On Sep 13
grin

grin
Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by Grambest: 9:37am On Sep 13
Really
Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by hakym619(m): 9:37am On Sep 13
grin




Ok o
Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by mhile(m): 9:37am On Sep 13
People are always quick to throw jibes at federal government for mismanagement of funds,but the truth is university systems are worst,no accountability or such,where is the money for faculty dues,clearance fees,United Nations intervention funds and the rest aids going into?
What are they using them to do?

25 Likes 2 Shares

Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by OkuFaba(m): 9:37am On Sep 13
.
Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by money121(m): 9:37am On Sep 13
Ok
Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by OBALOLA55(m): 9:37am On Sep 13
GOOD cool

THAT’S MY ALMA MATTER


FOR ONE NIGERIANISTS, WITHDRAW ALL THE MONEY YOU HAVE IN YOUR ZOO BANK ACCOUNT NOW THAT YOU CAN!!!


INVEST YOUR MONEY IN CRYPTO CURRENCY IN ORDER TO AVOID STORIES THAT TOUCH.


NIGERIA IS NOT WORKING AND IT CAN NEVER WORK.


SENSIBLE MALLAMS LIKE MALLAMI DON DEY INVEST IN CRYPTO SINCE 2018



SHINE YA EYES GUYS

2 Likes 1 Share

Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by Islaue: 9:38am On Sep 13
Nawa o
Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by Bamzyriches451: 9:38am On Sep 13
No wahala
Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by SpatialKing(m): 9:38am On Sep 13
Most corrupt and notorious university

1 Like

Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by Islaue: 9:39am On Sep 13
It is well
Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by pegix(m): 9:39am On Sep 13
Looted money .....they don transfer go multiple acc
Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by CelestineNelson: 9:39am On Sep 13
Looters no go see food again...Thank you JESUS
Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by free2ryhme: 9:40am On Sep 13
Akporo1234:



https://www.vanguardngr.com/2021/09/panel-orders-unilag-to-close-accounts-with-commercial-banks/amp/

All the self sustaining businesses and programmes by UNILAG don enter one chance

1 Like

Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by Temptee101(m): 9:41am On Sep 13
shocked

Nigerians and corruption.

Chai.
Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by Lagschools: 9:41am On Sep 13
following
Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by Minjim: 9:42am On Sep 13
Just take a look at these corrupt and insatiable professors.

They claimed they're are not being adequately renumerated but they use leakages in the system to syphon the money that ought to he used to adequately renumerate them

1 Like

Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by AdaAwka1: 9:44am On Sep 13
Why is it that when an important topic is posted here, some people will occupy space with their adverts instead of giving meaningful contributions.

3 Likes 1 Share

Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by Bsmartt(m): 9:44am On Sep 13
This is related to what Wale Babalakin (former chancellor and chairman of the council) highlighted earlier that led to his removal.
Who should we believe now?
Corruption is hindering our potential to be one of the most powerful nations in the world.
I hope the truth will be revealed soon.

5 Likes

Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by wpadmin: 9:44am On Sep 13
Na wa
Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by Macphenson: 9:44am On Sep 13
Ole ni everybody
Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by bigdammyj: 9:44am On Sep 13
Noted
Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by Lamasta(m): 9:44am On Sep 13
Issorite cool
Re: UNILAG Ordered To Close All Its Accounts In Commercial Banks by GetYourPaypal: 9:45am On Sep 13
Still making verified Paypal Business account for your business that can send and receive money from anyone in the world.


Hit me up via my signature to order yours.

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