Despite constant claims of neglect by the owner states governments of Oyo and Osun, the management of Ladoke Akintola University of Technology (LAUTECH) Ogbomoso has received the sum of N13.626b between 2011 and 2016.
The Oyo State Commissioner for Education, Prof. Adeniyi Olowofela who disclosed this while meeting with a delegation of the Christian Association of Nigeria (CAN) said an external forensic audit of the institution’s account is mandatory to proffer lasting solution to the crisis rocking it.
Olowofela cited the visitation panel report recently submitted to the owner states, which detected about 97 different bank accounts being operated by the institution, which is against the directive of the Treasury Single Account (TSA) policy specifically put in place by the president Mohammed Buhari administration to promote transparency.
The report, he said, also revealed that majority of the banks have closed shop due to either restructuring, merger or outright delisting by the Central Bank of Nigeria (CBN).
Speaking further on the recommendations of the visitation panel led by eminent lawyer, Chief Wole Olanipekun (SAN) who is also the Chancellor of the institution, Olowofela stated that the accounts of the school and its workforce must be audited.
He said; “We are not too comfortable with the accounting process or procedure of the institution, that is the least we can say now. Part of the recommendations of the visitation panel was that the accounts of the school and that of the work force too must be audited such that we will look at the best practices on how to run the institution.
‘’The bursary department still rely on analogue mode of operations, despite its attendant challenges and risks. The government said they must have a single account, but from the visitation panel’s report, LAUTECH has various accounts. Despite nobody is accusing them 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.
On the subventions released to the institution in the past, Olowofela said, “ Between 2011 and 2016, Oyo state released 8.4b while its Osun state counterpart contributed 5.1b totaling N13.626b.
Meanwhile, student’s population is as follows – regular undergraduates – 27,457; part time -1, 514; regular postgraduates – 2, 857 and part time- 3,054. Open Distance Learning (ODL) 655; totaling 35,507 students.
“Why is it difficult for LAUTECH to survive, since institutions with less students’ population are surviving? We must ascertain whether the owners need to jerk up the subvention or remove it completely.