Abuja NIGERIA — A confidential audit report obtained by Time Africa has uncovered a web of alleged financial irregularities totaling over ₦387 million at the Institute of Part-Time Studies (IPTS) of the Federal University Oye-Ekiti (FUOYE).
The alleged financial mismanagement reportedly occurred during the tenure of suspended Vice-Chancellor, Professor Abayomi Sunday Fasina, and has now ignited public outrage and calls for an independent investigation by anti-corruption agencies.
The 34-page audit report, prepared by a four-member committee appointed by the university management, meticulously examined the IPTS’s financial activities between 2021 and 2024. Over a four-week period, the auditors combed through the institute’s accounts, receipts, payment records, and expenditure reports in an effort to determine its true financial position.
The audit found that FUOYE’s part-time programme had witnessed steady growth across three academic sessions, with student enrollment increasing from 3,196 in 2021/2022 to 5,501 in 2023/2024 — a 72% rise in just two years.
In the same period, IPTS reportedly generated a combined revenue of ₦2.19 billion, broken down as follows: ₦846,753,500 in 2021/2022, ₦594,269,000 in 2022/2023, and ₦755,803,500 in 2023/2024.
Expenditure across the three sessions totaled ₦297,856,513.40, suggesting significant operational surpluses.
However, auditors say these figures conceal a troubling reality — hundreds of millions of naira in student payments were never captured in official financial statements.
According to the audit report, multiple revenue streams from student payments were omitted or underreported in the institute’s accounting records. The discrepancies include ₦278,808,000 in Administrative and Portal Maintenance Fees, ₦38,684,000 in Screening Fees, ₦24,322,000 in Handbook/Orientation Fees, and ₦45,696,000 in Medical Insurance Fees.
In total, ₦387,510,000 in student-generated revenue was unaccounted for, a sum auditors describe as “disturbing” and “indicative of gross negligence or deliberate concealment.”
Additionally, ₦27,720,000 in outstanding student debt was not reported in official accounts, while another ₦2,001,000 was underreported in school fees for 2021/2022.
The committee’s report painted a grim picture of financial administration within the Institute. It cited poor record-keeping, non-reconciliation of online payments, and a lack of oversight by bursary officers as key enablers of the irregularities.
“The accountant’s report failed to present a true and fair view of the institute’s finances,” the committee noted, adding that the omission of significant revenues “prevented management from knowing the true financial position of IPTS with respect to revenues paid by students.”
Auditors expressed concern that such lapses might not be accidental, pointing to the “consistent exclusion of substantial sums” as evidence of a possible pattern of concealment.
The absence of complete student records and inaccurate departmental data further compounded the problem. “Verification of enrollment figures and fee payments was made extremely difficult due to incomplete documentation,” the report observed.
Education analysts who reviewed the findings say the missing ₦387 million represents not just financial loss but a severe breach of public trust in an institution funded by taxpayers.
“The IPTS revenue is supposed to support infrastructural development, staff welfare, and research,” said one education policy expert familiar with the report. “When such vast sums disappear, it undermines both the university’s credibility and its capacity to deliver quality education.”
In its concluding recommendations, the audit committee urged FUOYE management to implement a comprehensive financial overhaul of the Institute of Part-Time Studies.
The committee recommended that the IPTS accountant be granted access to all online payment data stored in the Integrated Central Control (ICC) platform to ensure complete and accurate financial reporting. It also called for the Directorate to prepare and present a detailed annual budget to the IPTS Board at the start of every session, with copies submitted to all relevant departments for oversight.
Accountants were advised to prepare itemized reports for each category of student fees before presenting consolidated financial summaries. The university’s Bursary Department was directed to design a dedicated operational manual for the IPTS, aligned with Federal Government Financial Regulations and University Finance Circulars.
All bursary staff deployed to IPTS are to have clearly defined responsibilities to enhance accountability and transparency. Auditors must verify all expense documents before they are submitted to the university’s head office for approval.
The committee further emphasized the need for accurate record-keeping, advising that complete matriculation lists for each academic programme be compiled, verified, and submitted to the Registry and Student Affairs Unit. Continuous training for bursary and administrative staff should be institutionalized to improve competence and ethical standards.
The audit also stressed that all part-time programmes must strictly comply with National Universities Commission (NUC) guidelines to avoid sanctions.
The revelations come just days after it was disclosed that the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) had been petitioned to probe allegations of large-scale corruption and abuse of office at FUOYE.
The petition — filed by the Campus Concern Network (CCN) and signed by its Convener, Comrade Kamal A. Odunjo-Saka — was addressed to President Bola Ahmed Tinubu, the Minister of Education, and the Executive Secretary of the NUC.
It accused the suspended Vice-Chancellor, Prof. Abayomi Fasina, and senior management officials of “deeply entrenched corrupt practices that undermine the integrity of our educational institutions and erode public trust in governance.”
According to the CCN, FUOYE has been “plagued by allegations of unauthorized payments, duplicated vouchers, non-existent procurements, and diversion of public funds” under the Fasina administration.
As of press time, FUOYE management had not issued an official statement responding to the audit’s findings or the corruption petition. Repeated calls to the university’s Public Relations Office went unanswered.
Meanwhile, students and staff have expressed frustration at the revelations. “We pay all these fees every session, and now we’re learning that much of the money never made it into the university’s books,” said a part-time student from the Faculty of Management Sciences.
Civil society groups are calling for independent oversight and swift disciplinary action against any officials found complicit. “This is not a matter for internal handling alone,” said the Ekiti Integrity Network, a local accountability group. “Public funds have been mismanaged, and the EFCC must intervene.”
The audit committee ended its report with a note of appreciation to the university management for its cooperation but stressed that urgent steps must be taken to restore transparency and confidence in FUOYE’s financial systems.
“Only through strict adherence to accountability principles can the university regain the trust of its stakeholders,” the report stated.
Whether the latest revelations will lead to genuine reform or fade into bureaucratic silence remains to be seen. But for now, the alleged disappearance of ₦387 million at FUOYE’s Institute of Part-Time Studies stands as a stark reminder of the enduring challenges of financial integrity within Nigeria’s tertiary education system.