Nine varsities face probe over financial irregularities

Nine universities in Nigeria are facing a probe over alleged financial irregularities, according to the House of Representatives Committee on University Education. The committee has directed vice-chancellors of the affected institutions to provide detailed information about their budgets for the years 2024, 2025, and 2026 and appear before the committee to account for any discrepancies in their financial records.

The committee's Chairman, Abubakar Fulata, revealed that the oversight visit to universities and inter-university centers in the South-West geopolitical zone uncovered financial inconsistencies, a lack of transparency, and potential non-compliance with budgetary provisions. He warned that such practices could exacerbate the challenges faced by the university system.

One of the universities, the University of Lagos, was directed to submit details of its 2024, 2025, and 2026 budgets and appear before the committee over an alleged N7.1bn excess in its financial records. The committee emphasized the importance of transparency, accountability, and proper financial management in public institutions to ensure that public funds are utilized for their intended purposes and to improve the quality of university education.