Nine varsities face probe over financial irregularities

Nine federal universities are facing a probe over alleged financial irregularities, according to the House of Representatives Committee on University Education. The committee's vice-chancellors have been directed to account for public funds and adhere strictly to budgetary provisions. The committee visited universities and inter-university centres across the South-West geopolitical zone, uncovering discrepancies in financial records and questioning how institutions could report internally generated revenue and expenditure figures that did not align.

The University of Lagos, chaired by Prof. Folasade Ogunsola, was specifically targeted, with the committee demanding details of the institution's 2024, 2025, and 2026 budgets and an appearance before the committee next week. The committee emphasized the importance of transparency and accountability in financial dealings, warning that such practices could exacerbate existing challenges in the university system.