From Naijaloft The vice chancellor of the Imo state university (imsu) has been arrested by the Economic and Financial crimes commission (EFCC).
The vice chancellor of the Imo state university (imsu) Prof I.C Okonkwo and two other officials of the university were arrested by the economic and financial crimes commission (EFCC) for an alleged 70 million Naira fraud.
EFCC which was acting on a petition against the Imsu vc searched his house and discovered 4.5 million Naira cash, 11,200 dollars and 700 euros in his Owerri apartment. During Interrogation the vice chancellor could not explain the source of the large amount of money found in his apartment.
It was also discovered that he operated nine bank accounts in four different banks and had awarded several contracts over his N1million approval limit.
The Imo state university vice chancellor was said to have awarded a contract for the purchase of six cars for N20million without bidding or placement of advertisement for such procurement.
The vice chancellor allegedly collected the sum of N12million for refurbishment of his house without any sign of renovation till date.
He was also alleged to have connived with the universities bursar and another official to extort N5000 each from graduating students totalling N25million without approval from the Governing Council of the Imo state university and the receipts used for the illegal collection were fake.
IMO STATE UNIVERSITY (IMSU) VICE CHANCELLOR ARRESTED BY THE EFCC (ECONOMIC AND FINANCIAL CRIMES COMMISSION)
