ByÂ Emmanuel Ovuakporie
OWERRIâ€”The Economic and Financial Crimes Commission (EFCC) has arrested the Vice Chancellor of the Imo state University, Prof I.C.Okonkwo and two other top officials of theÂ institution overÂ an allegedÂ N70million fraud.
ItÂ was gathered that the anti-graft agency, acting on a petition against the VC had swung into action and on investigation, the house of the suspect was searched andÂ the sum of N4.5million cash, $11,200 and 700 euros were found in his apartment in Owerri.
The sourceÂ revealed thatÂ on interrogation, the suspect could not explain the source ofÂ both the foreign and local currencies and several cash deposit slipsÂ found in his house.
It was also discovered that he operated nine bank accounts in four different banks and had awarded several contracts over his N1million approval limit.
He 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 source explained that the suspect alsoâ€collectedÂ the sum of N12million for refurbishment of his house without any sign of renovation till date.
He was also alleged to connived with the school bursar and another official to extort N5000 each from graduating students totalling N25million without approval from the Governing Council of the university and the receipts used for the illegal collection were fake.â€