By  Emmanuel Ovuakporie

OWERRI—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 the  institution over  an alleged  N70million fraud.
It  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 and  the sum of N4.5million cash, $11,200 and 700 euros were found in his apartment in Owerri.

The source  revealed that  on interrogation, the suspect could not explain the source of  both the foreign and local currencies and several cash deposit slips  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 also”collected  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.”