Few months after change of head of the Imo State Polytechnic, Umuagwo, allegations of massive fraud and financial recklessness are rocking the institution.
Trumpeta learnt that a panel of investigation into the activities of the immediate past administration under Rev Fr Wence Madu, the former Rector, has opened can of worms revolving around financial scam, alleged misuse of public funds.
It would be recalled that after eight years in the saddle, the appointment of Madu came to an end following the entrance of the Emeka Ihedioha administration which appointed an acting Rector in the person of Dr Patrick Njoku, the most senior academic staff in the institution.
The decision of the new Rector to set up panels for investigation into how the finance of the institution and other grants from federal agencies were managed, according to top source, has revealed cases of monumental fraud undertaken by the past leadership of the school.
Details available to Trumpeta have it that confusion has already stepped into Imo Poly community especially within management and staff following certain revelations how names of fictitious persons and outfits were used to allegedly siphon monies from the school’s account.
Apart from neglect to due process and poor accountability processes in the award of contract and withdrawal of money from the Imo Poly bank accounts, Trumpeta was informed how some persons fraudulently collected millions from the coffers without executing any job or contract for the school.
Accusations of how some individuals were not only used as conduit pipes but also fronts to allegedly defraud the institution are high as a panel of inquiry has been set up to look into the matter.
It was also leant that a top management head of the institution (names withheld) was alleged to have used fraudlent system to covert about N40m from a supposed welfare fund provided by the apex bank in Nigeria into private purse.
This newspaper further learnt that when the welfare fund was paid into Imo Poly coffers, the top management personnel allegedly used fictitious names of non established corporate organizations to withdraw various sums of monies whereas no known organization in the school benefited from the welfare fund. It was also gathered them during time of repayment of the fund, the income from Internal Generated Revenue, IGR of Imo Poly was used to repay the money carted away with fictitious names.
Trumpeta learnt that the bubble burst when the new committee incharge of IGR into the institution coffers stopped payment of the debt, which led to the discovery that not less than N40m had already been flittered away through the practice.
Meanwhile, it was learnt that because most of the fund allegedly embezzled came from federal agencies; CBN, and Tetfund, anti graft bodies like the Economic and Financial Crimes Commission, EFCC and the ICPC have moved into the matter to unravel the circumstances behind alleged fraud.
Efforts to speak to the former Rector, Fr Madu who was removed on controversial circumstances proved abortive as his number was not available as at press time.
