Senior lecturer allegedly arrested for defrauding Covenant University of N180m

A senior lecturer in the Information Technology department of the Covenant University has been arrested by the Economic and Financial Crimes Commission (EFCC) for allegedly diverting millions of the higher institution’s funds into his private account.

 It was reported on Saturday, May 18 that the unnamed lecturer confessed to converting Covenant’s N180m into his own private use. The funds stolen were mainly school fees paid by students into the accounts of the university in banks but were diverted into the IT guru’s private account.

According to the report, the lecturer perfected his act over the years and siphoned millions before any wrongdoing were suspected.

The man concealed his loot by from public glare by maintaining a house in the school at Ota, Ogun state where he lived with his wife even though he owned a mansion with flashy cars in Lekki area of Lagos state.

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He was said to have been caught after always opting to fly to back to school in a helicopter which landed a little distance away at ex-president Olusegun Obasanjo’s The Bells University after weekends of lavishness at his mansion with his wife.

 His helicopter flights got the attention of the school, which put him under surveillance and eventually handed him over to the EFCC. The suspect is said to have accepted to pay back N56million of the stolen funds which he still has in his possession.