The N4.7Billion Federal
University of Agriculture, Abeokuta (FUNAAB), Ogun State, South-Western
Nigeria, staff housing project may have run into muddy water. This is after
Guaranty Trust Bank and the project promoter allegedly scammed the university
of a whopping N80 million.
An official of the Economic
and Financial Crimes Commission (EFCC) told our correspondent that the matter
had been brought to the notice of the commission, adding that preliminary
investigations had begun. Relevant officials of the bank would be invited for
questioning in due course, the official said.
The project promoter, one
PCG Nigeria Limited, had allegedly marketed the idea of staff housing project
to the school management in 2010.
It was also gathered that, the school
management had bought the idea and started the move by contacting a bank that
would guarantee the project.
“The principal by virtue of
its letter dated September 30, 2010, with reference number; UNAAB/REG.82/111/61
has awarded to the company, a contract for the construction of 915-unit Staff
Housing Quarters Under a 21-year-build-operate-transfer agreement (“the
contract”), for a total contract of N4,700,000,000.00 (four billion, seven
hundred million Naira only).”
Five years after the
agreement was entered into and the sum of N80 million released by FUNAAB
through GTBank into a guaranteed account in the same GTBank, nothing has
happened at the supposed site of project, but the promoter of the housing
estate has been drawing from the account.
It was gathered that
shortly after, the University management realized that a large chunk of the
money has been allegedly withdrawn by PCG Nigeria Limited, with active
connivance of GTBank, without the company mobilizing to the site, and without
the knowledge of the University authority, everything about the project
seemingly came to a halt.
Consequently, FUNAAB in a
letter dated June 25, 2013, to the bank, prayed for the redemption of the
N80Million guaranteed funds, but the bank refused blatantly.
The School also said that
there was never a time it awarded housing project contract to any company, “not
even PCG Nigeria Limited to warrant measurement of value of work done, hence no
need for recourse to Arbitration Panel for the measurement of work done,” said
the University in one its letters.
The University’s stand
followed the alleged rush of both the bank and PCG to take the matter to
arbitration panel, which resolved that the bank stopped disbursement of the
money to PCG from the guaranteed account, without a commensurate work at the
site of the project.
The School added that, “the
guarantee was only in respect of rent receivable and the houses (BOT) to be
rented must give value rent-wise towards the commitment fee on the rent in
advance guaranteed. Our guarantee is assured on the streams of rent to be
received on the BOT houses.”
The School said that the
Bank and PCG should not be talking about performance in the project or talk of
recouping rent from the BOT houses and not measuring stages of construction.
“Please, be guided that at no time did we plan to invest any amount in the
construction of staff quarters and that was what you guaranteed for us”, the
university said in its letter.
FUNAAB stressed further
that it would appreciate GTBank redeeming its guarantee, “while we look forward
to your prompt response in making the payment to our Guaranty Trust Bank Plc
account earlier given to you.”
Investigation revealed that
the bank was the one that floated the same PCG Nigeria Limited, the company
that promoted that staff housing project at FUNAAB. Similarly, checks at the
Corporate Affairs Commission (CAC) did not show any record of a company like
PCG Nigeria Limited.
Meanwhile, the staff of
FUNAAB are on the neck of the institution’s management to recover the alleged
N80 million from bank. This is because the University authority has started
deducting the phantom post-paid rent from staff salaries.
Sources added that this
development has pitched the University management, governing council and staff
against one other, with the latter taking the matter before the Economic and
Financial Crimes Commission (EFCC) for investigation.
Political Economist
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