The sacked management team was indicted for indiscriminate procurement of loans or overdraft to the tune of N1.7 billion.
Edo State Governor, Mr. Godwin Obaseki has dissolved the Governing Council of the state-owned Ambrose Alli University for engaging in N1.7 billion fraud.
Obaseki who appointed an acting Vice-Chancellor, Prof Osarhiem Osadolor to be in charge of the institution said the sacked management team was indicted for indiscriminate procurement of loans or overdraft to the tune of N1.7 billion.
This was contained in a statement released by the Secretary to the State Government, Osarodion Osagie as reported by EduCeleb on Tuesday.
Osagie said the Ambrose Alli University had been, “brought to its knees by mismanagement and maladministration,” compelling the students to remain at home.
A visitation panel was subsequently saddled with the responsibility to look into the operations of the varsity in revenue generation, transparency, accountability, adherence to due process, mode of employment and promotions, and sustainability.
The committe which was set up in October 2020, was chaired by Ikponmwosa Omoruyi, a law professor at the University of Benin (UNIBEN).
In a report submitted to the governor in March, the panel said there was indiscriminate procurement of loans or overdrafts. The report noted that “N1,794,069, 811.02 only, within the period under review is not sustainable."
The panel also stated that AAU’s “indiscriminate procurement of motor vehicles through lease financing should be stopped as payment of N133,138,324.39 only within five years period as lease financing is not sustainable."
“There should be a drastic reduction in the overhead cost as the average at N1.2 billion per year is on the high side and not sustainable,” the statement added.