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EFCC Confiscates Prof. Adenekan 5 Houses For Diverting N8bn School Fund

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EFCC has seized five houses from a contractor Prof. Adenekan Iyiola Adesanya for allegedly diverting about N8billion out of over N20billion spent by the Universal Basic Education Commission (UBEC) for the supply of textbooks, science and technical equipment to schools.
According to reports, the N8billion was meant for the purchase of science, technical and laboratory equipment to 104 Unity Schools. The suspect, who is also the Managing Director of Macmillan, was alleged to have paid out N5billion to some individuals and used part of the balance to buy some properties.

The sealed properties include a duplex at 3A Prince Adesanya, Parkview Estate in Ikoyi; another duplex at Plot 10, Segun Olusemo Crescent, Parkview Ikoyi; and three others in Block B 1-6 Erinko Residential and Industrial Estate, Ijoko in Ogun State housing five firms.

Also, eight firms linked with Adenekan are under probe with their accounts frozen in line with the ongoing investigation.

A top source said : “The EFCC received a petition bordering on alleged reckless award of contracts in UBEC to launder public funds , diversion of contract sums, non-execution of contracts and misappropriation of funds.

The petitioner alleged that about N100billion was involved but our detectives have so far traced about N20billion of the funds disbursed. .

We have confirmed that about N8billion worth of contracts(out of the preliminary N20billion being looked into) for the supply of science and technical equipment to 104 Unity Schools(mainly Federal Government Colleges) were not properly executed.

Some schools received about 30% of their equipment, some got 40% and some 50%. About three to four schools in the North-East, particularly those sited in Boko Haram insurgency axis, did not receive any science and technical equipment. .

The detectives discovered that about N5billion was paid out to some individuals with a strong suspicion that it might have been diverted and used for 2015 general election.”

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