Federal University of Agriculture, Abeokuta’s (FUNAAB) staff Housing Project seems to be in trouble after a reputable bank in Nigeria and the project promoter allegedly swindled the university of a whopping N80 million.
TheNiche gathered that the story had reached the Economic and Financial Crimes Commission (EFCC) and that preliminary investigations had begun.
Relevant officials of the bank would be invited for questioning in due course, one of the officials confirmed.
Early 2010, the project promoter, PCG Nigeria Limited, had reportedly marketed the idea of staff housing project to the school management. 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.
Having finalised the agreement and paid the huge sum of money into the bank in September same year, nothing has happened at the supposed site of the project, whereas the promoter of the housing estate has been drawing funds from the account.
According to reliable sources, when the university management realised that a large chunk of the money had been withdrawn by PCG Nigeria Limited, with active involvement of the bank, without mobilising to the site, and without the knowledge of the university authority, everything about the project seemingly came to a halt.
Subsequently, FUNAAB in a letter dated June 25, 2013, to the bank, prayed for the redemption of the N80 million guaranteed funds, but the bank refused the appeal.
