TETFUND: EFCC, ICPC asked to probe agency over alleged corruption

The Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC), have been asked to probe the activities of the Tertiary Education Trust Fund (TETFUND) over alleged financial mismanagement.

This came following the recent revelation by the Nigerian Extractive Industries Transparency Initiative (NEITI), that the agency received N993.3billion from the Federation Account between 2012 and 2016 but “does not have a comprehensive accounting and operational manual.”

DAILY POST observed that TETFUND is an educational fund established with the mandate to administer the two per cent education tax imposed on profit-making taxable companies registered and doing business in Nigeria.

A Board of Trustees, BoT, constituted to manage the Fund was charged with the responsibility of utilizing the oil and gas and non-oil and gas revenues from companies to rehabilitate, develop and improve the quality of tertiary education in the country.

National Anti-Corruption Ambassadors of Nigeria (NACAN), which made the call on Monday, lamented that ninety percentage of TETFUND’s projects were neither publicly advertised in National Tenders journal or any known newspaper where reputable companies would see and bid for them rather.

The group said it has sufficient evidence that at TETFUND under the leadership of Prof Elias Suleiman Bogoro, the Executive Secretary, award of contracts is no longer on the basis of performance or competence but strictly driven by “an insatiable, inordinate plot to receive kickbacks.”

Recall that the Nigerian government had in January 2019, sacked Abdullahi Bichi Baffa as the agency’s Executive Secretary and reinstated Suleiman Bogoro, who was dismissed in 2016.