An alleged N50 Million gift from the Central Bank Governor, CBN, Sanusi Lamido Sanusi, has pitched members of the Hakeem Bello-Osagie’s led King College Lagos Old Boys Association against themselves.
Many unsavoury allegations and counter-allegations are currently being bandied about within the Association and aggrieved members are gearing up for a show-down at the Association’s next AGM, scheduled to hold this Sunday, September 23, 3012, at which many of them intend to demand for an Independent Audit of the Association’s Finances.
We gathered exclusively from sources that members are at daggers drawn over several issues relating to finances of the Association amongst other issues, particularly the manner in which a N50 million naira donation from the Central Bank of Nigeria (CBN) courtesy of Governor of the bank, Sanusi Lamido Sanusi, towards the construction of a sports pavilion in the Lagos Island secondary school was allegedly misappropriated and siphoned using a shady contractor.
The donation was made around 2009 during the school’s centenary celebration.
Some members of the Association, which consists literally of “who is who” in Nigeria’s socio-economic and political space, are angered by the discovery that bulk of the N50 million naira donation from the CBN was siphoned by some members of the past executive.
The sports pavilion project has since been abandoned after the previous executive paid out the entire N50 million of which N43 million was drawn from the Association’s bank account within a space of six weeks.
“The level of corruption and misappropriation perpetrated in the sports pavilion project is disheartening,” one Old Boy said. “The project is not even near 20% completion. Where did all the money go?” he asked.
“The issue of one of the VPs who collected money from a contractor and claimed to spend it on the Association without documentation subsists.& #8232;This VP (Mr. Lawanson) who admitted to collecting the sum and spending same without documentation (minutes of the meeting where this occurred is available at the Secretariat) and the present treasurer (Mr. Idike who wants to be Gen. Secretary) colluded to make these payments back then.
Furthermore, Mr. Idike cannot attest to any audit carried out in his capacity as auditor (which would have discovered the fraudulent disbursement of the said N50m…),” another aggrieved member blogged on a website where members openly made claims and counter claims.
Sources said that members of the Port Harcourt branch of the association alongside some other chapters have signaled their desire to attend the AGM on Sunday where they would submit that all members of the present executive step aside while an independent audit of the association’s financial records are reconciled.
King’s College Lagos was founded on September 20, 1909. It was previously known as King’s School. Some of its prominent alumni include former Vice President Alex Ekwueme, Late Sir Emeka Odumegwu Ojukwu, Late Chief Anthony Enahoro, Late Sir Adetokumbo Ademola, Late Justice Victor Ovie Whiskey, and Mr. Peterside Atedo, amongst others. (pointblanknews)
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