Secrets Reporters
As part of ongoing investigations into the financial books of the Tertiary Education Trust Fund (TETFUND) under Mr Sonny Echono, SecretsReporters has uncovered a web of financial inconsistencies and contracts inflations.
One of such bothers on procurement and installation of solar street lights across various government institutions in Nigeria. For Aminu Saleh College of Education, Azare, Echono awarded the contract in 2022 for what he termed ‘special solar’ for the sum of N300 million with N23 million paid as consultancy, which is 7.7% of the contract. The deed was done on 10th May 2023.
In Federal University of Otuoke, Bayelsa State, Echocho swiped another N250 million from the federation’s account buying each solar light for N1 million against the benchmark used in other states streetlights. He called this ‘special’.
Federal College of Education, Akoka, Lagos State, the contractor smiled away with N121 million as the TETFUND boss made him erect one solar light at the cost of N917,000.
The contractor for the installation of solar lights inside Federal University of Agriculture, Abeokuta was not left out of the windfall that was made to rain by Echocho as he got N170 million to also stand one pole each at N1 million.
Market and construction survey from contractors who have done similar solar streetlights job across the country noted that the contracts awarded by the TETFUND boss is highly overinflated as a standard solar streetlight with three years warranty which they have done and still made maximum profit is N450,000 to N500,000.