The Vice-Chancellor of the University of Lagos, Prof. Oluwatoyin Ogundipe, has said the university lost about £40 million in research grants in a leadership crisis that grounded the first generation university to a halt between August to November
Stating this on Monday while having an interactive session with newsmen in Akoka, Lagos.,Ogundipe debunked the allegation of financial mismanagement levelled against him by Wale the dissolved Babalakin-led Governing Council.
Acccording to the Don, his administration has been
transparent and prudent in the management of resources.
He said: “There is nothing like misuse of funds. We are transparent and judicious in the use of resources. We have nothing to fear or hide. Our financial books are open and clean, ” he said.
Speaking on the likely challenges the university wi face when students resume, he said that his administration would encounter financial difficulty as a result of exorbitant increase in the electricity tarrif.
“Before the Coronavirus lockdown, we were paying between N61 million and N62 million as electricity bill monthly and now with the increment in tariff, the university will definitely be paying more than N90 million monthly by the time the students return to hostels.
“And how to pay such a huge amount will certainly be a serious problem for the university,” he stressed.
He however said the university would think outside the box to and pursue aggressively the measures to increase the revenue of the institution