UPDATE: Obaseki Diverted And Squandered N1.2Billion UBEC Education Grant

In 2023, financial records revealed that N1.2 billion allocated by the Universal Basic Education Commission (UBEC) to the Edo State Government under former Governor Godwin Obaseki was diverted and subsequently misappropriated. The funds were part of the 2022 UBE intervention projects intended to support educational development in Edo State....(CONTINUE READING)

According to documents, UBEC, through a letter dated June 1, 2022, informed Edo State and directed the deposit of N1,204,452,353.76 into the state’s SUBEB Matching Grant Account (Account No. 0066783858) with Sterling Bank. This deposit was necessary to enable the state to access the 1st to 4th quarters of the 2022 UBE intervention projects.

On December 22, 2022, the Edo State Government’s Revenue Consolidated Account transferred the specified amount into the Matching Grant Account, fulfilling the requirements for UBEC to provide its counterpart funding. However, instead of waiting for the UBEC’s contribution and the subsequent approval of an action plan outlining how the funds should be used, the Edo State Universal Basic Education Board (EDOSUBEB) transferred N1,122,692,720.24 on June 5, 2023, to a different account—the Edo State Universal Basic Education Domestic Matching Grant Account (Account No. 0092078449), also held at Sterling Bank.

This action violated the FGN-UBE Intervention Funds Guidelines, specifically Section 2.1 (i, ii, iii, & vi), which prohibits unauthorized financial practices such as illegal withdrawal of counterpart funds, diversion, misappropriation, and embezzlement of UBE intervention funds.

UBEC’s regulations were clear that maintaining multiple matching grant accounts within the same bank, as EDOSUBEB did, constitutes a breach of protocol. This secondary account was not recognized by UBEC, further flagging the transaction as unauthorized and raising significant concerns about transparency and the proper use of educational funds in Edo State.