Fraud Of N200m: Real Story Of How Staff Who Earns N100,000 Per...

Fraud Of N200m: Real Story Of How Staff Who Earns N100,000 Per Month Fleeced Covenant University


Have you too heard that a certain ‘Accountant’ stole N180 million from the treasury of the high flying Covenant University in Ota, Ogun State recently?

Well, the story is ‘sweeter’ and far more interesting than that because PMParrots have been digging into the pieces of facts related to it and it can be submitted that the young man who stole the money is not an accountant in any way. And as far as the proprietor, Bishop David Oyedepo is concerned, the staff stole over N200m.

Our Parrot who has been working on the story had this to submit. Enjoy:

“The young man involved in the fraud is called Dan Owolo. He works with the IT Department of Covenant University. He happened to be one of those who designed the software called ‘CU Sanwo’ which was meant to make payment of school fees easier for students.

“In the process of carrying out this assignment of building the software, he included facilities for the system to be deducting perhaps, five percent of every payment that passes through into an account belonging to him.

“So, when ‘CU Sanwo’ became operational months back, he started making cool money. And nobody knew. Dan started living a riotous lifestyle like Bishop David Oyedepo was quoted as saying.

“It was as if this young man’s enemies were pursuing him because nobody would have known that he was making that kind of stupendous money. But he exposed himself.

“You can imagine a man that earns about N100,000 in a month coming in to dedicate five choice cars at the same time inside Winners’ Church. In December, 2018, he took his whole family to Dubai for a month. He did not hide anything. Some of the times, he used to hire helicopters to move in order to avoid traffic.

“It was at this point that his mates drew the attention of senior officers in the University to his extravagant lifestyle and it got to the table of the Director of Financial Services of the University, Mr Paul Uwajeh who promptly swung into action by ordering that the young man should be investigated. So far, over N180 million has been traced to his phony account.

“He was arrested along the line and taken to Eleweran, the Headquarters of Ogun State Police Command in Abeokuta but he was ‘having his way’. So, the Economic and Financial Crimes Commission (EFCC) had to be called in. He has been with Ibrahim Magu’s men since that time…”

Stay with us at for more on this interesting story.

Packaged by Alice Egbedele