University of Calabar Under Former Vice-Chancellor Florence Obi Fails to Remit ₦264 Million, Cannot Account for ₦47.7 Million in Cash Advances

Secrets Reporters 

A financial review of the University of Calabar during the tenure of Vice-Chancellor Professor Florence Obi has uncovered ₦408,776,926.79 in financial irregularities across nine separate findings. At the centre of the findings is a significant failure to properly remit revenue, raising concerns about financial management and compliance at the institution.

The university, one of Nigeria’s second-generation federal institutions, trains thousands of students from Cross River State and beyond. But behind its academic mission, public funds were handled in ways that raise serious questions about accountability at the highest level.

The single largest finding is ₦264,360,887.79 in internally generated revenue that was collected but never handed over to the government as required. That money, a quarter of a billion naira should have been remitted promptly. Instead, it remained outside the government account it was legally required to reach.

Two separate findings on cash advances tell their own troubling story. In one instance, ₦54,352,550.00 in advances was granted above the approved limit. In another, ₦47,702,184.00 in cash advances could not be properly accounted for. Together, these two findings amount to over ₦102 million in advances that breached approved ceilings.

Further findings paint a picture of loose financial controls. A doubtful payment of ₦33,683,805.00 was made for out-of-pocket expenses. Another ₦8,677,500.00 went to irregular travel payments. Additional issues included payments made without pre-payment checks, payments lacking supporting documents, violations of the Federal Government’s e-payment policy, and international travel paid for without approval.

Professor Florence B. Obi served as Vice-Chancellor for the entire 2024 period under review. She led the university from December 2020 until completing her five-year tenure in December 2025, when she handed over to Professor Offiong Efanga Offiong. As the university’s chief executive and accounting officer throughout the year, responsibility for every finding rests with her administration.

The implications are stark. A federal university failing to remit over a quarter-billion naira in its own generated revenue is withholding money that should be strengthening the very institution producing it funding libraries, laboratories, and staff development instead of sitting outside the government account where it belonged.

The laws broken here are clear and specific. The Financial Regulations 2009 require prompt remittance of internally generated revenue a requirement violated outright by ₦264.36 million. Treasury Circular guidance on cash advance ceilings was breached twice over, by a combined ₦102.05 million. And the Federal Government’s e-payment policy, along with requirements for pre-payment checks and supporting documentation, were breached across the remaining findings.