EKSU SUG transfers union funds to officials’ personal accounts, fails to explain why

By Campus Reporter

More than ₦1.5 million belonging to the Students’ Union Government (SUG) of Ekiti State University (EKSU) was transferred through the personal bank accounts of the union’s Financial Secretary, Treasurer and two other individuals within one week in July, bank statements obtained by Campus Reporter show.

The records reveal a series of transactions in two Students’ Union bank accounts in which funds were paid into the personal accounts of Financial Secretary Adeleye Samuel and Treasurer Bankole Israel before being moved again, in some cases within hours. The transactions also involved two other individuals identified as Joshua Adebayo and Oluwaseyi Osunyomi.

While the bank statements do not, by themselves, establish that any funds were misappropriated, they do not explain why union money was routed through personal accounts or whether the transfers were approved under the Students’ Union’s financial procedures.

Campus Reporter contacted the Financial Secretary and the Treasurer, asking them to explain the transfers, clarify the roles of Joshua Adebayo and Oluwaseyi Christopher Osunyomi in the transactions, and state whether the payments were authorised in line with the union’s financial procedures.

Neither official responded for a week, despite reminders.

₦1.5 million moved through officials’ accounts

The records cover two Students’ Union accounts: one domiciled with United Bank for Africa (UBA) under the name “UNAD SUG Account” and another with Zenith Bank under the name “EKSU Student Union Government”. Both statements span 1 June to 13 July.

The UBA account opened the period with a balance of ₦308,901.47.

On 2 July, it received a credit of ₦100,000 with the narration “EKITI STAT/RV2026,” suggesting a payment linked to the Ekiti State Government, although Campus Reporter could not independently verify the source.

On 9 July, ₦400,000—almost the account’s entire available balance—was transferred to the personal account of Financial Secretary Adeleye Samuel, leaving a balance of ₦10,693.96.

The following day, 10 July, the account received ₦300,000 from one Joshua Adebayo and another ₦400,000 from an account bearing the Financial Secretary’s name. 

Within hours, separate transfers of ₦300,000 and ₦400,000 were made to the personal account of Treasurer Bankole Israel, leaving the account with a balance of ₦10,482.71.

The records show that the same ₦400,000 transferred to the Financial Secretary on 9 July appeared to return to the union account the following day before being paid into the Treasurer’s personal account.

The Zenith Bank account shows a similar pattern.

For most of the period covered by the statement, the account recorded relatively small “Bulk Credit” deposits, consistent with routine collections of students’ union dues.

However, on 3 July, it received ₦400,000 from Oluwaseyi Christopher Osunyomi with the narration “reimbursement soft loan.” On the same day, ₦750,000 was transferred from the account to the personal account of Financial Secretary Adeleye Samuel.

In all, more than ₦1.5 million moved through the two Students’ Union accounts between 3 and 10 July in transactions involving the same group of individuals.

The bank statements do not indicate the purpose of the transfers or whether they were payments for approved union activities, reimbursements or other authorised expenses.

Officials silent

Section 73 of the EKSU Students’ Union Constitution provides that expenditure exceeding ₦10,000 requires the approval of both the Students’ Union President and the Treasurer.

Campus Reporter contacted the Financial Secretary and the Treasurer, asking them to explain the transfers, clarify the roles of Joshua Adebayo and Oluwaseyi Christopher Osunyomi in the transactions, and state whether the payments were authorised in line with the union’s financial procedures. They did not respond to calls and text messages to their known line for days.