Unveiling the Veil: Did TETFund Engage in Dubious Dealings?

TETFund recently came under scrutiny for awarding a contract worth over N3.8 billion without evidence of execution.

According to a report by Premium Times, the agency paid the contractor, Fides Et Ratio Academy, a total of N2.9 billion for an unexecuted project.

This contract was related to a Capacity Building Certificate Course for 502 participants. Shockingly, the company has no functional website, and there was no evidence of proper bidding or approval from relevant authorities. TETFund’s actions appear to violate procurement laws and raise serious questions about transparency and accountability.

In response to Premium Times’ inquiry, the Bureau of Public Procurement (BPP) stated that the contract awarded by the Tertiary Education Trust Fund (TETFund)is not found in its database. This revelation raises serious concerns, as the contract appears to violate the Public Procurement Act 2007.

According to the law, the Act applies to all procurement of goods, works, and services carried out by the Federal Government of Nigeria and all related entities. The only exemption is for special goods, works, and services involving national defense or national security.

However, despite the lack of proper documentation and approval, TETFund credited substantial amounts to the contractor’s account. Specifically:

1. On 30 June 2023, the company received over N550 million.

2. An additional N820 millionwas deposited on 12 July 2023.

3. On 26 July 2023 and 17 November 2023, sums of N1.5 billion and N62.68 million, respectively, were credited into the account.

These financial transactions occurred without clear evidence of project execution or adherence to legal requirements. The situation underscores the need for transparency and accountability in government contracts