ABSU: Ikpeazu gives N400m bailout to Abia University


By Ugochukwu Ugoji-eke, Umuahia

Following the protest by all unions at the Abia State University, Ututu over the non-payment of their six months salaries, governor Okezie Ikpeazu has approved the sum of N400 million for the institute as a bail out fund.

This was contained in statement signed by the Chief Press Secretary (CPS) to the governor, Onyebuchi Ememanka and made available to newsmen in Umuahia, saying that the money is mainly for the unpaid salaries of the staff of the university.

The statement reads, “Following strong representations from the Management and Staff of the Abia State University to the state government for some form of financial assistance in the wake of the disruptions caused by the COVID-19 pandemic, the governor of Abia State and visitor  to the University, Okezie Ikpeazu, has approved the structuring of bail out funds in the sum of Four Hundred Million Naira (400,000,000. 00) for the University.

“This bail out fund is expected to be applied by the University Management to meet basic financial obligations including but not limited to the payments of salaries of workers in the University.

“In granting this approval, governor Ikpeazu is mindful of the fact that the Abia State University has remained a strong model in resources management and maintenance of academic stability.

“The governor notes, with pride, that the University has, since the inception of his administration remained a signpost for excellence and service which has manifested in the consistent improvements in the rating of the University by independent assessment agencies in the country”.

“The governor notes further that the pandemic which took the entire globe by surprise has fundamentally altered the smooth academic environment in the University leading to obvious and unavoidable disequilibrum in their financial inflows.

“Governor Ikpeazu is of the firm belief that under the circumstances, the University is well deserving of this assistance from the State Government.

“Details of the structure of the bail out will be worked out between the officials of the State Government and the University Management Team.

“The Governor believes that this line of support, which is unprecedented in the history of the Institution will provide the needed impetus for the University to jump-start academic activities and continue to sustain her position in the nation’s academic environment.”