The University of Sierra Leone (USL) has strongly refuted allegations of financial mismanagement following a report by Africa Confidential that accused the institution of losing $4.5 million in a controversial deal with Nigerian company FEMAB Properties.
The article, titled “Freetown Business School Buys $4.5M Hole in the Bush,” alleged that USL mishandled public funds during the development of a residential campus for the Institute of Public Administration and Management (IPAM) at Bureh Town and kept the transaction under wraps.
In a statement issued by USL’s Acting Registrar Munda Lebbie, the university dismissed the claims as unfounded; emphasizing that it has been transparent about the project from the outset.
“USL has consistently updated the public on the progress of the IPAM campus project through press briefings, the most recent of which was on February 5, 2022,” Lebbie said.
The university also noted that the Anti-Corruption Commission (ACC) is investigating the matter and urged the public to remain patient for the outcome.
The partnership with FEMAB Properties began in January 2016, during the tenures of former IPAM Deputy Vice Chancellor Professor Allyson Sesay and former USL Vice Chancellor Professor Ekundayo Thompson.
The university’s Finance and General-Purpose Committee (F&GPC) approved the acquisition of land in the Western Rural District for the new IPAM campus, which included 70 acres of state land in Bureh Town.
To ensure the project’s integrity, USL management conducted due diligence, including visits to FEMAB’s facilities in Lagos. The initiative was initially praised by government officials, including then-President Ernest Bai Koroma and Financial Secretary Edmund Koroma, as a forward-thinking approach to improving educational infrastructure through a public-private partnership (PPP) model.
However, the project faced numerous setbacks after a change in government in 2018, resulting in delays due to leadership transitions at both the university and government levels.
Despite receiving a $37.5 million funding assurance from the Ministry of Finance in 2018, the project was plagued by delays in financial guarantees, the impact of the COVID-19 pandemic, and ongoing government inquiries.
USL confirmed that FEMAB Properties began preliminary work on-site, including foundation construction and water system installations, but the project stalled in 2020 due to ongoing financial and contractual issues.
“FEMAB was indeed on-site, and some work commenced, but the project has faced continuous delays primarily due to financing challenges,” the statement read.
Responding to the financial allegations, USL provided a detailed timeline, stating that the payments made to FEMAB were in accordance with the university’s 25% contribution to the project cost, as outlined in the contract.
The $4.5 million under scrutiny was part of a revolving credit facility obtained from the United Bank of Africa (UBA).
On August 24, 2024, USL management visited the Bureh Town site and discovered it had been abandoned, with most equipment removed.
The university expressed concerns about the site’s security and vowed to engage FEMAB on securing remaining assets.
“We want to assure the public that we are committed to transparency and accountability in this matter,” said the USL statement. “We encourage everyone to await the findings of the ACC investigation, and we will keep the public informed of any further developments.”
The university’s management stressed the importance of letting due process take its course, reiterating its commitment to resolving the issues surrounding the IPAM campus project responsibly.
Credit: Salone Monitor
