Minna — A fraud of about N12 million has been uncovered at the Ibrahim Badamasi Babangida University, Lapai Niger State, the Vice-Chancellor of the institution, Professor Ibrahim Kolo has said.

The vice chancellor, who spoke at a one-day re-orientation course organized by the university for its staff yesterday, said he had commenced investigation into the fraud.

Kolo added that the fraud was perpetrated by the past executive members of the university's co-operative society. He decried the way by which the past leadership of the co-operative society arrogated to themselves resources contributed by members of the group. He called on those involved to refund the money.

While criticizing the rot in the cooperative society, Kolo said the past executive went as far as forging the registrar's signature to commit fraud. He said an audit team has been constituted to investigate the matter and recommend appropriate punishment.