The Federal Investigation Agency’s (FIA) Corporate Crime Circle has launched an inquiry into alleged money laundering involving the management of the Institute of Business Administration (IBA), seeking extensive financial records under the Anti-Money Laundering Act 2010.
According to correspondence, the FIA has asked IBA’s Executive Director to provide audited financial statements from 2020 to 2024.
The records sought include:
-
Grants received from provincial and federal Higher Education Commissions (HEC)
-
Endowments and donations from domestic and foreign private donors
-
Bank statements of IBA and its affiliated trusts
-
Utilization reports, approvals, and vouchers of grants
-
Procurement records, including names of contractors and vendors since 2020
-
Trust deeds and related documentation
The inquiry focuses on allegations that public institutional funds, HEC grants, and endowment funds may have been misused through questionable procurement contracts and later laundered via local and international properties.
IBA spokesperson responds
An IBA spokesperson confirmed receiving the FIA’s correspondence but downplayed the inquiry, describing it as “routine, not unusual.”
The spokesperson added that similar notices have been sent to other public-sector universities. They further stressed that:
-
No single individual at IBA holds unilateral authority over financial or administrative matters.
-
Internal audits are supported by external audits conducted by accredited firms.
-
All processes undergo pre-audit checks to ensure compliance.
Correspondence linked to the inquiry suggests that IT and infrastructure procurement contracts were allegedly awarded to specific contractors and vendors, enabling misappropriation of funds.
