A Nigerian who is an accountant working for a chain of academies, Haberdashers’ Aske (one of it pictured below) is at the centre of a fraud investigation after £4million (about N1.1bn) of school funds ended up in his personal accounts.
The suspect, Samuel Kayode (pictured) is said to have spent much of the cash on an extravagant lifestyle and buying a string of properties, most especially in Nigeria.
The 57-year-old part-time pastor was told by the High Court to pay £4.1million back to the Haberdashers’ Aske’s chain of academies more than a year ago but he has failed to do so, and it is feared most of the cash has been transferred to Nigeria.
The case, kept secret for almost two years, is believed to be Britain’s biggest ever education fraud.
Although Kayode was arrested in October 2012, police have yet to charge him with any crime.
According to Daily Mail, Critics of academies – state schools which have control of their own finances – say the massive loss of cash calls that entire system into question.
Kayode joined the academies in 1997 and rose to become accounts manager for the whole chain.
He was paid £57,000 a year, and told colleagues of his work as a pastor in the Christ Apostolic Church, South London, peppering his conversations with ‘praise the Lord’.
In October 2012 it emerged that a large sum of money was missing from the academies’ funds.
Kayode’s assets and those of his wife Grace (pictured right), who died aged 53 last year, were then frozen.
It appeared that huge sums of school money had been paid into a bank account in Nigeria and a company called Samak, which is said to be run in Nigeria by Kayode’s second wife Yoni, although he denies any wedding has taken place.
The trust launched a High Court case to reclaim the missing cash but the accountant denied wrongdoing and claimed ‘all transactions had been authorised by the finance director’.
However, the judge found in the trust’s favour last July and ordered Kayode and the estate of his late wife to pay back more than £4million plus interest.
He remains at large and is not facing any charges, although he is due to speak to detectives again this week.
Source: Daily Mail