MSBM Demands Accountability from Nedu Scholarship Foundation over N60 Million Charity Funds 

By Evans Momodu
Published 00:02 AM WAT, 23 Feb, 2025

The Metropolitan School of Business and Management, UK (MSBM) is compelled to address the severe mismanagement, dishonesty, and contractual breaches by the Nedu Scholarship Foundation, which resulted in the gross misallocation of funds and failure to deliver on agreed charitable initiatives.

Despite false claims that we have not pursued legal recourse, MSBM has been actively pursuing this matter through official legal channels since approximately one month after the event. 

As a matter of fact, both Nedu and his manager, Sarah, have been summoned by the Nigerian Police multiple times regarding this case. However, as is often the case with financial fraud investigations, these proceedings take time, but we remain committed to ensuring full accountability.

MSBM’s Commitment to Education

MSBM has been a long-standing supporter of educational access and scholarships, working with reputable organisations such as Lead for Good Africa, which has successfully raised over £40,000, granting scholarships to over 20 students in need.

Our intent was to expand these efforts in Nigeria, which led us to partner with Nedu Scholarship Foundation, entrusting them with organising a charity gala to raise awareness and further support for the initiative.

Instead of fulfilling their obligations, Nedu and his team displayed a deliberate pattern of deception, mismanagement, and financial irregularities, which raises serious concerns about their intent from the outset.

Breach of Trust and Gross Financial Mismanagement

Nedu’s team provided MSBM with a budget breakdown totaling NGN 85,260,250 with the promise that various pre-event promotions, media coverage, and event execution would be covered. However, after paying a total of NGN 60,000,000 in agreed installments, MSBM found that at least 90% of the promised activities were never executed.

Below are the major discrepancies and unfulfilled obligations that indicate potential fraud:

1. Pre-Event Publicity (NGN 19,056,000)

• 10 Influencers (NGN 5,000,000) – No influencer campaign was executed.
• Digital Marketing (NGN 3,500,000) – No evidence of any promotions on Instagram, Facebook, Google, or YouTube.
• 20 LED Billboards (NGN 7,000,000) – No billboards were ever displayed.
• Video Production (NGN 2,000,000) – Delayed due to Nedu’s absence from the country and eventually done at a much later date
• Press & Media Engagement (NGN 1,056,000) – 1 or 2 press releases and newspaper placements, there was no evidence of radio promotions.
• Offline Event Promotions (NGN 2,500,000) – No proof of execution.

2. Media Coverage During the Event (NGN 1,405,000)

• Despite MSBM being the primary sponsor, our branding was deliberately hidden.
• No promised live event coverage.
• Other sponsors (whom we were never informed about) were given greater visibility.

3. Event Execution – Questionable Use of Funds

• Invitation Boxes & Cards (NGN 10,600,000) – Excessive expenditure for just 100 guests, yet many invitations were reportedly not even distributed.
• Venue & Setup (NGN 14,985,000) – Funds were allocated before knowing actual attendance, leading to wasteful spending.
• Entertainment & Performances (NGN 12,950,000) – Major acts, including Tim Dakolo (NGN 5,000,000), never performed.
• Food & Drinks (NGN 7,900,000) – The reported catering cost does not align with event scale.
• Event Management (NGN 5,253,000) – Despite this significant budget allocation, the event was poorly organized with no proper execution.

Deception and Violation of Agreement

1. Fraudulent Misrepresentation of Fundraising Strategy

• MSBM initially proposed a ticketed event, following global best practices where ticket sales cover event costs, allowing sponsorship funds to go directly to scholarships.
• Nedu insisted on a free event, claiming charity events in Nigeria do not charge ticket fees.
• This ensured MSBM bore all financial risk, while the event had no guaranteed fundraising outcome.

2. Unlawful Handling of Funds

• MSBM’s agreed account was NOT used for fundraising at the event.
• A separate bank account was opened without MSBM’s consent, violating transparency agreements.
• To date, there is no accountability regarding how much, if anything, was raised.

3. Breach of Sponsorship Agreement

• MSBM’s branding was deliberately suppressed at the event.
• Other sponsors, whom we were never informed about, were given higher visibility than MSBM, despite MSBM being the primary funder.

4. Attempt to Cover Up the Mismanagement

• After receiving NGN 60,000,000, Nedu’s manager changed her tone and began suggesting that the funds advanced were insufficient—despite MSBM agreeing to the exact budget she proposed.
• Attempts to justify the misallocation of funds do not hold up against the breakdown of expenses.
• To date, we have not received any receipts, contracts, or a full financial report of where the money went.

Legal Action and Police Involvement

Contrary to recent false claims by Nedu and his team that MSBM has not pursued legal action, we have been actively on this case since approximately one month after the event, and both Nedu and his manager, Sarah, have been summoned multiple times by the Nigerian Police for questioning.

As is the case with many fraud investigations, these matters take time, but MSBM remains committed to seeing this case through to its full legal resolution.
We also have here, the Police report on this case.

We will continue to:

 Push for full financial transparency and accountability.
 Pursue legal action for misappropriation of funds and breach of contract.
 Expose fraudulent practices that undermine genuine charitable efforts.

Final Statement: A Deliberate Scheme to Defraud

MSBM’s concern is not about how much money was or was not raised at the event—we cannot dispute what we were never allowed to verify.

However, 90% of the allocated funds were not spent on what was promised, sponsorship agreements were blatantly disregarded, and MSBM was intentionally misled and sidelined.

 This is not just mismanagement—but also fraud.
 There was clear intent to deceive from the beginning.
 Nedu and his team must be held accountable.

MSBM remains steadfast in its mission to provide educational opportunities through legitimate, transparent partnerships. We urge donors, corporate sponsors, and other charities to be extremely cautious when engaging with individuals or organisations that lack proper accountability.
Read the evidence of Police report here.