The Rector of the Federal Polytechnic, Ado-Ekiti  Dr. Hephzibah Oladebeye, has denied allegations made by some lecturers that he invested a whopping sum of N1 billion on Bitcoin business.

The Ado-Ekiti poly chapter chairman of the Academic Staff Union of Polytechnics, Dr. Olabisi Olasehinde had on Tuesday, March 2, during a protest at the institution, accused the Rector of investing N1bn on bitcoin business, being money allegedly earmarked to pay the PT claims.

Oladebeye, who described the claims as cheap blackmail, said it was wrong for the union to be inciting lecturers against the management to satisfy their political interest.

He added that the claims were part of a grand design to tarnish his hard-earned integrity and a calculated attempt by some ‘rebels’ to destabilize the smooth completion of his tenure.