The information was announced in a press statement signed by the Federal Ministry of Education spokesman, Ben Goong.

“Government also directs the Senate of the University of Lagos to immediately convene to nominate an acting Vice-Chancellor from amongst its members for confirmation by the Governing Council,” the statement added.

Babalakin’s Governing Council had, on August 12, sacked Ogundipe as Vice-Chancellor over alleged financial misappropriation and misconduct.

Ogundipe, however, rejected the Council’s decision, saying the University’s due process had not been followed.

The University’s Senate, alumni, and labour unions also put out statements saying the due process had not been followed.

But Babalakin, in several media reactions, insisted that due process had been complied with in terminating Ogundipe’s appointment.

The Presidential Panel, made up of seven members, is expected to determine whether the required steps were taken by the Council in sacking Ogundipe.

They are also expected “to make appropriate recommendations including sanctions for all those found culpable” in the investigation, which is expected to last for two weeks.

The panel will be inaugurated by the Minister of Education, Adamu Adamu, on August 26.