The Lagos State University (LASU) has reacted to the publications making round that its management diverted N189 million staff pension fund to buy luxury cars.

The institution reacted to the claim in a statement through its Spokesman, Ademola Adekoya on Monday, April 15, 2019.

According to the statement, Ademola described the publication as false and baseless reports, adding that the university did not borrow money from its staffs Contributory Fund to finance accreditation expenses.

He also noted that the university only borrowed N474 million from its provision and not from pension fund in order to meet past service obligations.

He added that the money borrowed was a proactive measure to ensure that the university did not lose its accreditation of the programmes presented to the National University Commission, NUC.

He said; “The Pension Fund for members of staff who are yet to register with Pension Fund Administrators, which is less than N100 million, is intact.

“As a matter of practice, the university does not default in the payment of its obligations to either the Pension Fund Administrators (PFAs) or its retirees.

“The Lagos State Pension Commission (LASPEC), the regulatory body for pension fund, had recently commended the university for its efficiency in remittance.”

“The aftermath of losing accreditation of the 37 programmes would have been devastating because the university would not be able to admit students for the programmes.

“Further to the approval of the university’s budget by Lagos State Government and the need to urgently commence preparation for the accreditation as set by the NUC, the university took the initiative of sourcing for required funds internally, pending release of same by the state government,” he added.

He, however, reveals that the university was able to record over 95 percent success in the programmes presented for accreditation adding that all programmes presently offered in the institution were duly accredited.

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