The management of the Lagos State University (LASU) has debuked allegation of diverting N198 million staff pension fund to buy luxury cars.
According to statemrnt released by the university Spokesman, Ademola Adekoya, that at no time did the university borrowed from its Staff Contributory Fund to finance accreditation expenses.
Adekoya said N474 million was borrowed bybtge university from its provision and not from pension fund in order to meet past service obligations.
“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, ” Adekoya said.
He added that the monry 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).
