Lagos State University Denies Diverting N198m School Fund
Lagos State University (LASU) has described as false and baseless a publication accusing its management of diverting N198 million staff pension fund to buy luxury cars.
However, the school authorities explained clarified that it borrowed N474m from its provision to meet past service obligations, maintaining that funds for members yet to register with pension administrators is less than N100m and remains intact.
LASU spokesman, Ademola Adekoya, revealed this in a statement on Monday.
“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.