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.
LASU Spokesman, Ademola Adekoya, said in a statement on Monday that at no time did the university borrowed from its Staff Contributory Fund to finance accreditation expenses.
Adekoya said the university only borrowed N474 million from its provision and not from a 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 a pension fund, had recently commended the university for its efficiency in remittance, ” Adekoya said.
He said the…