LASU denies alleged graft at institution

The Lagos State University (LASU) yesterday denied borrowing from staff contributory fund to finance accreditation expenses at the institution.

This follows allegations of financial misappropriation leveled against the institution’s management,

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.

An online medium had accused the Pro-Chancellor, Professor Adebayo Ninalowo and Vice Chancellor, Professor Olanrewaju Fagboun of diverting N198m staff pension to buy luxury cars.

But in a swift reaction, the university in a statement issued by the Coordinator, Centre for Information, Press and Public Relations, Ademola Adekoya, described the allegations as false.