The lecturers of Adeniran Ogusanya College of Education, AOCOED, Ijanikin, Lagos, are trading words with the management of the institution over alleged disappearance of staff pension and cooperative funds totaling N188 million.
The lecturers, under the aegis of Colleges of Education Academic Staff Union, COEASU, have issued a two-week ultimatum to the institution’s authorities to explain the whereabouts of the funds or academic activities in the school will be suspended indefinitely.
“AOCOED is under siege. That is why there is need for us to liberate ourselves,” Chairman COEASU in AOCOED, Mr. Avosetinyen Sonayon, said.
“The government gives N125 million to the school as annual subventions and has directed the school management to augment staff salaries, other emoluments and miscellaneous expenditures with its Internally Generated Revenue, IGR.
“We wrote to the Special Adviser on Education that the school generates over N1 billion as IGR and that there is no reason that it can’t pay the over N188 million owed the cooperative.
“Government then directed management to pay us before three months. But the management argued that it is using the IGR to augment our salaries.
“Our retirees are dying because they can’t access their pension funds from the Pension Funds Administrators, neither can they access loan from the cooperative, because management have hijacked our funds.”