News
Revealed! How LAUTECH ASUU prevents forensic audit.
THE owner states of Ladoke Akintola University of Technology, LAUTECH, Oyo and Osun have insisted that the Academic Staff Union of Universities (ASUU) of the institution was preventing the forensic audit of the university.
The leadership of the Union on several fora, repeatedly claimed is not opposed to the exercise as being peddled in some quarters.
ASUU statement reads : “While our union is not opposed to the exercise, it should not be used as an excuse to justify holding on to salaries of our members for eight months. Let the government fulfill its obligation as even recommended by its own visitation panel, then whatever auditing exercise they want to carry out can continue.
“Our union is a law-abiding one, and will not stand on the way of accountability and transparency but will not allow our members to be subjected to humiliation of economic deprivation and starvation for an “offence” they never committed. To us, the ploy by government to paint ASUU as standing in the way of auditing exercise is a cheap blackmail which cannot stand in the face of the logic of the present realities”.
However, in a sharp contrast, the Oyo state government corroborating its Osun state counterpart through the state commissioner for Education, Science and Technology, Prof. Adeniyi Olowofela has disclosed that the auditing firm, KPMG have been prevented from doing the job by the union.
Speaking on a television programme, on Monday, in Lagos, while quoting the letter sent to the visitors by the auditing firm, expressing difficulties encountered, Olowofela said: “However, on the 30th May, 2017, in the process of compiling the information requirements submitted by KPMG, the bursar of the University informed the KPMG team that members of the Union came into the offices and forcefully ejected the bursary staff providing support for the data gathering and collation”.
” What should be the concern of the Union is what can hasten the opportunity for welfare of the staff and government said this one will hasten the opportunity, let us complete in time.
“As I am talking to you, despite the nebulous accounting procedure that is in the institution, Oyo state government has also given the institution more than N140m in the last two weeks in support”, the commissioner continued.
Olowofela, who is also an ASUU member stressed that the governments of Oyo and Osun have contributed the sum of N13.6b via subvention into LAUTECH between 2011 and 2016, but the impression being created to the members of the public is that government is not doing anything.
He, also hinted that the institution’s account was last audited in 2012, warning ASUU against blackmailing the state government for its decision to audit the institution’s account.
“Government has begun a process to solve the problem once and for all. KPMG has been given three weeks’ mandate to complete its assignment but members of the union are preventing the audit firm from carrying out the assignment.
“It is correct that it is the governing council that should be facing this problem, but government has taken the bull by the horn and that is why we are doing what we need to do to solve the problem. The blackmail will not work.
“The process of solving LAUTECH problem permanently has commenced. The Chief Wole Olanipekun report directed the owner state governments to carry out a forensic audit of the institution because the accounting system is nebulous and porous. The truth is that the accounting process there is not what we are proud for. We give money carefully.
“The panel report revealed that the institution operated 97 accounts. It also revealed that as at 2011/2012 session, there was about N400 million hanging that cannot be accounted for. Since 2012, the account of the institution has not been audited. So, the position of the two state governments is that the audit firm completes its assignment then we will do whatever we need to do. There is a lot of fund trapped that could not be accounted for.
“The position should be clear. The position of ASUU should be about the welfare of members of the union. Up till today, ASUU has not presented any document to government stating what it is agitating for. ASUU has been moving from one radio, television to another, involving in itinerant propaganda”, the commissioner said.
Olowofela, however called on the students to appeal to the Union members to cooperate with the auditing firm.
The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.
The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.
Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.
He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.
“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.
Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.
While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.
Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.
He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”
Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.
He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”
Dangote Petroleum Refinery has made headlines by announcing a further reduction in the price of diesel, dropping it from ₦1200 to ₦1000 naira per litre.
The refinery’s decision comes on the heels of its recent supply at a significantly reduced price of ₦1200 per litre, which was introduced three weeks ago, signifying a remarkable 30 per cent decrease from the previous market price of approximately ₦1600 per litre.
This substantial reduction in diesel prices at Dangote Petroleum Refinery is expected to reiterate positively throughout various sectors of the economy, potentially serving as a catalyst in alleviating the persistently high inflation rate in the country.
In a statement last week, Aliko Dangote, Africa’s wealthiest individual and the owner of the refinery, expressed his optimism regarding the potential impact of the price reduction on inflation in Nigeria.
“I believe that we are on the right track. I believe Nigerians have been patient, and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1900,” he remarked.
As anticipation builds around the implications of this move by Dangote Petroleum Refinery, stakeholders and consumers alike remain hopeful for the positive effects it could bring to the Nigerian economy in the coming months.
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