Ajibade also accused the Attorney-General of the Federation and Minister of Justice (AGF), Abubakar Malami, Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa and the Director General of the National Pension Commission (PenCom), Aisha Dahir-Umar of aiding Ayorinde to rob the staff of the university of their pensions against statutory provisions of the Nigeria Pension Act.
A former staff member of Achievers University, Owo, Ondo State, Sunday Ajibade, has accused the founder of the school, Bode Ayorinde of flagrantly diverting the university employees' pension contributions into a piggy bank called "University Savings Scheme."
Ajibade also accused the Attorney-General of the Federation and Minister of Justice (AGF), Abubakar Malami, Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa and the Director General of the National Pension Commission (PenCom), Aisha Dahir-Umar of aiding Ayorinde to rob the staff of the university of their pensions against statutory provisions of the Nigeria Pension Act.
Ajibade told SaharaReporters that since the inception of Achievers University, the institution and its founder who is a former federal lawmaker, have been “flagrantly operating, keeping, managing, administering and diverting the university employees' pension contributions into a piggy bank called "University Savings Scheme" in simulated compliance with the pension law.”
He explained that rather than enrol its staff in the Uniform Contributory Pension Scheme with the National Pension Commission as required by the law, the school has been using staff pension contributions to fund projects and illegally act as both a Pension Fund Administrator and a Pension Fund Custodian.
Ajibade, who was employed by the institution on November 1, 2012, resigned on October 31, 2017, after he was given a mandatory three months notice.
“The university deducted my pensions and that of other employees without remitting them to any Pension Fund Administrator as required by the law.
“Following this, I instituted legal action against them at the National Industrial Court (NIC), Akure Division on April 5, 2020, with a case No. NICN/AK/23/2018. During the pendency of the case, they hurriedly paid parts of the reliefs I sought, including the employee pension contribution they had robbed me of through the Court.
“The judgment was delivered on September 28, 2020. Besides the employee pension contribution, the Court ordered them to pay me their counterpart employee contribution, because during the trial, the ex-Bursar of the University, Oladokun Farinre, confessed that the university unlawfully kept my employee contribution instead of remitting it,” he said.
Ajibade said he thereafter wrote a petition through his solicitors to the EFCC Chairman complaining of what he described as criminal diversion of employees' pensions by Achievers University and its founder, Ayorinde.
According to him, the EFCC Ilorin North Central Zone arrested the Registrar of the University, Rev. Canon Bayode Oladimeji, sometime in February 2021, but while the investigation was still going on, “Ayorinde quickly evoked his political connections. Surprisingly, the AGF, Malami and the EFCC Chairman colluded and allegedly derailed the investigation.
“Thereafter, I instituted contempt charges against Ayorinde and others when they did not obey the Court's judgment for almost a year after it had been delivered.
“Aiming at buying time when served with the contemptuous charges, he swiftly proceeded to file a notice of appeal at the Appeal Court, Akure Divisions on November 19, 2021.”
Ajbade said he wrote to the AGF but “Malami had ignored a letter dated May 9, 2022, which I wrote to him to clear himself of the grave indictment. In addition, the EFCC Chairman has not responded to my letter dated October 10, 2022, requesting him to bring Ayorinde to book and/or make the outcome of his Commission's investigation into the crime of pension robbery carried out by Ayorinde and his Achievers University public.
“Ludicrously too, the Director General of PenCom whose commission is statutorily empowered to investigate such unscrupulous and atrocious acts ignored my letters dated November 13, 2020, and May 31, 2022, on the subject matter.”
He pointed out that Ayorinde and the Achievers University's handling of the employees’ pension contributions contravenes Section 54 of Pension Reform Act, 2014 which expressly states that "From the commencement of this Act, pension funds shall only be managed by pension fund administrator licensed by the Commission (PenCom) under this Act,” while Section 56 further provides that "From the commencement of this Act, pension funds assets shall only be held by pension funds custodians licensed by the Commission (PenCom) under this Act."
Ajibade however said that Ayorinde and his University paid back pension contributions that had been deducted many years ago from the salaries of the employees to them about a month ago.
He said, “The extant pension law mandates a private employer with 15 or more employees like Achievers University to enrol its staff in the National Contributory Pension Scheme and to deduct at source their monthly contributions, and not later than 7 working days after paying salaries, remit an amount comprising the employee's contribution and the employer's contribution to the Pension Fund Custodian specified by Pension Fund Administrator of the employee.
“Ayorinde uses his influence to breach the provisions of the law and rob his staff of their pensions.
“For contravening Sections 54 and 56 Pension Reform Act 2014 earlier stated, Section 59(2) prescribes the following retributions, 'A corporate body who contravenes the provision of Sections 54 and 56 of this Act commits an offence and is liable to a fine not less than N50 million and in addition, the director or officers shall each be liable to a fine not less than N5 million or to a term of not less than 10 years imprisonment or to both such fine and imprisonment'.
“It is clear that aiding the AGF, EFCC Chairman and the DG PenCom have been providing Ayorinde has emboldened him to launch a grievous attack on our pension industry and to crudely rob the staff of the university,” Ajibade said.