Ekiti varsity spends N4.88bn on pensions, gratuities in five years

By Boye Oyeyemi

The Bamidele Olumilua University of Education, Science and Technology, Ikere-Ekiti, says it has spent N4.88 billion on pension and gratuity obligations between 2021 and 2026.

The Vice-Chancellor, Professor Andrew Omojola, disclosed this in a statement issued in Ikere-Ekiti on Wednesday, following a protest by some pensioners over unpaid benefits.

Omojola said the university currently owed retirees their August 2026 pension and 50% of their July payment, blaming the delay on inadequate funds and a technical upgrade of its payment gateway by its bankers.

However, he assured the pensioners that the August pension and outstanding half of the July payment would be settled on or before September 19.

According to him, the university spent N3.939 billion on monthly pensions, N570.693 million on gratuities, N205.069 million on death pensions and N165.094 million on pension arrears during the period.

He added that the university had consistently met its monthly pension obligations, describing the August delay as the first such occurrence under the current payment arrangement.

Meanwhile, Omojola said management had engaged the executive committee of the retirees’ association before the protest to explain the university’s financial difficulties, but expressed regret that the engagement did not prevent the demonstration.

He urged the pensioners to remain calm while payment processes were completed, assuring them that the university recognised their years of service and remained committed to their welfare.