It works, but the code that needs modifying looks slightly different now. In your
functions.php file (found in the 'includes' folder), look for the following code, and either comment it out as shown here in red, or remove it altogether.
Code:
/* if (!$password OR ($vbulletin->userinfo['permissions']['adminpermissions'] & $vbulletin->bf_ugp_adminpermissions['cancontrolpanel']) OR ($vbulletin->userinfo['permissions']['adminpermissions'] & $vbulletin->bf_ugp_adminpermissions['ismoderator']) OR can_moderate($forumid))
{
return true;
} */
I tested this and it works perfectly.
Note that because this is a direct code modification and not a plugin, you will need to repeat this procedure after every upgrade.