Achievers University in Owo, Ondo State, says it has found a ₦457,508,645 fraud following an audit of student fee payments.
The university stated that staff and students colluded to tamper with its payment portal and divert fees into the personal bank account of a female staff member.
Acting Vice-Chancellor Prof. Oyesoji Aremu said the scheme ran across the 2023/2024, 2024/2025, and 2025/2026 academic sessions and impacted 320 students. The suspect, an Accounting Department alumna who later worked in the bursary, allegedly used her system access to mark students’ fees as paid without the money reaching the school.
The statement said she resigned in April 2025. Investigators claim students were told to pay into her personal account for reduced fees and unofficial kickbacks.
The audit also identified a wider group of 11 staff members and 34 students who allegedly acted as middlemen to recruit others into the scheme. An external individual working at the Federal Medical Centre, Owo, was also named as an agent in the fraud.
All 320 affected students and six student agents will face the Students’ Disciplinary Committee to account for bypassing official payment channels. The 11 staff members will appear before a senior staff disciplinary panel. The main suspect is under police investigation.
The university said the audit is ongoing and will extend to graduates from the affected sessions. It added that the exercise has council approval and is meant to ensure transparency and counter misinformation.
More disciplinary and legal action is expected as the investigation continues.
