Achievers University Uncovers N457.5m Fraud, Ex-Staff Indict

The Achievers University, Owo, Ondo State, following a Students’ Fees Payment Audit Exercise, has discovered that some members of staff and students, with a female ex-staff member as the alleged mastermind, defrauded the institution of N457,508,645.00.

This revelation was contained in a statement on Monday by the Acting Vice-Chancellor of the university, Prof Oyesoji Aremu.

The female suspect, an alumna of the Department of Accounting of the university, in connivance with no fewer than 11 staff members, allegedly lured students to pay their school fees into her account with promises of discounted fees and commissions.

According to the statement, the accused persons were discovered to have hacked into the students’ payment portal and induced 320 students to pay their fees into the personal account of the former staff member, while their bills were fraudulently cleared on the university portal to enable them to obtain financial clearance.

The statement indicated that the fraud spanned the 2023/2024, 2024/2025, and 2025/2026 academic sessions.

It read in part, “The exercise has revealed that the fraud was masterminded by a female worker, an alumnus of the Department of Accounting of our university, who was later employed to work at the university bursary. She resigned from the services of the university in April 2025.

“The fraudulent activities affected three academic sessions: 2023/2024, 2024/2025, and 2025/2026 Academic Sessions. About 320 students paid a total sum of N457,508,645.00 in school fees into the personal account of the said lady, who, in turn, fraudulently cleared such students on the portal without the university receiving the money. Many of the students were lured to pay into her account with offers of discounted fees and commissions.

“Eleven members of staff and 34 students were used as agents of the said female worker to ‘recruit’ students for the fraudulent activities. One external person working at the Federal Medical Centre, Owo, was also indicted as having served as an agent in the fraudulent activities.”

The Achievers University boss noted that all the 320 indicted students, as well as the six students who acted as agents, would be made to face the Students’ Disciplinary Committee to further explain what motivated them to disregard the established fee payment procedures.

According to the statement, the audit exercise required every student to appear before an investigative committee, as the fraud took place across the 2023/2024, 2024/2025, and 2025/2026 academic sessions.

“The 11 members of staff who infamously acted as agents for the said mastermind will also face the Senior Staff Disciplinary Committee, while the said mastermind is under police investigation for subsequent prosecution,” it added.

He further said the students’ fees payment audit would continue, as every payment made by students who graduated in the last two sessions would be carefully scrutinised.

“We have the approval of Council to exhibit absolute transparency in handling the investigation and dissemination of information to the university community, to eliminate rumour mongering and misinformation,” the statement concluded.

Meanwhile, the Ondo State Police Public Relations Officer, Abayomi Jimoh, confirmed that the principal suspect had been arrested.

“Investigation is ongoing. She has been identified and arrested,” he said.