Achievers University, Owo, Ondo State, has uncovered a large-scale tuition payment fraud amounting to N457,508,645 after concluding a comprehensive audit of students’ fees payment records spanning multiple academic sessions.
The institution revealed that the fraud involved manipulation of its student payment portal, where funds meant for school fees were diverted into personal accounts while records were fraudulently adjusted to reflect completed payments.
According to the university, the scheme reportedly spanned the 2023/2024, 2024/2025 and 2025/2026 academic sessions, affecting hundreds of students who unknowingly paid into private accounts instead of official school channels.
Brandspur Education News reports that the fraud was allegedly orchestrated by a former staff member who previously worked in the university bursary after graduating from the institution’s Accounting Department.
University authorities stated that about 320 students were affected after being lured into paying their tuition fees into the personal bank account of the former employee, who reportedly offered discounts and incentives to encourage compliance.
Investigations also revealed that 11 staff members and 34 students allegedly acted as intermediaries in recruiting others into the fraudulent payment arrangement, while an external accomplice linked to a medical facility in Owo was also implicated.
The institution confirmed that all identified students and staff connected to the scheme will face disciplinary panels, while the principal suspect is currently under police investigation for possible prosecution.
Authorities added that a full audit of student payments will continue, particularly focusing on graduates from the affected academic sessions to ensure all transactions are properly verified and reconciled.
The university management emphasized that the exercise was approved by its governing council to ensure transparency, accountability, and the elimination of misinformation within the school community.
Officials said the development underscores ongoing efforts by tertiary institutions in Nigeria to strengthen financial oversight systems and curb internal fraud within administrative and academic processes.
