Achievers University uncovers N457.5m fraud, ex-staff, students indicted

Achievers University in Owo, Ondo State, Nigeria, has uncovered a significant financial fraud amounting to over N457.5 million, implicating former staff members and students.

The alleged mastermind is a former employee and alumna of the university's Accounting Department. She reportedly colluded with at least 11 current staff members to lure approximately 320 students into paying their school fees into her personal bank account. These payments were made under the false promise of discounted fees and commissions.

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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.

According to the Acting Vice-Chancellor, Prof. Oyesoji Aremu, the accused individuals allegedly hacked into the university's payment portal. They then fraudulently cleared the students' fee balances on the portal, creating the illusion of payment without the university receiving the funds. This scheme spanned the 2023/2024, 2024/2025, and 2025/2026 academic sessions.

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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.

In addition to the 11 staff members acting as agents, 34 students were also involved in recruiting other students for the fraudulent scheme. An external individual working at the Federal Medical Centre, Owo, was also identified as an agent.

The university is taking decisive action. The 320 students who paid into the former staff member's account, along with the six students who acted as agents, will face the Students’ Disciplinary Committee. The 11 staff members involved will be brought before the Senior Staff Disciplinary Committee. The alleged mastermind is currently under police investigation, with prosecution expected to follow.

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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