Achievers University, Owo, Ondo State, says it has uncovered a major financial fraud involving ₦457,508,645 following a Students’ Fees Payment Audit Exercise concluded on Friday.

The institution disclosed that the irregularities involved staff and students who allegedly diverted school fees by hacking into the university’s payment portal and redirecting payments into personal accounts.

The acting Vice-Chancellor, Prof. Oyesoji Aremu, confirmed the development in a statement issued on Monday, noting that 320 students were found to have paid fees into the account of a female staff member who later cleared their records on the school portal without remitting the funds to the university.

According to the statement, the fraudulent activities spanned the 2023/2024, 2024/2025 and 2025/2026 academic sessions. The affected students were allegedly offered discounted fees or commissions as incentives to bypass official payment channels.

The university further revealed that 11 staff members and 34 students acted as intermediaries, helping to recruit others into the scheme. An external individual working at the Federal Medical Centre, Owo, was also indicted as part of the network.

Prof. Aremu said the alleged mastermind, a former bursary staff member and alumna of the institution’s Accounting Department, resigned in April 2025 and is currently under police investigation for possible prosecution.

He added that all 320 affected students, along with six identified student agents, would appear before the Students’ Disciplinary Committee, while the implicated staff members would face the Senior Staff Disciplinary Committee.

The university said the ongoing audit would be extended to cover graduates from the last two academic sessions to ensure full accountability and recovery of funds where necessary.

According to the statement, the institution acted under the approval of its Governing Council, emphasizing transparency and the need to curb misinformation within the university community.