How UNIOSUN students lost over N2bn to MMM—Vice Chancellor


  • We ‘ll stop students who haven’t paid their school fees from attending lectures, writing exams

  • We don’t care if MMM pays them back or not

  • Nobody forces them to invest in MMM, they must pay

 Vice Chancellor of the Osun State University (UNIOSUN), Prof Labode Popoola, on Saturday disclosed that over N2billion debt owed by the institution’s students might have been invested in the controversial digital currency business otherwise called Mavrodi Mondial Moneybox (MMM).

He said the failure by the students to pay their tuition fees owing to the failed business was affecting the financial health of the institution.

He said it was possible that some of the parents of the affected students might not know anything about the studentship status of their children and wards.

Prof Popoola however declared that the institution would soon stop deflauters from attending lecture and writing examinations until their tution fees were paid even as he threatened to publish the names of the affected students.

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He said it was of no moment whether or not the students had collected the money they invested in the Mavrodi Mondial Moneybox (MMM).

“Some of them (students) used their school fees to invest in MMM,” Punch quoted him as saying.

“Whether MMM comes back or not, it is their headache. I have told them that we are not going to open the portal.

“If I see that a critical mass of the students pay, then we will decide to open the portal just for about 48 hours. But they must pay first.

“This is how we accumulated a debt profile of over N2bn, we cannot continue this way. They just have to pay the money”, he stated.

MMM participants have not been able to get their money back 48 hours after the scheme returned.

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UNIOSUN VC, who addressed a press conference a few days ago in Osogbo, said the situation of the unpaid school fees had become unbearable.

He lamented that majority of the returning students had not paid their school fees seven weeks after resumption for the current academic session.

Professor Popoola threatened that the university would publish the names of defaulters in the newspapers if they refused to pay their outstanding school fees.

He said UNIOSUN management was making frantic efforts to reach parents and guardians of the students to establish the reason for the non-payment of school fees by their wards.

Popoola disclosed that some of the students frustrated efforts to reach their parents or sponsor and urged parents to always find out the studentship status in UNIOSUN.

However, as part of measures to ensure payment of outstanding fees, the vice chancellor declared that all students, who fail to register, will no longer be allowed into the halls for lectures or write examination.