Authorities of Osun State University have reported about two billion naira owed by students of the university who put money in the MMM ponzi scheme instead.
The news has been recently made public by Professor Labode Popoola, the school Vice Chancellor, on the university campus.
Mr Popoola also expressed his disappointment with the students who abused the opportunity of tuition fees part payment given by the university for convenience sake of parents and guardians.
He also warned that the school would publish the names and other personal details of the debtors and enforce its full rules and regulations on defaulters.
Besides, defaulters will not be allowed to attend classes and write examinations until they pay their fees.
The professor said: "The university has decided to call this press conference to educate and enlighten the stakeholders in particular and the public in general about the financial position of the Osun State University.
Osun State University, being a public institution, is financed from grants from the state government and she also heavily relies on school fees from its students and other Internally Generated Revenues. The state government under the leadership of Mr. Rauf Aregbesola, when he came on board, reduced the school fees.
I wish to confirm that the University has not increased its school fees despite the economic recession. The University remains one of the few state owned institutions that charge modest fees. In all matters concerning our students, their interests remain our paramount consideration.
Meanwhile, I wish to let the public know the current amount being charged since 2011: Programs Amount per session. Freshers: Science #100,000 and #110,000; Law (including Nursing Science) #125,000 and #135,000 ; Non-Science, #95,000 and #105,000; Acceptance fee, #40,000; Admission Checker, #2,000; Medical Fee, #15,000 Matriculation fee, #5,000 and Late registration fee is #10,000 per semester.
From the breakdown above, it can be seen that the highest school fee for staylite is #125,000 in a session for law and nursing science students; whereas there are some private secondary schools in Osun State that charge about #150,000 and above per term.
It is, however, disheartening to note that the University has discovered that despite the fact that the University operates an enviable stable academic calendar, mobilizes its graduating students Youth Service without delay, many of our students still owe school fees running to #2 billion.
Henceforth, Senate at its meeting has approved the implementation of the following guidelines:
1. That all students who fail to register will no longer be allowed into lecture rooms and will not be allowed to write examination;
2. That only students who fulfill the requirement would be allowed to write examination;
3. That the policy of 70% attendance at lectures for students will be strictly enforced;
4. That new students are to pay school fees in full and on time for retention of their studentship;
5. That names of defaulters will be published soon. All parents and guardians are hereby advised to warn their children and wards to pay their fees on time and not to divert their school fees to other areas."
Meanwhile, the students have pleaded to the university management to give them a chance to pay up their school fees within the next three weeks.