The Management of the University of Osun has reportedly threatened to expel over 4,000 students for allegedly ”investing” their school fees in the popular Ponzi scheme, Mavrodi Mondial Moneybox, MMM.

According to reports, a statement was issued by the acting registrar of the institution, Gafar Shitu revealing that the affected students are yet to remit fees amounting to over 2 billion naira. Vanguard reported.

Read the statement below,

“Over 4000 students of Osun State University may lose their studentship for failing to pay their school fees before the expiration of February 28, 2017, deadline set by the university management.

“No fewer than 400 parents/guardians of the defaulting students have called the University help lines to report that they had long given money to their children/wards.

“The university Senate at its meeting of January 26, 2017, after observing that a large number of students had refused to turn up in spite of ceaseless appeals, decided that the students’ portal be reopened longer into the 12th week of resumption against the four weeks stipulated in the University regulations.

“The decision of the University Senate, which was adequately communicated to all the students on February 2, 2017, was to afford more students the opportunity to pay their fees with effect from 17th to 24th February 2017, a date which was later extended until February 28, 2017.

“On 16 February 2017, some students embarked on a protest against the enforcement of extant rules and regulations regarding fee payment and registration.

“Investigations show that over 90 percent of the protesters had not registered for between two and 11 semesters, and were thus using the stipulated late registration penalty of N10, 000 as a smokescreen for their years of defaulting in fee payment and registration.”