“Some of our students invested their school fees in MMM”, says UNIOSUN VC

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Several students of Osun State University have been unable to pay their school fees due to their investment in Mavrodi Mondial Moneybox, a popular Ponzi scheme.

Labode Popoola, vice chancellor of the university, on Saturday told Punch that students owe an estimated N2bn in school fees.

The professor said the institution would ensure that the undergraduates pay their tuition regardless of whether they are able to recoup their money from MMM.

He noted that the school’s registration portal would only be re-opened if many students pay their outstanding fees.

Popoola said: “Some of them (students) used their school fees to invest in MMM. But 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.”

The MMM Ponzi scheme went on break in December and recently announced the resumption of activities but it’s yet to be determined whether investors have started getting paid.

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