In compliance with the CBN directive and fearing prosecution by the Economic and Financial Crimes Commission (EFCC), the management of Wigwe University has corrected the tuition fees from US dollars to naira on their website.

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Recall that earlier in the year, around February, Nigerians expressed strong criticism over the alleged violation of Nigerian law by the late Access Bank’s GMD, Hubert Wigwe, for charging tuition fees in dollars at his newly established private university located in Isiokpo, Rivers State, Nigeria.

Under Nigerian law, it is considered illegal for service providers, including school proprietors, to demand fees in dollars.

The Central Bank of Nigeria Act of 2007 explicitly states that the currency notes issued by the bank are the legal tender in Nigeria for any payment.

The law prescribes penalties, including fines or imprisonment, for individuals or entities found guilty of contravening this provision.

Despite these regulations, Wigwe University’s 2024/2025 fees, as seen on its official website, reveal varying amounts in dollars for different colleges and additional charges in naira.

For instance, the College of Arts students are expected to pay $12,000 annually as tuition fees, while the College of Engineering, College of Management and Social Sciences, and College of Science and Computing charge $15,000 each.

Additional charges, according to the school, are in naira.

For example, the accommodation Fee: Luxury Single Bedroom apartment plan N1,000,000 / per session; premium one En-Suite Bedroom Plan, N3,845,000 / per session; classic 1 Plan, N3,707,000 / per session and classic 2 plan, N3,500,000 / per session.

Initially, the management of Wigwe University defended its decision, stating that the choice of selective dollar tuition fees is a strategic move aligned with the institution’s vision to attract a diverse and international student body.

In response, the EFCC then established a Special Task Force in all its Zonal Commands for the enforcement of existing laws against currency mutilation and dollarization of the economy.

The commission made some arrests of perpetrators involved in the issuance of invoices in dollars and the mutilation of the naira in Lagos and Port Harcourt. Additionally, the proprietors of private universities and other institutions of higher learning charging fees in dollars have been summoned by the commission.

Freelanews also noticed that during this period, while other buttons are working, the Tuition and Fees button on the university’s website was deactivated.

However, a recent check by our correspondent indicated that the Tuition and Fees button has been restored. And the costs on the page are now in naira. See photos below.

Though there is a caveat (*Fees are valid as at date of publication but subject to change) as to the validity of the fees on the site, but there is no clarity as to when or how the school intends to factor in the Nigerian foreign exchange volatility.

Rtn. Victor Ojelabi

Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator, who writes ruthlessly about pop culture, religion, politics and entertainment.