Olofinmuagun said the affected students disregarded the university’s policy on procedure for payment of fees and charges.
He explained that the institution had put in place the implementation of e-collection policy for the payment of all fees and charges.
He added the policy was part of control measures to check fraud and other irregularities.
According to him, in line with the policy, the procedure for payment of fees and charges was uploaded on the university’s portal and website.
Olofinmuagun said, “For the avoidance of doubt, the procedure includes the use of username and personal password associated with each student.
“It was clearly stated that the release of username and password to a third party or external person is at the student’s risk.
“However, in spite of the above warning and after thorough investigation, it was discovered that the defrauded students disregarded the policy on procedure for payment and on their own volition decided to pay their fees for the 2018/2019 academic session into the personal accounts of the fraudsters rather than the university’s designated and profiled bank accounts.
“During investigation, some of the defrauded students made confessional statements, while some of them, after realising their mistakes, had made correct and genuine payments into the university’s designated accounts.
“It is equally important to let the general public know that the perpetrators of the scam were arrested by a law enforcement agency and later released on bail.
“The university management wishes to assure that it would cooperate with the relevant law enforcement agencies to ensure that those defrauded get their monies refunded.’’