Herbert Wigwe’s university defies new Nigeria law on foreign exchange, to charge students in dollars

Herbert Wigwe’s university defies new Nigeria law on foreign exchange, to charge students in dollars

Wigwe University, a private University owned by Group Managing Director, Access Holdings Plc, Herbert Wigwe is committing an offence against Nigerian

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Wigwe University, a private University owned by Group Managing Director, Access Holdings Plc, Herbert Wigwe is committing an offence against Nigerian law with the practice of demanding tuition fees in dollars instead of the local currency.

It is illegal in Nigeria for any goods and service providers, including school proprietors to demand fees in dollars.

The Central Bank of Nigeria, CBN in its Act of 2007 stated inter-alia that, “the currency notes issued by the Bank shall be legal tender in Nigeria…for the payment of any amount.”

The Act stipulates that any person (s) who contravenes this provision is guilty of an offense and shall be liable on conviction to a prescribed fine or six months imprisonment.

The Wigwe University which is about to flag-off its academic activities is offering courses in Arts, Engineering, Management & Social Sciences, and Science and Computing.

The 2024/2025 fees sighted on its official website revealed that College of Arts students are expected to pay $12,000 annual as tuition fee; College of Engineering, $15,000; College of Management and Social Sciences, $15,000; and College of Science and Computing, $15,000.

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.

The report is against the backdrop of dwindling value of naira against other currencies at the foreign exchange market.