Access Bank GMD, Herbert Wigwe, Faces Scrutiny for Allegedly Charging Illegal Dollar-Denominated School Fees at Wigwe University

In a controversial move, Wigwe University, a private institution owned by Herbert Wigwe, the Group Managing Director of Access Holdings Plc, is facing scrutiny for charging students tuition fees in dollars, a practice deemed illegal under Nigerian law.

The Central Bank of Nigeria Act of 2007 clearly stipulates that the country’s legal tender is the currency issued by the bank, and any demand for payment in a foreign currency, such as dollars, is a violation of this provision. Offenders may face prescribed fines or up to six months of imprisonment upon conviction.

Wigwe University, which is set to commence academic activities, offers courses in Arts, Engineering, Management & Social Sciences, and Science and Computing. However, the institution’s 2024/2025 fees, as displayed on its official website, reveal a controversial demand for payment in dollars. For instance, tuition fees range from $12,000 for the College of Arts to $15,000 for the Colleges of Engineering, Management and Social Sciences, and Science and Computing.

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While additional charges like accommodation fees are listed in Naira, the move to charge tuition in dollars raises concerns, especially considering the recent depreciation of the Naira against foreign currencies in the foreign exchange market.

The report comes at a time when the official exchange rate closed at N1,435.53 to a dollar, showing a gain in the local currency’s value against the dollar. However, the parallel forex market maintained an exchange rate of N1,500/$1, raising questions about the economic impact of institutions charging fees in foreign currencies.