Eight of the 36 students of the Federal Polytechnic, Bida (BIDA POLY) in Niger State, who lost their school fees to Mavrodi Ponzi Scheme, known as MMM, have deferred their studies after they could not pay their fees.
The affected students lose a semester because they could not meet up with a deadline given by the school for fee payment. They were unable to retrieve the money they invested in the scheme after it crashed in January.
The students were advised to defer their studies till next session when they are expected to pay for their fees for the semester.
Based on the intervention of the Students’ Union Government (SUG), it was gathered that the affected students were invited by the management, after which the deadline for fee payment was extended for three weeks.
Eight students could not pay the fee before the semester examination started last week. One of them, Gbenga Daniel, in National Diploma (ND) II Marketing, said he put his school fee into the Ponzi scheme last November, hoping to recoup his investment in January. He said his MMM account was frozen in December.
He said: “Up till now, I cannot get back the money I invested into MMM. I was stopped from writing a test because I could not pay departmental fees. I decided to defer the semester because I will not be allowed to write the first semester examinations since I have not paid my school fees.”
Another victim, who did not want his name in print, said he deferred his studies because he could not get money to pay, after losing his MMM investment. He said his parents warned him about the scheme, noting that he could not go home to explain the development to his parents.
It was gathered some students, who scaled through, sold their properties, including televisions, DVD and other electronic appliances to raise money for their school fees.