University mistakenly deposited R14 million into a student’s account
THE Walter Sisulu University accidentally transferred R14 million into a student’s NSFAS account.
Nearly R400,000 has already been spent on a night party and luxury goods including a cell phone.
The news about the transfer came to light after the student who received the multimillion transfer’s bank balance was posted on social media.
Walter Sisulu University confirmed that it has mistakenly deposited R14 million into a student’s account – from the NSFAS.
The university said the deposit was made five months ago and it’s investigating why the student did not say anything.
The recipient said she reported the matter to the authorities.
University spokesperson Yonela Tukwayo says that the deposit was made in error by a company which administers NSFAS funds to student debit cards.
“We are also looking at the NSFAS rules of which the student signed an agreement to adhere to the rules in terms of how that money should be used.”
Tukwayo said the student will be liable to repay every cent of the money spent, even if it takes them 20 years to do so.