The Nigerian Education Loan Fund (NELFUND) said the report of alleged misappropriation and mismanagement of funds under the student loan scheme was not correct.
NELFUND declared in riposte to sundry media reports of misappropriation of funds under the student loan scheme that no funds had either been mismanaged or remained unaccounted for.
The NELFUND Director of Strategic Communications, Oseyemi Oluwatuyi, made this known in a statement issued on Thursday, May 1, 2025.
Oluwatuyi described the allegation of financial mismanagement by NELFUND as “baseless, irresponsible, and harmful to the reputation of an institution established to provide critical financial support to Nigerian students.”
She stated: “No funds have been mismanaged, stolen, or remain unaccounted for under the current NELFUND student loan scheme.
“The student loan application portal officially launched in 2024. To date, all institutional fees are paid directly to verified institutions, while upkeep allowances are disbursed to the verified bank accounts of eligible student applicants.
“The figures and funding amounts currently being circulated in the public sphere relate to entirely separate education financing initiatives that predate NELFUND’s operations. These figures have no connection to the current student loan scheme and should not be mistakenly attributed to the agency.
“NELFUND operates a fully automated, zero-human-interface loan management system, which eliminates opportunities for financial malpractice. Every application and disbursement is digitally tracked, timestamped, and fully verifiable.”
Oluwatuyi said NELFUND remained fully committed to transparency and continued to cooperate with all oversight bodies, including the ICPC.
The NELFUND spokesperson noted that the agency had complied with all requests for information and had also upheld the highest standards of public accountability in its operations.
She added: “At this critical phase of implementation, the spread of unverified, misleading claims is not only reckless but constitutes a deliberate attempt to sabotage a transformative, people-centered programme aimed at expanding access to tertiary education and promoting economic mobility.
“NELFUND calls on the media, stakeholders, and the public to reject sensationalism and await verified information directly from the agency.”
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