The Nigerian Education Loan Fund (NELFund) has strongly denied recent allegations of mismanagement and misappropriation of student loan funds, calling the reports “unverified, context-free, and inflammatory.”
The rebuttal comes amid ongoing investigations by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) into alleged discrepancies in the disbursement of education loans and claims that 51 tertiary institutions were involved in illegal deductions and exploitation tied to the scheme.
Speaking in an interview with TVC on Saturday, Akintunde Sawyerr, Managing Director of NELFund, addressed the allegations directly. “The reports are false, grossly irresponsible, and damaging to the integrity of the scheme,” he stated.
Sawyerr disclosed that NELFund has disbursed N54 billion to 303 institutions, with N24 billion going directly into students’ bank accounts and N30 billion allocated to institutional charges. According to him, a total of 293,000 students have so far benefitted from the fund.
“The funds go to the institutions. The institutions get hold of the funds from NELFund. The important thing for us is that students have access,” he explained.
Addressing specific allegations, Sawyerr acknowledged that some institutions may be withholding fees or levying additional charges. “In certain cases, the institutions may be asking the students to pay extra charges. I think that is where the allegation lies,” he said.
He added: “If students that have already paid their fees or someone paid on their behalf, it means the institution has money from NELFund and from the student. So the student is entitled to a refund. There may be some issues around getting refunds for students. They must get their refunds.”
On the operational side, Sawyerr affirmed the functionality of NELFund’s digital platform. “As far as we are concerned, our site is simple and easy to access. If people are struggling, they can contact us.”
He revealed that the Fund has received 512,000 applications to date, with daily application volumes ranging between 1,800 and 2,500.
As the ICPC continues its probe, NELFund insists it remains committed to transparency, accountability, and ensuring Nigerian students have equitable access to financial support.