No Missing Money in NELFUND as Officials Refute Sleaze Allegations
The Nigerian Education Loan Fund (NELFUND) has strongly denied recent allegations of financial mismanagement within its student loan program, describing the claims as “inaccurate, misleading, and dangerously speculative.”
In a statement released on Thursday, NELFUND responded to a report by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) which alleged that billions of naira intended for the student loan scheme had been diverted.
However, NELFUND clarified that the figures cited in the ICPC’s findings relate to previous education financing interventions and are not associated with the current student loan program.
Oseyemi Oluwatuyi, Director of Strategic Communications at NELFUND, stated that the claims of mismanagement were “entirely false, grossly irresponsible, and deeply damaging to the integrity” of the institution.
He described the allegations as a “coordinated distortion of facts that undermines public trust, weaponizes misinformation, and threatens the credibility of a national intervention still in its infancy.”
NELFUND emphasized that its loan system is fully automated, with zero human interface, ensuring that every application and disbursement is digitally tracked, time-stamped, and verifiable.
The Fund also stated that all institutional fees are paid directly to verified institutions, while upkeep allowances are disbursed to the verified bank accounts of eligible students.
Despite the challenges posed by these allegations, NELFUND remains committed to transparency and cooperation with oversight agencies, including the ICPC.
The Fund has pledged to continue upholding the highest standards of public accountability in its administration of the student loan scheme.
Established under the Student Loans Act of 2024, NELFUND aims to provide interest-free loans to eligible students, with repayment commencing two years after completing the National Youth Service Corps (NYSC).
As of February 2025, the Fund had disbursed N32.8 billion in student loans, covering school fees and upkeep, with 192,906 applications approved out of 364,042 received.
The Fund has assured the public that it will continue to operate with transparency and integrity, and that it is committed to making higher education accessible to all deserving Nigerian students.
