The Managing Director of the Nigerian Education Loan Fund, Akintunde Sawyerr, has dismissed allegations of financial misappropriation at the agency, insisting that there is no evidence to substantiate the claims.

Sawyerr spoke during an interview with ARISE NEWS on Monday, where he also defended NELFUND’s financial disbursement process and the system used to determine beneficiaries of the student loan scheme.

According to him, NELFUND requires substantial capital to provide loans to students, with the scheme forming part of the Federal Government’s broader welfare initiatives following the removal of the petrol subsidy.

“There is no evidence of any financial misappropriation by NELFUND,” Sawyerr said.

He explained that the government had redirected funds towards welfare programmes, including NELFUND, to expand access to education and provide financial support to students.

Sawyerr also rejected claims that the agency’s financial operations were opaque, saying payments made to tertiary institutions and beneficiaries were conducted electronically and could be tracked.

He disclosed that NELFUND had recently transferred more than N1bn to the University of Ibadan, while upkeep allowances were paid directly into students’ bank accounts.

The NELFUND boss said the electronic nature of the transactions meant funds could be traced from the Central Bank of Nigeria to the receiving institutions or individual beneficiaries.

He questioned the basis for describing the scheme as lacking transparency, arguing that direct electronic transfers provided a clear trail of how the funds were disbursed.

Sawyerr said NELFUND had also helped students who might otherwise have struggled to remain in school because of financial constraints.

He noted that the agency transferred funds directly to institutions and instructed them to ensure beneficiaries had access to academic activities.

System Does Not Consider Ethnicity, Connections

Addressing concerns about the fairness of beneficiary selection, Sawyerr said NELFUND’s application process was entirely electronic and designed to operate without discrimination.

He said the system did not take applicants’ gender, ethnicity or personal connections into consideration when processing applications.

According to him, applicants are assessed based on established eligibility requirements, including possession of a National Identification Number, JAMB registration details, admission or matriculation information and a bank account.

Sawyerr explained that the use of electronic processing and payments was intended to eliminate personal influence from the selection process.

He said the system does not distinguish between applicants based on whether they are from different ethnic groups or have personal relationships with officials of NELFUND.

“The system doesn’t care whether you’re friends with the Managing Director or in-laws with the Executive Director. It doesn’t care,” he said.

Sawyerr maintained that NELFUND’s electronic application and payment structure provided an impartial mechanism for identifying eligible students and disbursing financial support.