NELFUND Breaks Silence on Alleged Mismanagement of Student Loans — Here’s What You Need to Know
Claims of financial embezzlement and mismanagement have been refuted by the Nigerian Education Loan Fund (NELFUND), which has described the accusations as “grossly irresponsible” and “entirely false.”
According to NELFUND, all institutional costs are paid directly to accredited universities, and the company’s fully automated student loan program removes any possibility of financial malfeasance.
The agency blamed the claims on “a coordinated distortion of facts, using figures from different education financing interventions that predate NELFUND’s operational commencement,” according to a statement released Thursday by Oseyemi Oluwatuyi, its Director of Strategic Communications.
The NELFUND urged the public to wait for confirmed information straight from the organization and reaffirmed its dedication to openness, accountability, and collaboration with oversight bodies.
Oluwatuyi said that “under the current NELFUND student loan scheme, no funds have been mismanaged, stolen, or are unaccounted for.”
In 2024, the program formally opened its student loan application portal. Currently, upkeep allowances are deposited into the verified bank accounts of qualified student applicants, and all institutional fees are paid directly to accredited universities.
The numbers and funding quantities that are currently being misrepresented to the public come from completely separate education finance initiatives that existed before the NELFUND began operations. They are unrelated to the current student loan program and shouldn’t be mistakenly linked to this school.
“NELFUND runs a completely automated loan system with no human interaction, which removes any chance of financial malfeasance. Each application and payment is time-stamped, digitally monitored, and verifiable.
“We are completely and resolutely committed to openness and collaboration with oversight organizations, such as the ICPC. We will continue to maintain the highest standards of public accountability and have completely complied with all information requests.
“It is not only reckless, but it is a purposeful sabotage of a nationally significant, people-centered program intended to increase access to tertiary education and economic mobility, to circulate unverified, context-free, and inflammatory claims at this crucial stage of implementation.”
“We urge the public, stakeholders, and media to withstand the allure of sensationalism and wait for NELFUND to provide verified updates.”
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