The Nigeria Education Loan Fund (NELFUND) has strongly denied reports alleging the disappearance of ₦71 billion from the national student loan programme, describing the claims as baseless, misleading, and inaccurate.
Speaking during an interview on Channels Television’s Sunday Politics, NELFUND Managing Director and Chief Executive Officer, Akintunde Sawyerr, stated unequivocally that no funds have been stolen or misappropriated under the scheme.
“We are all looking for this so-called money. Let me be very clear — no money has been stolen,” Sawyerr said, in response to media reports that accused some institutions of diverting student loan funds.
While confirming that the Independent Corrupt Practices and Other Related Offences Commission (ICPC) had launched an investigation into the alleged financial irregularities, Sawyerr assured the public that NELFUND operates a transparent and accountable disbursement structure.
Disbursement Process Clarified
Explaining how the loan system works, Sawyerr noted that funds are disbursed directly to tertiary institutions, not to students. These payments cover tuition and institutional charges, ensuring that the money is used strictly for educational purposes.
“There is no disbursement from the NELFUND account through the schools to the students,” he clarified.
“The schools are supposed to give unfettered access to students for classes. The only exception is where students paid their fees themselves and need to be reimbursed.”
Investigation Underway
Sawyerr acknowledged the possibility of human errors or administrative lapses, which may have contributed to confusion or delays in disbursement in some cases. However, he emphasized that a “meticulous investigation” is ongoing to determine the source and scale of any discrepancies.
“We are trying to understand where this is happening and how it’s happening,” he said.
He reiterated that the ₦71 billion fund is intact, and cautioned the public and media outlets against spreading unverified information that could undermine public trust in the student loan programme.
