The Nigerian Education Loan Fund (NELFUND) has strongly denied recent media reports suggesting mismanagement of funds in the national student loan scheme, stating that such allegations are not directed at the agency.
In a statement released by its Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, NELFUND expressed concern over what it described as misleading and speculative reports circulating in the public domain. The agency clarified that the accusations of financial misconduct relate exclusively to certain beneficiary institutions and not to NELFUND itself.
The agency condemned attempts to associate it with these unrelated allegations, labeling such claims as baseless, irresponsible, and harmful to its reputation. NELFUND reiterated its zero-tolerance stance on corruption and affirmed its dedication to accountability in the execution of the student loan program.
“To be clear,” the statement read, “no funds have been mismanaged, stolen, or left unaccounted for under the current NELFUND student loan scheme.”
NELFUND explained that its student loan portal was officially launched in 2024, and since then, all institutional payments have been made directly to verified educational institutions, while students’ upkeep allowances are transferred to verified bank accounts of eligible applicants.
The agency also emphasized that figures currently being cited in public discourse refer to older education finance initiatives that predate NELFUND and bear no relation to the present loan scheme.
To ensure transparency, NELFUND operates a fully automated, zero-human-interface loan management system that digitally tracks and verifies every application and disbursement.
Furthermore, the agency confirmed it has been cooperating with oversight bodies such as the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and has fully complied with all information requests.
NELFUND warned that the spread of unverified and misleading claims could undermine the progress of a vital, people-oriented initiative aimed at expanding access to tertiary education and fostering economic mobility.
The agency urged the media, stakeholders, and the general public to avoid sensationalism and rely solely on verified information directly from NELFUND.
“We remain steadfast, transparent, and unwavering in our commitment to delivering on this national mandate. The future of Nigeria’s youth is too important to be jeopardized by misinformation,” the statement concluded.
ADEOLA KUNLE
