The Nigeria Education Loan Fund (NELFUND) has categorically denied reports that ₦71 billion is missing from its student loan program, describing the allegations as completely unfounded. Managing Director Akintunde Sawyerr appeared on Channels Television to forcefully reject the claims, stating “no money has been stolen” from the scheme established by President Bola Tinubu to provide educational financing for Nigerian students.
The clarification comes after recent media reports suggested possible fund diversion by some institutions, prompting an investigation by the Independent Corrupt Practices Commission (ICPC). Sawyerr explained the loan disbursement process, emphasizing that funds go directly to schools for tuition payments rather than to individual students. “There is no disbursement from NELFUND through schools to students. The money goes to institutions to cover tuition, and schools are required to grant students full access to classes,” he stated.
Sawyerr acknowledged some operational challenges in the program’s implementation phase but insisted these were procedural rather than fraudulent. He confirmed that NELFUND is working closely with the ICPC to investigate any irregularities, particularly cases where students who had already paid tuition may have received duplicate payments. “There’s a meticulous investigation underway to understand how these issues occurred,” the NELFUND chief said, while maintaining that the core funds remain fully accounted for.
The denial follows growing complaints from students and parents about delayed payments in some cases. NELFUND officials attribute these delays to verification processes rather than missing funds, assuring beneficiaries that all legitimate claims will be processed. Since its launch, the scheme has provided financing for over 1.2 million Nigerian students across tertiary institutions, with ₦189 billion disbursed to date.
ADBN TV has learned that the ICPC probe focuses primarily on administrative procedures rather than allegations of large-scale theft. Education analysts suggest the controversy highlights teething problems in implementing such a massive financial aid program rather than systemic corruption.
