NELFUND Denies ₦71bn Misappropriation, Affirms Integrity of Student Loan Scheme
The Nigeria Education Loan Fund (NELFUND) has firmly denied reports alleging that ₦71 billion has gone missing from the student loan scheme it manages.
This comes in response to a recent report suggesting that some educational institutions may have diverted funds intended for student loans, prompting an investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
Speaking on Channels Television’s Sunday Politics, NELFUND Managing Director and CEO, Akintunde Sawyerr, dismissed the allegations, affirming that the fund remains intact and properly managed.
“We’re all trying to trace this so-called missing money, but let me be absolutely clear: no money has been stolen,” Sawyerr stated. “There is a misconception circulating that ₦71 billion is unaccounted for. That is simply not true.”
He emphasized that the funds provided under the student loan scheme are meant to support students who otherwise cannot afford tertiary education.
“These funds are designated to cover tuition and institutional charges,” he explained. “They are disbursed directly to schools—not to the students—and institutions are expected to grant students access to academic resources once payments are confirmed.”
Sawyerr acknowledged that some challenges have arisen, especially in cases where human error or procedural lapses may have occurred. However, he stressed that this does not equate to misappropriation or theft.
In some instances, parents and students have raised concerns over delays in accessing the loans, or discrepancies in disbursement. Addressing this, Sawyerr clarified that if a student had already paid their fees and the loan subsequently covered the same amount, that may result in a double payment—an issue currently under review.
“There is a careful, methodical investigation underway to pinpoint the exact cause and nature of these discrepancies,” he added.
