The Nigerian Education Loan Fund (NELFUND) has issued a forceful rebuttal to recent reports alleging misappropriation and mismanagement of funds under its student loan scheme, describing the claims as entirely false, grossly irresponsible, and a direct threat to the integrity of the institution. In a statement signed by its Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, NELFUND expressed alarm at what it called a coordinated distortion of facts, warning that such misinformation undermines public trust and sabotages a critical national intervention aimed at expanding access to tertiary education for millions of Nigerians.
Reacting to concerns raised after the Independent Corrupt Practices and Other Related Offences Commission (ICPC) began a probe into alleged discrepancies in student loan disbursements, NELFUND categorically denied any instance of funds being mismanaged, stolen, or unaccounted for under the current scheme. The agency clarified that its student loan application portal only launched in 2024, and all institutional fees are paid directly to verified institutions, while upkeep allowances go straight to the verified bank accounts of eligible students.
Addressing the figures being circulated in the media, NELFUND explained that the amounts in question are drawn from previous education financing interventions that predate its operational commencement and have no connection to the current student loan scheme. “They bear no relevance to the current student loan scheme and should not be falsely attributed to this institution,” Oluwatuyi stated.
To further dispel any doubts, NELFUND highlighted its fully automated, zero human interface loan system, which digitally tracks and time-stamps every application and disbursement, leaving no room for financial misconduct. The agency reaffirmed its unwavering commitment to transparency and accountability, noting full cooperation with oversight agencies like the ICPC and strict adherence to every request for information.
NELFUND warned that the spread of unverified and inflammatory claims at this critical stage of implementation is not only reckless but a deliberate attempt to sabotage a people-centered programme designed to empower Nigeria’s youth. The agency urged the public, media, and stakeholders to resist sensationalism and await verified updates, stressing that the future of Nigeria’s young people is too important to be derailed by misinformation
