NELFUND Denounces False Allegations, Reaffirms Zero Tolerance For Corruption.
The Nigerian Education Loan Fund (NELFUND) has issued a strong rebuttal to what it describes as “inaccurate, misleading, and dangerously speculative” reports suggesting misappropriation and mismanagement of funds under its student loan scheme.
In an official statement, NELFUND expressed deep concern over the recent wave of unverified claims circulating in the public domain, stating that such reports are not only false but also undermine public trust and threaten the credibility of a vital national programme still in its early stages.
The agency, which officially launched its student loan application portal in 2024, clarified that no funds have been stolen, mismanaged, or unaccounted for under the scheme. According to the statement, all institutional fees are paid directly to verified educational institutions, while maintenance allowances are disbursed to the verified bank accounts of eligible students.
NELFUND further explained that some figures being misrepresented in public discussions are drawn from older education financing interventions, which bear no relevance to its current operations and should not be misattributed to the institution.
Reiterating its commitment to integrity, the organisation highlighted its fully automated loan system, which eliminates human interference and reduces the risk of financial misconduct. Each loan application and disbursement is digitally verified, timestamped, and traceable.
Additionally, NELFUND reaffirmed its dedication to transparency and stated that it has fully complied with oversight agencies, including the Independent Corrupt Practices and Other Related Offences Commission (ICPC), by responding to all requests for information.
“This is a deliberate sabotage of a nationally significant, people-centred programme,” said Mrs Oseyemi Oluwatuyi, Director of Strategic Communications at NELFUND. She called on the media, stakeholders, and the general public to resist sensationalism and rely on verified information from the agency.
Concluding the statement, NELFUND assured Nigerians that it remains unwavering in its mission to provide equitable access to tertiary education and economic opportunity, stating that “the future of Nigeria’s youth is too important to be hijacked by misinformation.”
