Allegations of misappropriation of student loan funds false – NELFUND

The Nigerian Education Loan Fund on Thursday said it is alarmed by the recent surge of what it described as inaccurate, misleading, and dangerously speculative reports circulating in the public space regarding the administration of the student loan scheme.

The Fund, in a statement by its Director of Strategic Communications, Oseyemi Oluwatuyi, said the reports, which suggested misappropriation and mismanagement of funds, are “entirely false, grossly irresponsible, and deeply damaging to the integrity of an institution established to deliver financial hope to millions of Nigerians.”

Recall that the ICPC on Thursday said it uncovered billions of naira meant for the student loan scheme.

“This is a coordinated distortion of facts that undermines public trust, weaponises misinformation, and threatens the credibility of a national intervention still in its infancy,” Oluwatuyi said in the statement.

Speaking further, the Fund said that while no funds has been mismanaged, institutional fees are paid directly to verified institutions while upkeep allowances are disbursed to verified bank accounts of eligible students.

“The figures and funding amounts currently being misrepresented in the public are drawn from entirely different education financing interventions predating NELFUND’s operational commencement.

“They bear no relevance to the current student loan scheme and should not be falsely attributed to this institution,” the statement added.

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The Fund, however, noted that it remains committed to transparency and cooperation with oversight committees, including the ICPC.

“NELFUND operates a zero human interface, fully automated loan system that eliminates opportunities for financial misconduct. Every application and disbursement is digitally tracked, time-stamped, and verifiable.

“Our commitment to transparency and cooperation with oversight agencies, including the ICPC, is total and unwavering. “We have complied fully with every request for information and will continue to uphold the highest standards of public accountability,” it added.