The Nigerian Education Loan Fund (NELFUND) has strongly refuted reports alleging misappropriation and mismanagement within its student loan scheme, describing the claims as false, misleading, and potentially harmful to a vital national initiative.
In a statement issued on Thursday by Mrs. Oseyemi Oluwatuyi, Director of Strategic Communications, the agency condemned what it called a “coordinated distortion of facts” aimed at undermining public trust and sabotaging a programme designed to offer financial hope to millions of Nigerian students.
“These reports, which suggest 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,” the statement read.
NELFUND clarified that since the official launch of its student loan application portal in 2024, all institutional fees have been paid directly to verified tertiary institutions, while upkeep allowances are disbursed into verified bank accounts of eligible student applicants.
The agency stressed that the financial figures currently circulating in the public domain are unrelated to NELFUND’s operations. “These figures stem from previous educational financing interventions and should not be falsely attributed to the current student loan scheme,” it said.
Highlighting its commitment to accountability, NELFUND noted that its loan application and disbursement processes are fully automated and devoid of human interference. “Every application and payment is digitally tracked, timestamped, and verifiable, eliminating opportunities for financial misconduct,” the agency assured.
NELFUND also reaffirmed its full cooperation with regulatory and anti-corruption bodies, including the Independent Corrupt Practices and Other Related Offences Commission (ICPC). “We have complied fully with every request for information and will continue to uphold the highest standards of public accountability,” the statement added.
As misinformation threatens to erode public confidence in the fledgling programme, NELFUND called on the media, stakeholders, and the general public to exercise caution and rely on verified information from the agency.
“We remain focused, undeterred, and committed to the transparent delivery of this national mandate. The future of Nigeria’s youth is too important to be hijacked by misinformation,” NELFUND concluded.
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