The Nigerian Education Loan Fund (NELFUND) has strongly refuted recent reports alleging corruption and financial misconduct in the administration of the new student loan scheme, describing the claims as false, misleading, and dangerous to public trust.
In a statement released on Thursday, Mrs. Oseyemi Oluwatuyi, Director of Strategic Communications at NELFUND, expressed deep concern over what she described as a surge in speculative and inaccurate reports circulating in the public space. She warned that such claims, which insinuate misappropriation or mismanagement of funds, are baseless and irresponsible.
“These reports are a coordinated distortion of facts, designed to undermine public confidence, weaponize misinformation, and damage the reputation of a newly established institution dedicated to offering financial hope to millions of Nigerian students,” the statement emphasized.
Mrs. Oluwatuyi stressed that there have been no instances of stolen, misused, or unaccounted funds since the student loan scheme officially began its operations. NELFUND clarified that the current loan program only launched its application portal in 2024 and follows a stringent, transparent process for all disbursements.
According to the agency, all tuition fees are paid directly to verified educational institutions, while upkeep allowances are sent to the verified bank accounts of eligible student applicants. The figures currently being circulated in the media, NELFUND stated, are drawn from other unrelated education financing programs that existed before the agency began its operations and should not be attributed to the current student loan scheme.
Highlighting its use of technology to ensure transparency, the agency noted that NELFUND runs a fully automated loan system with zero human interference. This system digitally tracks every application and disbursement, ensuring full accountability and eliminating opportunities for financial misconduct.
Furthermore, NELFUND reaffirmed its unwavering commitment to transparency and its ongoing cooperation with relevant oversight bodies, including the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
The agency condemned the spread of “unverified, context-free, and inflammatory” narratives, describing such actions as reckless and potentially sabotaging a critical national initiative aimed at expanding access to tertiary education and improving the economic prospects of young Nigerians.
In conclusion, NELFUND called on the media, stakeholders, and members of the public to avoid sensationalism and rely solely on verified updates directly from the agency. It reiterated its dedication to the transparent and successful implementation of the student loan scheme, emphasizing that the future of Nigeria’s youth should not be compromised by misinformation.
