The Nigerian Education Loan Fund (NELFUND) has firmly denied recent allegations of misappropriation and mismanagement of the national student loan program.
In a statement released Thursday, Director of Strategic Communications Oseyemi Oluwatuyi called the media reports “entirely false, grossly irresponsible, and deeply damaging” to the institution’s credibility.
“These claims distort facts, undermine public trust, and jeopardize the integrity of a crucial national initiative,” Oluwatuyi said.
The statement comes in response to reports citing findings by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which allegedly uncovered billions of naira linked to student loan disbursements.
NELFUND clarified that no funds from the current loan scheme have been misused. According to the Fund, tuition payments are made directly to accredited institutions, while maintenance allowances are transferred to verified student accounts.
“The figures being cited relate to previous educational funding programs and are not connected to the current scheme,” the statement noted.
The Fund emphasized its commitment to transparency, stating that the loan system is fully automated, with all transactions digitally recorded and traceable.
“Our collaboration with oversight agencies, including the ICPC, has been open and comprehensive,” NELFUND said.
Reaffirming its mission to support Nigerian students, the Fund pledged to maintain the highest standards of accountability and integrity.
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