The Nigeria Education Loan Fund (NELFUND) has firmly denied claims that funds are missing from its student loan scheme, following allegations of misappropriation.
Recent reports suggested that certain institutions were diverting funds intended for the scheme. This prompted the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to initiate an investigation.
However, NELFUND’s Managing Director and Chief Executive Officer, Akintunde Sawyerr, insisted the fund remains financially sound and transparent.
“We are all looking for this so-called money. First of all, let me be very clear—no money has been stolen,” Sawyerr stated during an appearance on Sunday Politics on Channels Television.
“The President, with his well-intentioned initiative, set up the Nigeria Education Loan Fund. But let me correct this ongoing misconception: no N71 billion is missing,” he emphasised.
He added that the funds are strictly intended to support students who lack the financial means to access education. “No money is missing. No money has been stolen. There may be procedural issues involving human error, but not theft,” Sawyerr clarified.
Since the scheme’s launch, parents and students have raised concerns about delayed payments and cases where funds have not reached intended recipients.
Sawyerr explained that NELFUND does not disburse funds directly to students. “Let me correct another misconception: NELFUND does not transfer money through the schools to the students. The money is sent to institutions to cover tuition or related fees. Schools are then expected to allow students full access to education.”
“In cases where students have already paid, and funds are also sent, it results in double payments, which is where the current investigation is focused,” he added.
A meticulous inquiry is underway to identify and resolve any discrepancies in the process, NELFUND assured.