NELFUND Refutes Misappropriation Allegations, Reaffirms Zero Tolerance for Corruption

The Nigerian Education Loan Fund (NELFUND) has issued a strong rebuttal against what it describes as “inaccurate, misleading, and dangerously speculative” reports regarding the administration of the newly launched student loan scheme. The organization, under the oversight of the Presidency, labeled the allegations of fund mismanagement and misappropriation as entirely false and damaging to the integrity of a national institution established to support millions of Nigerian students.

In a press release signed by Mrs. Oseyemi Oluwatuyi, Director of Strategic Communications, NELFUND stressed that no funds have been mismanaged, stolen, or left unaccounted for under the current loan program. The statement emphasized that the student loan portal only became active in 2024 and that disbursements are directly made to verified institutions and applicants, ensuring transparency and accountability.

The organization clarified that the figures currently being circulated in public discourse are based on past education financing schemes unrelated to NELFUND. These older programs, it argued, should not be conflated with the new student loan initiative.

Key safeguards in the system include a fully automated, zero-human interface application and disbursement process, which NELFUND says eliminates avenues for fraud. Additionally, all transactions are digitally tracked and verifiable.

Reaffirming its stance on transparency, NELFUND noted full cooperation with oversight agencies, including the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and stated it would continue to uphold the highest standards of public accountability.

“The circulation of unverified, context-free, and inflammatory claims is not only reckless but a deliberate sabotage of a nationally significant programme,” the statement warned. NELFUND called on the media and public to reject misinformation and await accurate updates from official channels.

Concluding, the agency reiterated its commitment to ensuring the success of the loan program, which it described as vital to the future of Nigeria’s youth and national development.