NELFUND rejects reports on mismanagement of student loan scheme

The Nigerian Education Loan Fund (NELFUND) on Thursday rejected reports on the mismanagement of the student loan scheme.

The Fund was reacting to a claim by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on the misappropriation of billions of naira meant for the student loan scheme

In a statement issued by its Director of Strategic Communications, Oseyemi Oluwatuyi, NELFUND described reports as false and grossly irresponsible.

It warned against any act capable damaging the integrity of institutions established to deliver financial hope to millions of Nigerians.”

The statement read: “This is a coordinated distortion of facts that undermines public trust, weaponises misinformation, and threatens the credibility of a national intervention still in its infancy.

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“The figures and funding amounts currently being misrepresented in the public are drawn from entirely different education financing interventions predating NELFUND’s operational commencement.

“They bear no relevance to the current student loan scheme and should not be falsely attributed to this institution.”

The Fund reaffirmed its commitment to transparency and cooperation with oversight committees, including the ICPC.

“NELFUND operates a zero human interface, fully automated loan system that eliminates opportunities for financial misconduct. Every application and disbursement is digitally tracked, time-stamped, and verifiable.

“Our commitment to transparency and cooperation with oversight agencies, including the ICPC, is total and unwavering. “We have complied fully with every request for information and will continue to uphold the highest standards of public accountability,” the statement added.

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