The Nigeria Education Loan Fund (NELFUND) has denied reports suggesting that ₦71 billion has gone missing from its student loan scheme.
Recent media claims alleged that certain educational institutions were siphoning off funds meant for the government-backed programme.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has since initiated a probe into the matter.
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However, NELFUND’s Managing Director and CEO, Akintunde Sawyerr during an interview on Channels Television’s Sunday Politics, dismissed the claims as baseless.
He maintained that the fund remains intact and emphasised that the public was misinformed.
“We are all trying to locate this so-called missing money. Let me make it absolutely clear: no such theft has occurred,” he said.
“The initiative, which was established by the President as a well-meaning intervention to support students, is fully operational and financially sound.”
Sawyerr further explained that the fund is designed to assist students who cannot afford higher education, and its administration has been guided by strict protocols.
He clarified that contrary to public belief, money is not transferred to students directly but is sent to educational institutions to cover tuition and other institutional fees.
“Students are granted access to their education without barriers. Where a student has already paid fees out of pocket, reimbursements are considered—but these are isolated cases,” he noted.
He acknowledged that certain procedural issues may have arisen due to human involvement but insisted that these did not amount to financial misappropriation.
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“There is an ongoing investigation to understand any lapses or inconsistencies, but to be clear: no money has vanished from the fund,” he reiterated.
While some students and parents have expressed frustration over payment delays, NELFUND maintains that it is committed to ensuring the effective delivery of the programme without financial misconduct.
