NELFUND Denies Mismanagement Allegations, Reaffirms Commitment to Transparency…Clears Air on Circulating Reports, says no funds missing or mismanaged

By Iyojo Ameh

The Nigerian Education Loan Fund (NELFUND) has firmly denied recent allegations circulating in the media linking the agency to misappropriation and mismanagement of student loan funds. The agency described such reports as misleading, speculative, and damaging to its integrity.

In an official press release signed by Mrs. Oseyemi Oluwatuyi, Director of Strategic Communications, NELFUND clarified that the allegations being reported concern certain beneficiary institutions allegedly involved in financial misconduct and not NELFUND itself.

“These allegations have nothing to do with the operations of NELFUND,” the statement read. “We are concerned that some individuals have twisted facts in the media, erroneously linking the agency to issues completely unrelated to us.”

The agency emphasized its uncompromising zero-tolerance stance on corruption and reiterated its commitment to transparency and accountability within the national student loan scheme.

According to the release, NELFUND operates a fully automated, zero-human-interface loan management system. This ensures all loan applications and disbursements are digitally tracked, timestamped, and fully auditable — minimizing the risk of financial malpractice.

Key clarifications made by NELFUND include:

No funds have been mismanaged, stolen, or remain unaccounted for under the current student loan scheme.

The student loan portal, launched in 2024, disburses tuition fees directly to verified institutions and upkeep allowances to eligible students’ verified bank accounts.

The financial figures recently circulated in public discourse are linked to older education funding initiatives, predating NELFUND, and are not connected to its ongoing operations.

The agency expressed strong disapproval of what it described as a deliberate attempt to distort facts, mislead the public, and undermine the credibility of a vital national intervention still in its early phase of implementation.

NELFUND reaffirmed its cooperation with relevant oversight bodies, including the Independent Corrupt Practices and Other Related Offences Commission (ICPC), noting that it has complied with all requests for information and continues to uphold high standards of public accountability.

“At this critical stage, the spread of unverified, misleading claims is not only reckless but appears to be a calculated attempt to sabotage a transformative program designed to promote access to tertiary education and economic mobility for Nigerian youth,” the statement added.

The agency called on media professionals, stakeholders, and the general public to reject sensationalism and rely solely on verified information directly from NELFUND.

“We remain steadfast, transparent, and unwavering in our commitment to delivering on this national mandate. The future of Nigeria’s youth is too important to be jeopardized by misinformation,” the statement concluded.