NELFUND debunks allegations of misappropriation, labels claims as fake news
By Uji A. Iliyasu – Abuja
The Nigerian Education Loan Fund (NELFUND) has firmly refuted allegations of misappropriation and mismanagement of student loan funds, describing the circulating reports as false, misleading, and dangerously speculative.
In a statement issued by the Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, NELFUND expressed concern over what it termed “a coordinated distortion of facts” aimed at undermining public trust in the newly launched student loan scheme.
“The reports suggesting financial misconduct are entirely false, grossly irresponsible, and deeply damaging to the integrity of an institution established to offer financial hope to millions of Nigerians,” the statement read.
According to the fund, the scheme officially commenced in 2024, with all institutional fees paid directly to verified educational institutions, and upkeep allowances disbursed to the verified bank accounts of eligible student applicants.
The agency stressed that no funds have been stolen, mismanaged, or left unaccounted for since the scheme’s inception. It further clarified that the financial figures being referenced in the misleading reports pertain to earlier education financing initiatives, which are unrelated to NELFUND’s operations.
“NELFUND operates a fully automated, zero human-interface loan system, ensuring that every application and disbursement is digitally tracked, time-stamped, and verifiable,” the statement emphasised.
The agency reaffirmed its commitment to transparency and accountability, stating that it has fully cooperated with oversight agencies, including the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and will continue to uphold the highest standards of public service.
Describing the circulation of “unverified, context-free, and inflammatory claims” as reckless, NELFUND warned that such actions could sabotage a people-centered programme designed to expand access to tertiary education and boost economic mobility.
“We urge the media, stakeholders, and the public to avoid sensationalism and rely on verified information directly from NELFUND,” the statement concluded. “The future of Nigeria’s youth is too important to be hijacked by misinformation.”