The Managing Director of the Nigerian Education Loan Fund (NELFund), Akintunde Sawyerr, has disclosed that the body disbursed N54 billion to 303 institutions, while N24 billion of the sum went directly to students’ bank accounts.
Sawyerr made this disclosure during an interview with TVC on Saturday,3 May, 2025 following reports of mismanagement of funds earmarked for disbursement to students.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) commenced an investigation into alleged discrepancies in the disbursement of the loan.
Reports say 51 tertiary institutions were involved in illegal deductions and exploitation related to the scheme.
In its initial reaction, NELFUND said the reports are “unverified, context-free, and inflammatory, ” just as it also added thatthe allegations are “false, grossly irresponsible, and damaging” to the integrity of the scheme.
Speaking during the interview, the NELFUND boss said 293,000 students have benefitted from the fund.
Sawyerr also clarified that there were cases where institutions withheld students’ fees alongside funds received from NELFUND.
“The funds go to the institutions. The institutions get hold of the funds from NELFUND. The important thing for us is that students have access In certain cases, the institutions may be asking the students to be paying extra charges. I think that is where the allegation lies.”
“The second is that, if students that have already paid their fees or someone paid on their behalf, it means the institution has money from NELFUND for that student and money from that student.
“So, the student is entitled to a refund. There may be some issues around getting refunds for students. They must get their refunds.
“We have disbursed a total of N54 billion to the institutions: N30 billion of those funds have gone into institutional charges, and N24 billion have gone directly to students’ bank accounts, benefiting 293,000 students and 303 institutions, ” he said,
NELFund bosss explained that the organisation website is seamless, while advising applicants to report any challenges.
“As far as we are concerned, our site is simple and easy to access “However, if people are struggling to access the website, they can contact us.
“Generally, today, we have had 512,000 applications. And we are getting up to 1,800 and 2,500 applications a day, ” he added.
Meanwhile, the National President of National Association of Nigerian Student (NANS), Olusola Oladoja has said that any vice chancellor or rector, found holding any dubious character in the Nigerian Students Loan scheme must be removed from office.
