The Nigerian Education Loan Fund, NELFUND, has issued a strong rebuttal to what it describes as “misleading and speculative” media reports linking it to alleged financial misconduct in the student loan scheme.
In a statement on Thursday, the Fund’s Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, clarified that NELFUND has not been implicated in any wrongdoing.
She stressed that the reported allegations concern only a few beneficiary institutions suspected of mismanaging funds, not the Fund itself.
“It is troubling that some individuals have twisted facts to wrongly associate NELFUND with issues beyond our operations. We maintain a zero-tolerance policy on corruption and uphold full accountability in managing the student loan scheme,” she said.
She decried the circulation of what she called “baseless and irresponsible” narratives aimed at tarnishing the reputation of the newly launched student loan program, a critical national initiative designed to expand access to tertiary education.
Setting the record straight, she noted that no funds have been mismanaged, stolen, or left unaccounted for since the student loan scheme’s launch in 2024.
According to her, disbursements are fully automated as tuition is paid directly to verified institutions, and upkeep allowances go to verified student bank accounts.
She stated that the figures being tossed around in the public domain refer to older, unrelated education financing efforts and not the current scheme under NELFUND.
Oluwatuyi explained that to ensure transparency, the Fund runs a fully digital, zero-human-interface loan management system, adding that every transaction is timestamped, tracked, and verifiable.
NELFUND also confirmed its ongoing cooperation with oversight agencies such as the ICPC and reaffirmed its openness to scrutiny.
“At a time when we are working to implement a transformative, people-centered solution for Nigerian students, unverified claims are not just reckless, they’re dangerous,” the statement added.
The agency called on the media and the public to steer clear of sensationalism and rely on verified updates from official channels.
“We are steadfast and transparent. Nigeria’s youth deserve better than misinformation,” Oluwatuyi stated.
