Yemi Obafemi
The Nigerian Education Loan Fund (NELFUND) has strongly denied allegations of misappropriation and mismanagement of funds, describing the reports as entirely false and damaging.
In a statement signed by the Director of Strategic Communications, Oseyemi Oluwatuyi, the agency emphasized that the circulating claims are based on outdated figures and interventions that predate the commencement of NELFUND’s operations.
“These reports, which suggest misappropriation and mismanagement of funds, are entirely false, grossly irresponsible, and deeply damaging to the integrity of an institution established to deliver financial hope to millions of Nigerians,” Oluwatuyi said.
She clarified that all institutional fees are paid directly to verified institutions, while upkeep allowances are disbursed into the verified bank accounts of eligible students.
Meanwhile, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has issued an urgent clarification regarding a critical omission in an earlier press release on the ongoing investigation into the student loan scheme administered by the Nigerian Education Loan Fund (NELFUND).
According to the Commission, the word “NOT” was mistakenly omitted in a paragraph, inadvertently creating the impression that discrepancies or fund diversion had already been established in the student loan administration.
“This is not the case,” said ICPC spokesperson Demola Bakare. “We accept that the omission contradicted the meaning of the entire paragraph and may have led to a misleading interpretation.”
The corrected statement reads: “The ICPC confirmed that a clear case of discrepancies has NOT been established in the administration of the student loan scheme and announced that its investigation will now extend to beneficiary institutions and individual student recipients.”
The ICPC also encouraged anyone with relevant information to contact the Commission via info@icpc.gov.ng. The initial error in the statement has since been corrected on the Commission’s official website.
