The Nigeria Education Loan Fund (NELFUND) has firmly denied reports of missing funds within the student loan scheme, stating that no N71 billion has been stolen or mismanaged.
Speaking on Channels Television’s Sunday Politics, NELFUND’s Managing Director and CEO, Akintunde Sawyerr, addressed public concerns following allegations that some schools were diverting funds, prompting an investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
“We are all looking for this so-called money… No money is missing. No money has been stolen,” Sawyerr emphasized.
He clarified that NELFUND disburses funds directly to institutions for tuition and other charges, not to students. In cases where students have already paid fees, schools may refund the amount, but direct cash payments are not part of the process.
Sawyerr acknowledged some issues related to implementation but stressed that investigations are ongoing to identify and resolve any discrepancies, particularly where human error may have played a role.
