FRIDAY May 2, 2025 |
By thenewsdesk.ng
The Nigerian Education Loan Fund (NELFUND) has firmly dismissed recent allegations of financial misconduct, labelling them as “entirely false, grossly irresponsible, and deeply damaging.”
In a strongly worded statement issued on Thursday, May 1, and signed by its Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, the agency rejected reports suggesting that funds under the new student loan scheme had been misappropriated.
“The Nigerian Education Loan Fund (NELFUND) is alarmed by the recent surge of inaccurate, misleading, and dangerously speculative reports circulating in the public space regarding the administration of the student loan scheme,” the statement read.
“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.”
According to NELFUND, the figures currently being circulated relate to earlier educational finance interventions and have no connection to its ongoing scheme.
“The figures and funding amounts currently being misrepresented in the public are drawn from entirely different education financing interventions predating NELFUND’s operational commencement,” it said. “They bear no relevance to the current student loan scheme and should not be falsely attributed to this institution.”
The agency emphasised that its operations are fully automated and transparent, minimising any possibility of misconduct.
“NELFUND operates a zero human interface, fully automated loan system that eliminates opportunities for financial misconduct. Every application and disbursement is digitally tracked, time stamped, and verifiable,” the statement added.
Dismissing the claims as a “coordinated distortion of facts,” NELFUND warned that such misinformation poses a serious threat to public trust and the credibility of a programme still in its early stages.
“The circulation of unverified, context-free, and inflammatory claims at this critical stage of implementation is not only reckless, it is a deliberate sabotage of a nationally significant, people-centered programme,” it stated.
The Fund also reaffirmed its commitment to cooperating fully with all relevant authorities, including the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
“Our commitment to transparency and cooperation with oversight agencies, including the ICPC, is total and unwavering. We have complied fully with every request for information and will continue to uphold the highest standards of public accountability.”
The statement concluded with an appeal to the public and media to rely only on verified updates.
“We remain focused, undeterred, and committed to the transparent delivery of this national mandate. The future of Nigeria’s youth is too important to be hijacked by misinformation,” it added.
NELFUND Denies Misappropriation, Says No Student Loan Funds Missing
