The Nigerian Education Loan Fund, NELFUND) has issued a strong warning to tertiary institutions across the country against withholding information on student loan disbursements made directly to them.
In a statement signed by the Managing Director and Chief Executive, Mr Akintunde Sawyerr, on Thursday, NELFUND expressed concern over recent findings that some institutions, after receiving student loan funds into their accounts, fail to notify students or reflect the payments in their school fee records—while still demanding fees from affected students.
“This act of withholding critical financial information from students is not only unethical but a direct violation of the principles upon which NELFUND was established.
“We will not hesitate to take legal action against any institution found engaging in such deceptive practices.”; Sawyerr stated.
The MD stated that the core mission of NELFUND is to increase access to higher education for Nigerians by reducing the financial burden on students and their families, in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
He called on all academic institutions to uphold transparency and partner with the Fund to ensure the effective implementation of the student loan scheme.
“NELFUND exists to ensure no eligible Nigerian is denied the opportunity to pursue higher education due to lack of funds.
“We urge institutions to support this noble cause and avoid any actions that could undermine public trust or deny students their rightful support.”; Sawyerr added.
The Fund reaffirmed its commitment to accountability, fairness, and the successful nationwide rollout of the student loan program, assuring students and stakeholders that measures are in place to track and resolve any irregularities.
