The Nigerian Education Loan Fund (NELFUND) has issued a stern warning to tertiary institutions across Nigeria, cautioning them against withholding information regarding student loan disbursements. The warning comes after reports that some universities and other higher learning institutions, upon receiving loan funds for students, failed to notify the students or reflect these payments in their fee records, while still demanding payment for tuition fees.
In a statement released on Thursday, Mr. Akintunde Sawyerr, Managing Director and Chief Executive of NELFUND, expressed deep concern about these practices. He emphasized that the withholding of such vital financial information was not only unethical but also a direct breach of the fundamental principles that NELFUND was founded upon. Sawyerr further assured that the organization would not hesitate to pursue legal action against any institution found involved in such practices.
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“Withholding information about disbursed funds is a clear violation of the trust placed in institutions by NELFUND and the Nigerian government. This goes against the values of transparency and accountability that the Fund stands for,” Sawyerr stated.
NELFUND was established with the mission of providing financial support to Nigerian students in higher education, helping to alleviate the financial burden on families and ensuring that financial barriers do not prevent capable students from accessing education. This initiative is part of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which aims to enhance access to education for all Nigerians.
The NELFUND MD called on academic institutions to collaborate with the Fund in the effective administration of the student loan program and to ensure complete transparency in the handling of loan disbursements. He urged universities and other higher education institutions to act in good faith and avoid actions that could undermine the integrity of the program or erode public trust.
“NELFUND’s mission is clear: to ensure that no eligible Nigerian student is deprived of an opportunity to pursue higher education due to financial constraints,” Sawyerr concluded. “We are committed to ensuring accountability and resolving any issues of non-disbursement, ensuring the successful implementation of this important initiative.”
The Nigerian Education Loan Fund has reassured students and other stakeholders that necessary measures are in place to monitor and resolve any irregularities in the disbursement process.
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