NELFUND denies student loan funds discrepancy amid unaccounted N71.2 billion ICPC probe  

The rebuttal on Thursday comes hours after the Independent Corrupt Practices and Other Related Offences Commission (ICPC) commenced a comprehensive probe into alleged discrepancies surrounding the disbursement of student loans under the NELFUND, amid concerns over an unaccounted sum of N71.2 billion.

In a statement signed by Mrs. Oseyemi Oluwatuyi, Director, Strategic Communications, NELFUND, the fund claims reports of alleged misappropriation and mismanagement of funds are entirely false and deeply damaging to the integrity of an institution established to deliver financial hope to millions of Nigerians.

“The figures and funding amounts currently being misrepresented in the public are drawn from entirely different edUcation financing interventions predating NELFUND’s operational commencement.  

“They bear no relevance to the current student loan scheme and should not be falsely attributed to this institution, ” the official added.  

The official further highlighted that 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 official added.  

According to the statement, NELFUND’s 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, ” it added.  

The ICPC earlier disclosed in a statement on Thursday, stating that the Chief Executive Officer of NELFUND, Akintunde Sawyerr, officials of the Central Bank of Nigeria, and others have been invited to present their side of the story about the alleged discrepancy associated with the student loans.

The ICPC maintained that the situation clearly reflects discrepancies in the administration of the student loan scheme.

It further announced that the investigation will now extend to beneficiary institutions and individual student recipients.

The Commission assured that further updates will be provided as the investigation progresses.

What You Should Know

NELFUND was signed into law under the current administration of President Bola Tinubu on April 3, 2024, marking a historic step toward ensuring sustainable higher education and functional skill development for Nigerian students and young people.

As of February 3, 2025, NELFUND announced it had disbursed a total of N20,074,050,000 in institutional fees, benefiting no fewer than 192,906 students across various tertiary institutions in the country.

As of February 3, 2025, NELFUND announced it had disbursed a total of N20,074,050,000 in institutional fees, benefiting no fewer than 192,906 students across various tertiary institutions in the country.

The Fund also dismissed reports alleging that over N104 billion had been disbursed under the Student Loan Scheme at the time.