Abuja, April 1, 2025 – The Nigerian Education Loan Fund (NELfund) on Thursday denied reports of N71.2 billion fraud in the fund.
The media space is awash with reports of N71.2 billion fraud in the organisation which was uncovered by the ICPC.
The Fund, however, denied the reports in a statement issued by Oseyemi Oluwatuyi, its Director of Strategic Communications
The statement said the Fund was 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.
It said the reports, which suggested misappropriation and mismanagement of funds, were false, grossly irresponsible, and deeply damaging to the integrity of an institution.
The Fund said that while no funds has been mismanaged, institutional fees are paid directly to verified institutions while upkeep allowances are disbursed to verified bank accounts of eligible students.
It said: “This is a coordinated distortion of facts that undermines public trust, weaponises misinformation, and threatens the credibility of a national intervention still in its infancy.
“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.
“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.
“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.”
