NELFUND Issues Update On LAUTECH As UNIBEN Confirms Receipt of Funds

The Nigerian Education Loan Fund (NELFUND) has issued an update to clarify the status of disbursements to Ladoke Akintola University of Technology (LAUTECH), noting that payment to the institution is yet to be concluded due to pending institutional processes required to finalise disbursement under the Education Loan Scheme.

In a Monday statement signed by Oseyemi Oluwatuyi, the Director of Strategic Communications, NELFUND confirms that engagements are ongoing with the University’s management, led by the Vice-Chancellor, Professor Rasak Olatunde Rom Kalilu, to resolve the outstanding issues and ensure that the disbursement process is completed as soon as practicable.

According to the statement, NELFUND explained that the disbursements are executed only after the completion of all institution-specific validation and reconciliation requirements.

The statement reads, “In the case of LAUTECH, these processes were not concluded at the time of the last disbursement cycle. However, the Fund confirms that engagements with the University are ongoing, with a view to resolving the outstanding issues and effecting payment as soon as the required steps are completed.

“In the interim, NELFUND emphasises that 12,733 verified LAUTECH students under the scheme should be allowed to sit for their examinations, as the Fund remains fully committed to settling its obligations to the institution once the process is concluded. Students and parents are advised to remain calm, as no beneficiary will be disadvantaged.

“In a related development, NELFUND has confirmed the successful disbursement of funds to the University of Benin (UNIBEN) for eligible student beneficiaries under the Education Loan Scheme.”

The statement further reads, “This confirmation follows an official acknowledgement letter issued by the University, signed by the Vice-Chancellor, Professor Edoba Bright Omoregie (SAN), confirming receipt of two additional tranches of NELFUND disbursements covering 2,673 students, amounting to a total sum of ₦230,599,250.

“The funds were received in January 2026 and have been duly acknowledged by the University. The clarification also becomes necessary following the circulation of a purported repayment circular, which the University has formally disowned, confirming that it did not originate from UNIBEN and that no repayment guideline has been issued.”

The statement added, “NELFUND reiterates that funds have already been paid directly to UNIBEN, and as such, no student is required to make any payment in connection with the loan scheme at this time. Neither NELFUND nor the Federal Government has authorised any individual, group, or institution to request payments from students or beneficiaries.”

“NELFUND remains committed to transparency, accountability, and collaboration with institutions to ensure that eligible Nigerian students fully benefit from the Education Loan Scheme,” the statement concluded.