The Nigerian Education Loan Fund (NELFUND) has refuted claims—alleging mismanagement and diversion of funds.
NELFUND in a statement issued on Thursday expressed deep concern over the recent wave of false, misleading, and speculative reports circulating about the student loan scheme.
The organisation said these claims are completely untrue, highly irresponsible, and damaging to the integrity of an institution established to provide financial support to millions of Nigerians.
It added that such misinformation is part of a coordinated attempt to distort facts, erode public confidence, and jeopardise a critical national initiative still in its early stages.
NELFUND affirmed the following:
“There has been no misappropriation, theft, or unaccounted funds under the current student loan program.
“The scheme began accepting applications through its official portal in 2024. Payments for tuition are made directly to accredited institutions, while maintenance allowances go to verified student accounts.
“Figures currently being misrepresented in public discourse stem from older education finance programs that predate NELFUND’s launch and are not connected to the current scheme.
“NELFUND operates a fully automated, human-free interface that ensures all transactions are digitally recorded, traceable, and secure—leaving no room for financial misconduct.
NELFUND says it remains fully transparent and cooperative with oversight bodies, including the ICPC, and has adhered to all information requests”.
It added that spreading unverified and sensational claims at this pivotal point in the program’s rollout is not only irresponsible but a deliberate attempt to undermine a transformative initiative aimed at expanding access to higher education and promoting economic progress.
NELFUND urged the media, stakeholders, and the public to avoid sensationalism and rely solely on verified information from the institution.
The Fund remains committed to its mission, undeterred by distractions, and dedicated to ensuring that Nigeria’s youth have equitable access to educational opportunities.
