Nigerian Education Loan Fund (NELFUND) has categorically denied recent allegations of financial misappropriation within the federal student loan scheme, calling the claims “entirely false, dangerously misleading, and damaging to public confidence.”
In a statement released Thursday, Oseyemi Oluwatuyi, Director of Strategic Communications at NELFUND, condemned what he described as a “coordinated distortion of facts” aimed at undermining a crucial national intervention still in its early stages.
“This wave of misinformation not only erodes public trust—it weaponizes speculation and threatens the credibility of a programme designed to deliver financial hope to millions of Nigerian students,” said Oluwatuyi.
The denial comes in response to comments by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which claimed to have uncovered billions of naira tied to student loan funding irregularities. NELFUND, however, maintains that the figures in question relate to previous education funding programmes and are unconnected to its operations, which officially commenced recently.
“These figures have no bearing on our processes,” the Fund clarified. “We disburse tuition fees directly to verified academic institutions and pay living stipends into validated student bank accounts. Every transaction is digitally tracked, time-stamped, and auditable.”
Digital Integrity: Zero Room for Corruption
Emphasizing its commitment to transparency, NELFUND described its loan system as entirely automated and human-contact free, significantly reducing the risk of mismanagement or manipulation.
“Our platform was designed to close loopholes that have historically enabled corruption,” the agency noted. “Every step, from application to disbursement, is securely logged and monitored in real-time.”
Compliance and Cooperation
Oluwatuyi further emphasized NELFUND’s full cooperation with anti-graft and regulatory agencies, including the ICPC, adding that the Fund has complied with all formal information requests and remains fully open to independent oversight.
“Our dedication to transparency isn’t a slogan—it is embedded in our operational DNA,” he said. “We welcome constructive scrutiny and remain committed to the highest standards of public accountability.”
Warning Against Misinformation
Calling for greater media responsibility, NELFUND urged journalists, public commentators, and the general public to distinguish fact from speculation when discussing the student loan scheme.
“Misinformation not only misrepresents our work—it jeopardizes the aspirations of thousands of students who see this initiative as a lifeline,” the statement concluded.
