The Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, has issued a stern warning to tertiary institutions that failed to inform students of loan disbursements made on their behalf. Sawyerr gave the warning on Thursday while addressing journalists in Abuja.
Sawyerr said recent findings by the Fund revealed that some institutions, after receiving student loan disbursements directly into their accounts, have continued to demand payment of institutional fees from the same students.
“This act of withholding critical financial information from students is not only unethical but a direct violation of the principles upon which NELFUND was established,” he said.
He said the institutions have also failed to reflect the loan payments in their internal records, creating confusion for students.
The NELFUND boss warned that the Fund will not tolerate any form of deception or non-disclosure from institutions, stressing that necessary action will be taken.
“We will not hesitate to take legal action against any institution found engaging in such deceptive practices,” Sawyerr warned.
Sawyerr restated that NELFUND’s mandate is to relieve the financial burden on Nigerian students and their families in line with the vision of President Bola Tinubu’s Renewed Hope Agenda.
“NELFUND exists to ensure no eligible Nigerian is denied the opportunity to pursue higher education due to lack of funds,” he said.
He called on institutions to support the Fund’s efforts and avoid actions that could undermine public trust or deny students their entitled support.
“We urge institutions to support this noble cause and avoid actions that could undermine public trust or deny students their rightful support,” he said.
He also assured the public of NELFUND’s commitment to transparency, accountability, and the successful implementation of the student loan scheme across the country.
As of March 2025, NELFUND has disbursed a total of N45.1 billion in student loans across the country since its inception in May 2024. This includes N29.86 billion for institutional fees and N15.23 billion as upkeep allowances, benefiting over 445,000 applicants.
According to the update, a total of 525,936 students have registered on the loan platform, with 445,015 applicants successfully applying for financial assistance. This represents an 84% success rate for student loan applications under the scheme.
To ensure that only eligible students continue receiving financial support, NELFUND plans to update its system and students’ database to identify dropouts who are still receiving stipends.
