• News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
MSME Africa
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
MSME Africa
No Result
View All Result

Nigerian Education Loan Fund (NELFUND) may take legal Actions against Nigerian institutions withholding student loan disbursements information

MSME Africa by MSME Africa
April 11, 2025
in Education, News
0
NELFUND may take legal Actions against Nigerian institutions withholding student loan disbursements information
Share

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.

Post Views: 4,424
Share

Related Posts:

  • Top 15 Social Media Marketing Tools for Nigerian Entrepreneurs
    15 Social Media Management Tools That Will Make Life…
  • images (3)
    NELFUND Moves to Integrate Student Loan Applications…
  • Best Cities to live as an Entrepreneur in Nigeria
    Ultimate 2024 Guide to the Top Business Enabling…
  • NELFUND Opens Portal for 2024/2025 Applications for Students Loan Feb 22
    NELFUND Disburses N23 Billion in Student Loans,…
  • NELFUND Opens Portal for 2024/2025 Applications for Students Loan Feb 22
    NELFUND Opens Portal for 2024/2025 Applications for…
  • Former Loan Beneficiary Adegboyega Awomolo Repays Nigerian Education Loan Fund with N2 Million Donation
    Former Loan Beneficiary Adegboyega Awomolo Repays…
Tags: Akintunde SawyerrNELFUNDNigerian Education Loan Fund (NELFUND)
Previous Post

Ultraviolet Microfinance Bank Launches BIZ-BOOST Loan to Empower SMEs

Next Post

Stitch Secures $55 Million to Expand Its Footprint in African Fintech

Next Post
Stitch Secures $55 Million to Expand Its Footprint in African Fintech

Stitch Secures $55 Million to Expand Its Footprint in African Fintech

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result
Join MSME on Whatsapp
Subscribe To Our Newsletter
Enter your email to receive a weekly round-up of our best posts. Learn more!
icon
By subscribing, you agree with our privacy policy and our terms of service.

Recent Posts

  • Empowering The Next Generation: ₦2.5m In Grants Awarded To Young Entrepreneurs In S’East
  • Call for Applications: WTO Internship Programme
  • South Africa Considers Special Deal to Let Starlink Operate Without BEE Ownership Rule
  • FIRS Boss Urges Caution on Taxing Poor Nigerians, Advocates Strategy for Informal Sector Integration
  • Despite Growth in Agricultural Production, Food Insecurity in Africa Rises Amid Supply Chain Challenges

Recent Comments

  • 10 Reasons Why SMEs Should Invest in Video Marketing - MSME Africa on How to Create Viral Videos for Social Media in 2024
  • link alay4d on 5 Nigerian-based Companies Providing Accelerator Programs for Startups in 2024
  • Damilare Oladeji on Nigerian Government Agencies that Support Entrepreneurship in 2024
  • situs alay4d on 50 Best Tools to Boost Your Productivity as an Entrepreneur in 2025
  • Otabor Osayomore Blessing on Ultimate 2025 Guide to the Top Business Enabling Cities for Startup Founders and Entrepreneurs in Nigeria
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.

No Result
View All Result
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.