ChatGPT said:
The National Education Loan Fund (NELFUND) has dismissed recent allegations by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) that it diverted funds meant for the Federal Government’s student loan scheme.
Managing Director of NELFUND, Mr. Adekunle Sawyerr, while addressing the House of Representatives Committee on Students Loan, Scholarship, and Higher Education in Abuja, stated that the claims were unfounded and damaging to public trust in the programme.
“We at NELFUND were caught up in that release by the ICPC, which suggested that funds had been diverted. We immediately responded because we recognised the damage such a claim could cause to public confidence in a scheme that is already viewed with skepticism,” he said.
Although the ICPC later retracted the statement, Sawyerr emphasised that the damage to the Fund’s credibility had already been done. “Once news is out, you can retract all you want, but it takes on a life of its own. A lot of confidence has been lost,” he added.
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Clarifying the figures, the NELFUND boss disclosed that since inception, the Fund had disbursed ₦54 billion, with ₦30 billion allocated to institutional payments and ₦24 billion provided directly to students as stipends or upkeep, benefiting 293,000 students nationwide.
Mr. Sawyerr reaffirmed the Fund’s zero tolerance for institutions that flout the conditions of the student loan programme. He warned that while NELFUND lacks the statutory authority to discipline or remove erring institutional heads, it would escalate any proven misconduct to the Federal Ministry of Education or law enforcement for appropriate action.
He further stated that institutions withholding information from student beneficiaries regarding loan disbursements were committing a crime.
On challenges surrounding access to the student loan, Mr. Sawyerr urged institutions to be proactive in ensuring that students receive the funds promptly once released by NELFUND.
He reiterated the Fund’s commitment to transparency, accountability, and restoring public confidence in the government’s effort to democratise access to higher education.
